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Freddie Mac's Portfolio Shrinks in May. Delinquency Rate Flat

PostDateIconFriday, 25 June 2010 03:00 | PDF | Print | E-mail
Freddie Mac's total mortgage portfolio shrunk by $7.53 billion or 4.0 percent during the month of May, resuming the decline that began in January. Despite a 3 percent upward blip in April, the portfolio has dropped 2.9 percent since the first of the year and now has a total balance of $2.22 trillion. The total portfolio, however, is still 18.2 percent larger than it was in May 2009. The annualized liquidation rate in May was 17.8 percent compared to 19.2 percent in April. The refinance-loan purchase and guarantee volume in the Mortgage-Related Investments Portfolio was 17.1 billion, down from 18.4 billion in May. The Investments Portfolio declined in value to 748.1 billion, a decrease of $9.2 billion or 14.5 percent from April and 2.3 percent since May 2009. The breakdown of that portfolio...(read more)

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Commercial Loan Delinquency Rates Shoot to Record Highs

PostDateIconThursday, 24 June 2010 03:00 | PDF | Print | E-mail
Commercial real estate mortgages held in commercial mortgage backed securities (CMBS) have skyrocketed in the past year and have reached an all time high according to the Mortgage Bankers Association's (MBA) Commercial/Multifamily Delinquency Report . Delinquencies in other investor groups, while up, are still well below numbers in the early 1990s. Between the fourth quarter 2009 and first quarter 2010, the 30+ day delinquency rate on loans held in commercial mortgage-backed securities (CMBS) rose 1.54 percentage points from 5.70 percent to 7.24 percent. However, since the first quarter of 2009 the rate has increased nearly four-fold. Seen on a graph, the delinquency pattern over the last 12 months has a vertical trajectory, rising from 1.86 percent to the current number. The MBA report...(read more)

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Fannie and Freddie Stocks Delisted by FHFA Order

PostDateIconWednesday, 16 June 2010 03:00 | PDF | Print | E-mail
The conservator of Freddie Mac and Fannie Mae has ordered the two government sponsored enterprises (GSEs) to take steps to delist their respective common and preferred stocks from the New York Stock Exchange. The stocks will also be delisted from any other national securities exchange and but will continue to be traded over the counter. The Federal Housing Finance Agency (FHFA) said that its determination to direct each company to delist " does not constitute any reflection on either Enterprise's current performance or future direction, nor does delisting imply any other findings or determination on the part of FHFA as regulator or conservator ." Acting Director Edward J. DeMarco that that the determination is related to stock exchange requirements for maintaining price levels...(read more)

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The Day Ahead: Financial Reform, Trade Balance, Treasury Budget, Jobless Claims, Bond Auction

PostDateIconThursday, 10 June 2010 03:00 | PDF | Print | E-mail
Stocks are likely to open sharply higher this morning as a strong global session, China excluded, leads the way into positive territory. Ninety minutes before the opening bell, S&P 500 futures are up 10 points to 1,065.50 and the Dow futures contract is +73 at 9976. The 2-year Treasury note yield is 2 basis points higher at 0.746% and the benchmark 10-year note yield is 3.3 basis points higher at 3.211%. NYMEX crude oil futures are +41 cents at $74.49 per contract while Gold is down $3.90 to $1,226.00. Stocks in China fell 0.82% today despite strong data indicating that its trade surplus expanded to $19.5 billion in May. Exports surged 48.5% versus May 2009 and imports rose 48.3%. Also, exports to the EU were up 49.7%. But stocks elsewhere rallied: Taiwan share jumped 1.56%, Japan’s...(read more)

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Rising Roll Rate Offsets Declining Non-Agency Loan Delinquencies

PostDateIconTuesday, 08 June 2010 03:00 | PDF | Print | E-mail
Data released by Fitch Ratings on Monday show the same trend as other recent delinquency surveys: the worst appears to be over for subprime and Alt-A loans while delinquencies in the jumbo prime mortgage sector are continuing to increase. According to Fitch's Performance Metrics for May , delinquencies in Alt-A Residential Mortgage Backed Securities (RMBS) declined for the second straight month and subprime delinquencies fell for the third month in a row. Prime RMBS backed delinquencies, however increased slightly. Offsetting the good news, however, was a continued increase in roll rates, the number of loans moving from one delinquency bucket to a later bucket rather than curing and returning to "current" status. According to Fitch Ratings Managing Director Vincent Barberio, "A...(read more)

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