The foreclosure reports are included in the quarterly Earnings reports of FnF.
Not only FnF are required to post all available data under SEC rules for any Public Company, but also the management is compelled to post a comment about them.
The FHFA just lifts all their data from the reports with the SEC (10-K forms) and creates its own report several weeks later.
This is like HUD before the FHFA was established for the first time in 1992 (formerly known as OFHEO). HUD was mandated by law to require reports from the enterprises.
The deliquency rates are also shown in their monthly volume data on their websites. February file just posted in Freddie Mac.
Therefore, these quarterly FHFA reports are always outdated.
More evidence that we don't need this Federal Agency owned by the hedge funds, investment banks and special interest groups (Moelis, Urban Institute, CATO Institute, etc.)
It has limited powers and it does it all wrong:
-The PLMBS were barred in the Credit Enhancement clause of the Charter Act, just like today's CRT operations;
-Separate Account;
-Their NPL and RPL are being auctioned off to the hedge funds at bargain prices, instead of the Guaranty Mortgage Securitization business of taking possession of the collateral and bundling the RPL into UMBSs again;
-REO inventory sold to minority- and women-owned businesses, LGTB associations, Neighborhood Associations,...;
-REO inventory sold to a Goldman Sachs subsidiary (This subsidiary won all the sales of Fannie Mae in early conservatorship, thinking that we would never know that Goldman Sachs was the parent company)
-Etc.
This explains the "wards of the state" remark by the chamber investor Ackman, expecting good deals down the road from the FHFA (Utility Model)
