Fannie Mae-No Politics (FNMA)

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Convention Opens in San Diego / Fannie Mae Execs Make Themselves Available

By Paul Muolo
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The annual convention of the Mortgage Bankers Association opens in San Diego this Sunday amid contained optimism that the purchase business is really starting to kick in and that brighter days could be ahead, particularly in the non-agency space. It?s widely believed that PIMCO and The Blackstone Group aren?t buying mortgage companies just for the Fannie Mae/Freddie Mac angle. They want to be players in non-agency as well ? if not now, eventually. PIMCO, we?re told, is working on a non-agency security that could see a private placement before 2015 ends. Bond investors are thirsting for yield and what better way to find yield then buying bonds backed by nonprime mortgages...

Not only are mortgage bankers optimistic these days, but so too are the GSEs. Fannie Mae, for instance, is hosting a welcome center at the MBA convention where it promises to make its top executives ?Tim Mayopoulos, Andrew BonSalle, Zach Oppenheimer and Doug Duncan ? available to current and prospective customers?