Freddie Mac purchased $21.7 billion of mortgages from its seller/servicers in July, its worst acquisition month of the year and only about half of what it bought in January.
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Of course, July’s new business figures came well before mortgage rates took their historic dive in August. Since then, applications (for refinancings at least) have been swelling.
In June Freddie purchased $26 billion in loans. Through the first seven months of the year the GSE has bought almost $200 billion of product from lenders coast to coast.
Its mortgage investment portfolio totaled $683 billion at July 31, a 6% decline over 12 months.
The GSE reported that delinquencies crept up a tick to 3.51% at month’s end but are below the year ago reading of 3.89%.
Daily Briefing | Thursday, August 25, 2011
Mortgage Bankers Unhappy with New FHA Forbearance Policy
The Mortgage Bankers Association is being inundated by member complaints about the Federal Housing Administration’s policy decision to extend the forbearance period for unemployed homeowners to 12 months.
Rate Rebound Could Dampen Refis Unless Fence-Sitters Act
A roughly 7 basis point increase in 30-year weekly rates and gains in bond yields from recent record lows could dampen refinancing applications a bit unless they motivate a significant group of fence-sitting borrowers to act.
Buffett to Invest $5 Billion in Bank of America
Bank of America Corp.’s share price spiked 17% Thursday morning on news that Warren Buffet’s Berkshire Hathaway is investing $5 billion in the company.
Joint Venture Will Buy Industrial Properties
Brennan Investment Group LLC, a Chicago-based private real estate investment firm, has formed a joint venture with TriGate Capital LLC, Dallas, to purchase industrial properties across the nation.
Distressed Sales as a % of All Transactions Dip Slightly, But
Sales of homes that were in some stage of foreclosure or bank-owned status accounted for 31% of all residential transactions in the second quarter, a slight decline from 1Q, according to new figures released by RealtyTrac.
Banks Make Peace with CFPB Over Regulating Nonbanks
In an ironic twist, the commercial banking industry is coming to the defense of the Consumer Financial Protection Bureau.
NM Firm Continues Acquisitions Trend
PSM Holdings Inc., Roswell, N.M., has agreed to buy Iowa Mortgage Professionals Inc., a banker/broker based in Des Moines, Iowa.
FHFA Reports a Slight Gain in Home Prices
Home prices rose just under 1% in June after a 0.4% increase in May, according to new figures compiled by the Federal Housing Finance Agency.
REIT Will Go Public
American Realty Capital Properties Inc., New York, said it expects its initial public offering to close on Sept. 6, with trading of the company’s common stock to start the following day on the NASDAQ Capital Market, that exchange’s tier for small cap stocks.