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IMF News: The Unhappy Return of GSE Buybacks:

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navycmdr Member Level  Monday, 03/16/15 01:13:18 PM
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IMF News: The Unhappy Return of GSE Buybacks: A 31 Percent Increase frown

By John Bancroft jbancroft@imfpubs.com

Mortgage lenders repurchased or paid losses on $710.1 million of Fannie Mae and Freddie Mac loans during the fourth quarter of 2014, a 31 percent increase from the previous period, according to a new Inside Mortgage Trends analysis of earnings reports.

While increased buybacks are never a good thing for lenders, the 4Q total was the second-lowest repurchase amount disclosed by the two government-sponsored enterprises. The GSEs began filing quarterly repurchase reports with the Securities and Exchange Commission in February 2012.

For the full year in 2014, Fannie reported $2.014 billion of repurchases and Freddie reported $2.031 billion. Those amounts represented sharp declines from the GSEs? repurchases in 2013, 88.4 percent at Fannie and 60.7 percent for Freddie.

Significantly, the buyback issue in 2014 shifted dramatically from pre-conservatorship business to loans originated in the past two years. For more on the story and an exclusive ranking on sellers/servicers by repurchases, see the new edition of Inside Mortgage Trends, now available online.

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