navycmdr
2 hours ago
News Release - FHFA Issues 2023 Report to Congress
06/14/2024
https://www.fhfa.gov/sites/default/files/2024-06/FHFA-2023-Annual-Report-to-Congress.pdf
Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released its 2023 Report to Congress. The statutorily-required report provides information about the Agency's 2023 examinations of Fannie Mae, Freddie Mac (the Enterprises), the 11 Federal Home Loan Banks (FHLBanks), and the FHLBanks’ joint Office of Finance. It also describes FHFA's actions as conservator of Fannie Mae and Freddie Mac and provides an overview of FHFA's regulatory activities, research, and publications issued during the year.
“I am proud to report on FHFA’s numerous accomplishments in 2023,” said Director Sandra L. Thompson. “We continue to fulfill our responsibility to ensure our regulated entities support affordable, sustainable, and equitable access to housing finance and community investment by operating in a safe and sound manner.”
In addition to the customary reporting on the financial condition of FHFA’s regulated entities and their mission activities, this year’s report for the first time includes information on FHFA’s implementation of the Prior Approval for Enterprise Products regulation. This year’s report also updates FHFA’s legislative recommendations to Congress, including seven recommendations that emerged from the Agency’s recent FHLBank System at 100: Focusing on the Future review and report.
navycmdr
2 hours ago
$Boooom ! - In $Sharp $Reversal of Recent Decline,
$Freddie $Mac $Multifamily $Apartment Investment Market Index
$Rises in $First $Quarter of 2024 - Freddie Mac
Thu, Jun 13, 2024, 11:00 AM PDT3 min read
MCLEAN, Va., June 13, 2024 (GLOBE NEWSWIRE) -- The Freddie Mac (OTCQB: FMCC) Multifamily Apartment Investment Market Index® (AIMI®) rose by 8.7% in the first quarter of 2024 as well as over the full year, with the annual index up 8.1%. The AIMI’s quarterly rise occurred nationwide and in all 25 regional markets, signaling a sharp reversal from the decline last quarter. Over the last 12 months, AIMI increased nationwide as well as in all but one regional market. The synchronized gains quarterly and annually indicate improved investment conditions in the first quarter of 2024.
“A decline in property prices and interest rates contributed to the AIMI’s strong start in the first quarter of the year,” said Sara Hoffmann, director of Multifamily Research at Freddie Mac. “The rising index across the board this quarter is especially notable and was aided by the largest quarterly decline in mortgage rates since 2010.”
Over the quarter, AIMI rose in the nation and in all 25 markets. This is in stark contrast to the universal decline observed last quarter and is primarily due to lower mortgage rates. This quarter:
--- Net operating income (NOI) performance was mixed. The nation and five metros saw essentially no growth (between -0.1% and 0.1%). Five metros recorded NOI growth of at least 1% while four recorded NOI contraction of -1% or less.
--- Property prices dropped in the nation and in all markets, with drops ranging from -0.4% (Chicago) to -3.8% (Denver).
--- Mortgage rates dropped by 56 basis points – the largest decline since the third quarter of 2010. This is a sharp reversal from last quarter when rates rose by 58 bps.
Over the year, AIMI increased in the nation and in all but one market. Year over year:
--- NOI results were mixed. Eleven markets, plus the nation, experienced growth, while 14 markets experienced declining NOI.
--- Property prices declined in the nation and in all markets. Ten markets contracted by more than -10%.
--- Mortgage rates increased by 246 basis points — a slight pullback from last quarter’s jump, but still the second highest annual increase in the entire history of AIMI going back to 2000.
In addition to national and local values, a sensitivity table is available that captures how the index value adjusts based on changes in certain underlying variables. Additional information about AIMI is on the Freddie Mac Multifamily website, including FAQs and a video.
AIMI is an analytical tool that combines multifamily rental income growth, property price growth and mortgage rates to provide a single Index that measures multifamily market investment conditions. A rise in AIMI from one quarter to the next implies an increasingly favorable environment for multifamily investment opportunities, while a decline suggests that attractive investment opportunities are becoming more difficult to find compared with the prior period.
Freddie Mac Multifamily is the nation's multifamily housing finance leader. Historically, more than 90% of the eligible rental units we fund are affordable to families with low-to-moderate incomes earning up to 120% of area median income. Freddie Mac securitizes about 90% of the multifamily loans it purchases, thus transferring the majority of the expected credit risk from taxpayers to private investors.
Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube
MEDIA CONTACT:
Melissa Silverman
(703) 388-7037
Melissa_Silverman@FreddieMac.com
******************************************************************************************************
Rodney5
4 hours ago
No, the Networth sweep was not ruled as legal or illegal... Need to get this straight!
The SCOTUS dismissed the lawsuit, 4617f bars courts from questioning the actions of a conservator.
All the lawsuits challenged the actions of the Conservator within the terms of the SPSPA... AND The Supreme Court basically said we will not rule or give Judgment are act as an arbitrator on the contract the SPSPA. So, the NWS was not validated as legal or illegal by the Court: The Court dismissed the lawsuit.
Barron4664
09/20/23 9:36 AM
Post #768746 on Fannie Mae (FNMA)
The problem is not with the rulings of the courts. The problem is and always has been that the plaintiffs attorneys have only challenged the “Actions of the Conservator” such as the NWS or other provisions of SPSPA which is a contract. 4617f bars courts from questioning the actions of a conservator. As it should. None of the 15 + years worth of court cases have challenged the action of the FHFA as regulator or Treasury with respect to the statutes that actually matter. The charter act, safety and soundness act, chief financial officer act, etc. To get a takings or an illegal exaction verdict, you have to show that the gov broke the laws. The actions of the conservator cant break a law. But if you go before a judge and say the SPSPA is bad and the gov stole our companies and limiting the argument to the specifics of the SPSPA agreement and the amendments you get 15 years of no results.“ End of Quote
Wise Man
12 hours ago
Look at this tweet from Calabria about the CRTs and what some people call "GSE Reform".
The preps for a Privatized Housing Finance System revamp, doesn't mean that you can eventually approve it on your own, without an amendment by Congress of the Charter Act Credit Enhancement clause that bars it.
We are talking about making mortgage insurers pay for insurance (The PMI, number 1 in the Credit Enhancement clause, is paid for by the borrowers).
Let alone that it's not one of the 3 options for a Privatized Housing Finance System revamp chosen by the Treasury Department in 2011, for the release from Conservatorship at the request of the Dodd-Frank law, and in a report to Congress (not the surreal attempt to supplant it in 2019, with a Presidential Memorandum and a UST Plan).
This tweet is the reason why he was appointed FHFA Director more than a year later. Wall Street gave the go ahead.
Too bad that it's still barred. $20B in CRT expenses/recoveries, net, is due. The Retained Earnings account necessary to put FnF in a sound and solvent condition (Financial condition as seen on their Balance Sheets), FHFA-C's Rehab power.
Likely, it's money siphoned off to the Treasury under the Mnuchin's slogan: "The taxpayer be appropiately compensated." Good! But, again, that would be a different Charter Act because in this one, it's barred in the Fee Limitation clause.
The idea that you create a lengthy mega conspiracy, expecting that, this way, it can't be unwound, is wrong.
It's been calculated a BVPS, so we can also have the stocks' fair value (no dilution and par value, in the Cs and JPS, respectively) and a placement on the NYSE will fix this Fanniegate conspiracy overnight.
As the former Treasury secretary, Geithner, said at the time:
Don’t listen to banks…Their interests are not aligned perfectly with the broad interests of the American economy. Their job is to evade, or avoid, or weaken, any constraint on their ability to operate. Our job is to make sure we’re protecting the american economy from the risks they inevitably take.
And two days later:
The president did not want the new rules to end up being written by those who brought us to the edge of catastrophic financial failure.
Source.
Wise Man
13 hours ago
It isn't Bradford's post. He lifted the court clerk's comment in the email he receives with updates.
It has taken him 6 days to post it, thinking that we would forget the backstory with a different case, Wazee, in order to protect their fat bonuses with the surreal Lamberth rebate.
It was commented here and on Twitter, first thing the next day it was filed.
Also the theme of judge Lamberth allowing the FHFA to file a shadow appeal 55 pages long, with old stories already sorted out (the claim travels with the shares), seeking delay.
RATHER THAN AN APPEAL WITH WAZEE (CFC)🆚THE NWS 2.0, THE ATTY HAMISH FILES A BRIEF IN OPPOSITION TO JMOL (LAMBERTH CT)
Jointly with Berko's atty, who claimed it's Wonderland: the UST gets rich w/ gifted SPS and, at the same time, FnF are recapitalized👇#Fanniegate @TheJusticeDept pic.twitter.com/Ts5bqK4oAp— Conservatives against Trump (@CarlosVignote) June 8, 2024
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