Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Investments

Fannie Mae makes $3bn; one-third of single family now private-risk transfer

Paid $3.1bn to Treasury

The largest financier of single-family homes in the nation, Fannie Maemade $3 billion in the third quarter.

That’s a decrease of $177 million from the second quarter of 2017 driven primarily by hurricane-related provision for credit losses.

However, "Fannie Mae expects to remain profitable on an annual basis for the foreseeable future," the filing states.

In its earnings filing Thursday morning, Fannie stated the increase in credit-related expense was partially offset by income from a settlement agreement resolving legal claims relating to private-label mortgage-related securities the company purchased.

Freddie Mac earnings earlier this week stated a similar situation.

The government-sponsored enterprise continues to provide capital to the government: Fannie Mae also paid a $3.1 billion dividend to Treasury in September 2017. Through the third quarter of 2017, the company paid a total of $165.8 billion in dividends to Treasury.

Fannie Mae’s credit risk transfer business continues to grow, in which the GSE transfers a portion of the mortgage credit risk on some of the recently acquired loans in its single-family book of business to private investors.

As of September 30, 2017, $884 billion in single-family mortgages or approximately 31% of the loans in the company’s single-family conventional guaranty book of business, measured by unpaid principal balance, were covered by a credit risk transfer transaction.

CEO Timothy Mayopoulos said in a statement: “As our third quarter results demonstrate, our performance and focus on customers have put us in a strong position to continue serving all parts of the market. We are committed to working with customers to forge a stronger and safer housing finance system that provides opportunities that are affordable to the next generation of American homeowners and renters.”

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