FNMA News 12/26/2016 - 3.95
Post# of 273249
Posted On: 12/26/2016 1:43:14 PM
Fannie Mae $FNMA News
Last updated 12/26/2016 - 3.95
Confidence Improves at the Prospect of Pro-Growth Policies
Dec 20, 2016
OTC Disclosure & News Service
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Confidence Improves at the Prospect of Pro-Growth Policies
PR Newswire
WASHINGTON, Dec. 20, 2016
WASHINGTON, Dec. 20, 2016 /PRNewswire/ -- Sentiment measures have improved to multi-year highs heading into next year, but 2017 is expected to deliver another year of pedestrian growth, according to the Fannie Mae (OTC Bulletin Board: FNMA) Economic & Strategic Research (ESR) Group's December 2016 Economic and Housing Outlook. Long-term interest rates continue to trend higher following the U.S. election and the December Federal Open Market Committee meeting, which revealed members' more aggressive fed funds rate projections. As a result, mortgage rates increased to more than two-year highs, creating headwinds for housing. Meanwhile, home price appreciation remains strong, and bullish investors have helped push equity prices higher, buoying household net worth and providing support to consumers. In addition, rising oil prices helped reduce drags on the energy sector. Despite these positive developments, policy uncertainty motivates ESR's projection of 1.8 percent growth in 2017, which would be the third straight year of such modest growth.
"The tenor of our forecast effectively remains unchanged: signs of cautious consumers this quarter, rising interest rates, the renewed increase in the U.S. dollar to a 14-year high, and heightened uncertainty in the political sphere suggest conservatism in our outlook," said Fannie Mae Chief Economist Doug Duncan. "While we are encouraged that confidence is rising across investors, consumers, businesses, economists, and homebuilders, much of it appears to be in anticipation that the forthcoming Administration and the new Congress will enact fiscal policies and deregulation that will help spur growth. While we believe that some pro-growth policies could be adopted next year, it would take time for them to benefit the economy, barring any offsetting initiatives such as more restrictive trade policies."
"The recent surge in interest rates amid continued strong home price appreciation are likely to present affordability challenges to home buyers, especially for young adults who are looking to enter the housing market for the first time," added Duncan. "However, stronger economic growth, if it materializes, should help support incomes, affordability, and the ongoing housing recovery."
Visit the Economic & Strategic Research site at www.fanniemae.com to read the full December 2016 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily Market Commentary. To receive e-mail updates with other housing market research from Fannie Mae's Economic & Strategic Research Group, please click here.
Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/confidence-improves-at-the-prospect-of-pro-growth-policies-300381891.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae Announces New Foreclosure Prevention Program
Dec 14, 2016
OTC Disclosure & News Service
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Fannie Mae Announces New Foreclosure Prevention Program
Flex Modification to Provide Significant Payment Relief to Borrowers
PR Newswire
WASHINGTON, Dec. 14, 2016
WASHINGTON, Dec. 14, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) announced today its Flex Modification foreclosure prevention program, which is designed to help America's families by offering reductions to their monthly mortgage payments. The Flex Modification leverages components of Fannie Mae's Home Affordable Modification Program (HAMP®), which is set to expire at the end of this year, and the Fannie Mae Standard and Streamlined Modifications, which will be replaced by the Flex Modification in late 2017.
The new program was developed in alignment with Freddie Mac at the direction of the Federal Housing Finance Agency (FHFA).
The Flex Modification incorporates input from a wide range of industry participants as well as lessons learned from earlier programs. It is expected to provide a 20 percent payment reduction for eligible borrowers. A high percentage of those who are at least 60 days delinquent would be eligible; the modification could also be an option for those who are current or less than 60 days delinquent in certain situations.
The program was shaped by a white paper published in July 2016 by the U.S. Department of the Treasury in conjunction with the U.S. Department of Housing and Urban Development (HUD) and FHFA titled Guiding Principles for the Future of Loss Mitigation. It laid out five factors – accessibility, affordability, accountability, sustainability, and transparency – that should form the foundation of future loss mitigation programs.
"The Flex Modification is an adaptive program that will allow us to continue to assist struggling homeowners in a changing housing environment and simplify the process for servicers to deliver those solutions," said Bill Cleary, Vice President of Single-Family Servicing Policy, Fannie Mae. "We believe the program is flexible to adjust for regional and even local differences in housing. It provides the greatest amount of assistance to those areas in need."
This new modification will replace the current Fannie Mae Standard and Streamlined Modification offerings on and after October 1, 2017. In the interim, servicers must continue to evaluate borrowers for Standard and Streamlined Modifications following the evaluation hierarchy.
Additional information about the Flex Modification is available here.
FHFA's statement about the Flex Modification is available here.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-announces-new-foreclosure-prevention-program-300378456.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae Offers 'Day 1 Certainty' for Lenders and Borrowers with Validation of Income, Assets, and Employment
Dec 12, 2016
OTC Disclosure & News Service
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Fannie Mae Offers 'Day 1 Certainty' for Lenders and Borrowers with Validation of Income, Assets, and Employment
PR Newswire
WASHINGTON, Dec. 12, 2016
WASHINGTON, Dec. 12, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) announced today that it has implemented technology updates to give lenders freedom from representations and warranties for borrower asset and employment information validated through its leading automated underwriting system, Desktop Underwriter® (DU®). Validation of borrower income became available on October 24, 2016. Validation of income, assets, and employment is part of Fannie Mae's Day 1 Certainty™, a new initiative that streamlines key aspects of the mortgage origination process.
Now, lenders can opt in to use the DU validation service for borrower income, assets, and employment to receive freedom from representations and warranties on validated loan components, bringing greater speed, simplicity, and certainty to lenders and borrowers. These innovations will strengthen risk management and promote increased digitization of data and processes in the mortgage industry. Instead of collecting documents such as paystubs, bank statements, and investment account statements, lenders and borrowers can benefit from the digital process, and there is lower fraud risk when borrower data is gathered directly from employers and financial institutions.
"Upfront digital validation of key borrower loan components is an important step in our efforts to give lenders the Day 1 Certainty they need to transform the mortgage lending process," said Andrew Bon Salle, executive vice president, single-family business at Fannie Mae. "Along with freedom from representations and warranties, lenders will gain efficiencies and be able to provide a simpler borrower experience."
The DU validation service uses designated third-party data vendors to independently validate borrower income, assets, and employment data. Fannie Mae has an open platform for data vendor participation to provide choices to our customers. Fannie Mae is committed to ensuring that all qualified data vendors can participate in these validation services and is committed to ongoing communications as new vendors are approved to participate. Prospective designated vendors must undergo a third-party risk review and data accuracy tests, and participate in a pilot phase.
To learn more, visit www.fanniemae.com/Day1Certainty.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-offers-day-1-certainty-for-lenders-and-borrowers-with-validation-of-income-assets-and-employment-300376576.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae's 'Day 1 Certainty' Initiative Gives Lenders Greater Certainty and Efficiency on Appraisals
Dec 12, 2016
OTC Disclosure & News Service
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Fannie Mae's 'Day 1 Certainty' Initiative Gives Lenders Greater Certainty and Efficiency on Appraisals
PR Newswire
WASHINGTON, Dec. 12, 2016
WASHINGTON, Dec. 12, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) announced today that it has implemented technology updates to give lenders freedom from representations and warranties on property value for many loans.
With a qualifying risk score from Collateral Underwriter®, Fannie Mae's appraisal risk assessment application, and a recommendation of Approve/Eligible from Desktop Underwriter® (DU®), the company's industry leading mortgage underwriting system, appraised value can be accepted up front to give lenders freedom from representations and warranties.
Also leveraging the power of Collateral Underwriter, DU will now issue property inspection waivers (PIWs) – an offer to waive the appraisal if other requirements are met. With an exercised PIW offer, lenders receive representation and warranty relief on property value, condition, and marketability.
Freedom from representations and warranties for appraised property value is part of Fannie Mae's groundbreaking Day 1 Certainty™ initiative, which enables more efficient risk management and brings greater speed and simplicity to lenders and borrowers. Greater certainty and efficiency in the appraisal process will mean potential time and cost savings in loan originations.
"With the power of Collateral Underwriter, relief from representations and warranties for appraised property value on many loans now makes the process more efficient for everyone by reducing the need for follow-up with appraisers," said Carlos Perez, senior vice president and chief credit officer for single-family at Fannie Mae. "And with the enhanced property inspection waiver, many refinance transactions will not require a new appraisal, potentially shortening the origination process and giving borrowers a significant cost savings."
Collateral Underwriter is Fannie Mae's industry-leading collateral risk assessment tool, provided free of charge to lenders. It leverages powerful analytics and a database of more than 20 million appraisals to help lenders proactively manage appraisal quality and originate mortgages with increased certainty, efficiency, and lower costs.
To learn more, visit www.fanniemae.com/Day1Certainty.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-maes-day-1-certainty-initiative-gives-lenders-greater-certainty-and-efficiency-on-appraisals-300376570.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae Announces Eviction Moratorium for the Holidays
Dec 12, 2016
OTC Disclosure & News Service
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Fannie Mae Announces Eviction Moratorium for the Holidays
PR Newswire
WASHINGTON, Dec. 12, 2016
WASHINGTON, Dec. 12, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) announced today that it will suspend evictions of foreclosed single-family properties during the holiday season. The suspension of evictions will apply to single-family and 2-4 unit properties from December 19, 2016 through January 2, 2017. During this period, legal and administrative proceedings for evictions may continue, but families will be allowed to remain in the home.
"We believe it is important to extend the timeline of help for struggling borrowers during the holidays," said Joy Cianci, senior vice president of Single-family Special and Distressed Assets at Fannie Mae. "If you are in trouble or facing foreclosure, reach out to Fannie Mae or your servicer today to get help. Options are available to avoid foreclosure, and we want to help pursue those options whenever possible."
Homeowners can visit www.knowyouroptions.com for resources on how to prevent foreclosure, including how to find out if Fannie Mae owns their loan. Homeowners also can contact Fannie Mae at 1-800-232-6643 for more information.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-announces-eviction-moratorium-for-the-holidays-300376533.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae Prices $796.7 Million Multifamily DUS REMIC (FNA 2016-M13) Under Its GeMS Program
Dec 09, 2016
OTC Disclosure & News Service
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Fannie Mae Prices $796.7 Million Multifamily DUS REMIC (FNA 2016-M13) Under Its GeMS Program
PR Newswire
WASHINGTON, Dec. 9, 2016
WASHINGTON, Dec. 9, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its eleventh Multifamily (DUS®) REMIC in 2016 totaling $796.7 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on December 7, 2016.
"M13 caps off a great year of GeMS issuance – $10.5 billion in new issue bonds placed to more than one hundred institutional investors across eleven deals," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "The GeMS program complements trading in the Fannie Mae DUS program, through which investors have purchased more than $50 billion in multifamily MBS this year. As 2016 comes to a close, we want to express our appreciation to the network of broker/dealers and investors whose support has helped make this a great year for the Multifamily MBS market and the GeMS program."
All classes of FNA 2016-M13 are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal. The structure details for the multi-tranche offering are in the table below:
Class
Original Face
Weighted
Average
Life
Coupon (%)
Coupon Type
Spread
Offered
Price
FA
$422,298,260
6.53
1.225
Floater
L+67
99.92
FX
$422,298,260
0.83
0.334
WAC IO
Not Offered
Not Offered
A1
$59,356,275
6.01
2.477
WAC
S+57
100.06
A2
$315,000,000
9.69
2.477
WAC
S+70
96.87
Total
$796,654,535
Group 1 Collateral
UPB:
$422,298,260
Collateral:
51 Fannie Mae DUS MBS
Geographic Distribution:
TX (28.5%), NC (17.9%), WA (14.2%
Weighted Average
Debt Service Coverage Ratio (DSCR):
2.77x
Weighted Average
Loan-to-Value (LTV):
70.3%
Group 2 Collateral
UPB:
$374,356,276
Collateral:
61 Fannie Mae DUS MBS
Geographic Distribution:
TX (18.5%), CA (16.0%), FL (10.7%)
Weighted Average
Debt Service Coverage Ratio (DSCR):
1.66x
Weighted Average
Loan-to-Value (LTV):
66.8%
Settlement Date:
December 29, 2016
Lead Manager:
Goldman, Sachs & Co.
Co-Managers:
J.P. Morgan
Morgan Stanley
Loop Capital Markets
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2016-M13) available on the Fannie Mae GeMS Archive page on www.fanniemae.com.
Certain statements in this release may be considered forward-looking statements within the meaning of federal securities laws. In addition, not all securities will have the characteristics discussed in this release. Before investing in any Fannie Mae issued security, you should read the prospectus and prospectus supplement pursuant to which such security is offered. You should also read our most current Annual Report on Form 10-K and our reports on Form 10-Q and Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC"
available on the Investor Relations page of our Web site at www.fanniemae.com and on the SEC's Web site at www.sec.gov.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-prices-7967-million-multifamily-dus-remic-fna-2016-m13-under-its-gems-program-300376106.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae Prices Latest Connecticut Avenue Securities Risk Sharing Deal
Dec 01, 2016
OTC Disclosure & News Service
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Fannie Mae Prices Latest Connecticut Avenue Securities Risk Sharing Deal
PR Newswire
WASHINGTON, Dec. 1, 2016
WASHINGTON, Dec. 1, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) has priced its latest credit risk sharing transaction under its Connecticut Avenue Securities™ (CAS) program. CAS Series 2016-C07, a $701.7 million note offering, is scheduled to settle on December 8, 2016.
Through this transaction and other credit risk sharing programs, the company is increasing the role of private capital in the mortgage market and reducing taxpayer risk. After this transaction is completed, Fannie Mae will have brought 16 CAS deals to market since the program began, issued $19.8 billion in notes, and transferred a portion of the credit risk to private investors on single-family mortgage loans with an original unpaid principal balance of approximately $677 billion. Since 2013, Fannie Mae has transferred a portion of the credit risk on approximately $834 billion in single-family mortgages through all of its risk transfer programs.
"We are pleased to successfully bring our seventh and final transaction of the year to market. Throughout 2016, we continued to drive innovation in credit risk management, increase transparency of our data and tools, and deliver consistent CAS offerings that were met with robust and growing investor demand," said Laurel Davis, vice president of credit risk transfer, Fannie Mae. "We look forward to continued CAS transactions in 2017 and we expect to be in the market within our next scheduled issuance window in January, subject to market conditions."
The reference pool for CAS Series 2016-C07 consists of more than 96,000 single-family mortgage loans with an outstanding unpaid principal balance of approximately $22.5 billion. The loans in this reference pool have loan-to-value ratios between 80 and 97 percent and were acquired from January 2016 through April 2016. The reference pool loans in this deal were acquired with mortgage insurance meeting Fannie Mae requirements. The loans included in this transaction are fixed-rate, generally 30-year term, fully amortizing mortgages and were underwritten using strong credit standards and enhanced risk controls.
Pricing for the 2M-1 tranche was one-month LIBOR plus a spread of 130 basis points. Pricing for the 2M-2 tranche was one-month LIBOR plus a spread of 435 basis points. Pricing for the 2B tranche was one-month LIBOR plus a spread of 950 basis points.
The 2M-1 tranche is expected to receive ratings of BBB-(sf) from Fitch and BBB(sf) from KBRA, Inc. The 2M-2 tranche is expected to receive ratings of B(sf) from Fitch as and B+(sf) from KBRA, Inc. The 2B tranche will not be rated.
Fannie Mae will retain a portion of the 2M-1, 2M-2, and 2B tranches in order to align its interests with investors throughout the life of the deal.
Barclays Capital Inc. is the lead structuring manager and joint bookrunner and Citigroup Global Markets Inc. is the co-lead manager and joint bookrunner. Co-managers are J.P. Morgan Securities LLC, Bank of America Merrill Lynch, and Wells Fargo Securities LLC. Selling group members are Drexel Hamilton LLC and Mischler Financial Group Inc.
Fannie Mae continues to provide ongoing robust disclosure data for credit investors, and to provide additional transparency, has greatly enhanced its credit risk sharing webpages to provide investors with further access to news, resources, and analytics. This included the launch of Fannie Mae's Data Dynamics™ tool, which enables market participants to analyze CAS deals that are currently outstanding in the market as well as Fannie Mae's comprehensive historical loan dataset of over 23 million loans.
In addition to the flagship CAS program, Fannie Mae continues to reduce risk to taxpayers through its Credit Insurance Risk Transfer™ (CIRT™) reinsurance program and other forms of risk transfer.
About Connecticut Avenue Securities™
CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool. For more information on individual CAS transactions and Fannie Mae's approach to credit risk transfer, visit http://www.fanniemae.com/portal/funding-the-m...index.html. To view the periods in 2017 during which Fannie Mae may issue Connecticut Avenue Securities (CAS), please view our 2017 CAS Issuance Calendar.
Statements in this release regarding the company's future CAS transactions are forward-looking. Actual results may be materially different as a result of market conditions or other factors listed in "Risk Factors" or "Forward-Looking Statements" in the company's annual report on Form 10-K for the year ended December 31, 2015 and its quarterly report on Form 10-Q for the quarter ended September 30, 2016. This release does not constitute an offer or sale of any security. Before investing in any Fannie Mae issued security, potential investors should review the disclosure for such security and consult their own investment advisors.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-prices-latest-connecticut-avenue-securities-risk-sharing-deal-300371672.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae Releases October 2016 Monthly Summary
Nov 30, 2016
OTC Disclosure & News Service
-
Fannie Mae Releases October 2016 Monthly Summary
PR Newswire
WASHINGTON, Nov. 30, 2016
WASHINGTON, Nov. 30, 2016 /PRNewswire/ -- Fannie Mae's (OTC Bulletin Board: FNMA) October 2016 Monthly Summary is now available. The monthly summary report contains information about Fannie Mae's monthly and year-to-date activities for our gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, serious delinquency rates, and loan modifications.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-releases-october-2016-monthly-summary-300370817.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae Names George W. Haywood, Finance and Technology Entrepreneur, to the Board of Directors
Nov 28, 2016
OTC Disclosure & News Service
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Fannie Mae Names George W. Haywood, Finance and Technology Entrepreneur, to the Board of Directors
PR Newswire
WASHINGTON, Nov. 28, 2016
WASHINGTON, Nov. 28, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) today announced that George W. Haywood has been elected to the company's Board of Directors. He has been appointed to the Compensation Committee and the Strategic Initiatives and Technology Committee. Mr. Haywood joins an accomplished Board that will help guide Fannie Mae as it fulfills its mission to provide access to safe, affordable mortgage financing in the United States.
"We are delighted to welcome George to the Fannie Mae Board of Directors," said Egbert L.J. Perry, chairman of the Board. "With his extensive investment experience in finance and technology and his keen ability to identify and develop emerging business opportunities, George will bring valuable and actionable insights to Fannie Mae."
"George Haywood is another outstanding addition to our exceptional Board of Directors," said Timothy J. Mayopoulos, president and chief executive officer. "Throughout his career he has demonstrated clear financial prowess, diverse entrepreneurial talents, and strong leadership qualities, complementing those of his peers on the Board. We are excited to leverage George's passion for helping companies to grow and succeed as we fulfill our commitment to be America's most valued housing partner. Fannie Mae will benefit from his counsel as we continue to focus on serving our customers, expanding opportunities for homeowners and renters, and addressing today's most critical housing challenges."
Mr. Haywood has been a self-employed private investor since 1998. Previously, from 1994 to 1998, Mr. Haywood was the Director of Corporate and High Yield Bond Investments for Moore Capital Management, a hedge fund management firm. Prior to joining Moore Capital Management, from 1982 to 1994, Mr. Haywood worked at Lehman Brothers, initially as a corporate bond trader, then as a Managing Director, head of corporate bond trading, and then as Managing Director and proprietary trader. Mr. Haywood has significant experience as a financial entrepreneur. Mr. Haywood is currently a member of the Board of Directors of Denny's Corporation, where he serves as a member of the Audit and Finance Committee. Mr. Haywood was previously a member of the Board of Directors of XM Satellite Radio Holdings Inc. from 2004 to 2006, where he served as a member of the Finance Committee.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-names-george-w-haywood-finance-and-technology-entrepreneur-to-the-board-of-directors-300369185.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Modest Economic Growth Expected Despite Legislative and Regulatory Uncertainty
Nov 21, 2016
OTC Disclosure & News Service
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Modest Economic Growth Expected Despite Legislative and Regulatory Uncertainty
PR Newswire
WASHINGTON, Nov. 21, 2016
WASHINGTON, Nov. 21, 2016 /PRNewswire/ -- The forthcoming change in the U.S. administration poses new uncertainties about the economy, but modest growth is still expected for 2016 and 2017, according to Fannie Mae's (OTC Bulletin Board: FNMA) Economic & Strategic Research (ESR) Group's November 2016 Economic and Housing Outlook. The slowdown in job growth and business investment suggests the economic expansion has transitioned to a late-cycle phase, in which growth tends to moderate and, in turn, makes the economy more vulnerable to shocks. Although increased market volatility may occur in the medium term as policy developments take shape, the ESR Group continues to expect economic growth to pick up in the second half of this year, averaging 2.4 percent, following 1.1 percent growth during the first half. The full-year 2016 growth forecast remains at 1.8 percent, with a similar pace of growth expected for 2017.
"We haven't changed the general tone of our forecast at this time, but we will incorporate new policy assumptions as they become more concrete. Given campaign themes, we may see some changes in policies regarding corporate and individual tax rates, infrastructure investment, government spending, health care, and immigration," said Fannie Mae Chief Economist Doug Duncan. "Depending on the incoming President's policy priorities, our forecast for 2017 is subject to both upside and downside risks. For example, we expect near-term growth would get a boost from any tax cuts and spending increases that are made, but if new policies result in sharply higher tariffs on China and Mexico, rethinking the Trans-Pacific Partnership, and renegotiating the North American Free Trade Agreement, it would likely drag on growth."
"In our fourth quarter GDP forecast, we expect domestic sales to strengthen and business investment in equipment to rebound, given a recent improving trend in core durable goods orders. However, we don't anticipate a substantial turnaround going forward given the uncertainty of government policy facing businesses," said Duncan. "Consumer spending is also likely to be a key growth driver, although we expect consumers will remain cautious given recent weakening in real disposable income. We also expect that residential investment will no longer drag on GDP as single-family construction spending has showed signs of stabilizing. However, the lack of homes for sale, particularly at the lower end of the market, continues to be a significant challenge for housing. Demand from first-time buyers has increased with household formation and is outpacing supply, leading to significant price increases and affordability challenges for entry-level buyers. Home purchase affordability will be constrained further if the recent pickup in mortgage rates persists, which would present a downside risk to our forecast of housing and mortgage activity."
Visit the Economic & Strategic Research site at www.fanniemae.com to read the full November 2016 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily Market Commentary. To receive e-mail updates with other housing market research from Fannie Mae's Economic & Strategic Research Group, please click here.
Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/modest-economic-growth-expected-despite-legislative-and-regulatory-uncertainty-300366329.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Last updated 12/26/2016 - 3.95
Confidence Improves at the Prospect of Pro-Growth Policies
Dec 20, 2016
OTC Disclosure & News Service
-
Confidence Improves at the Prospect of Pro-Growth Policies
PR Newswire
WASHINGTON, Dec. 20, 2016
WASHINGTON, Dec. 20, 2016 /PRNewswire/ -- Sentiment measures have improved to multi-year highs heading into next year, but 2017 is expected to deliver another year of pedestrian growth, according to the Fannie Mae (OTC Bulletin Board: FNMA) Economic & Strategic Research (ESR) Group's December 2016 Economic and Housing Outlook. Long-term interest rates continue to trend higher following the U.S. election and the December Federal Open Market Committee meeting, which revealed members' more aggressive fed funds rate projections. As a result, mortgage rates increased to more than two-year highs, creating headwinds for housing. Meanwhile, home price appreciation remains strong, and bullish investors have helped push equity prices higher, buoying household net worth and providing support to consumers. In addition, rising oil prices helped reduce drags on the energy sector. Despite these positive developments, policy uncertainty motivates ESR's projection of 1.8 percent growth in 2017, which would be the third straight year of such modest growth.
"The tenor of our forecast effectively remains unchanged: signs of cautious consumers this quarter, rising interest rates, the renewed increase in the U.S. dollar to a 14-year high, and heightened uncertainty in the political sphere suggest conservatism in our outlook," said Fannie Mae Chief Economist Doug Duncan. "While we are encouraged that confidence is rising across investors, consumers, businesses, economists, and homebuilders, much of it appears to be in anticipation that the forthcoming Administration and the new Congress will enact fiscal policies and deregulation that will help spur growth. While we believe that some pro-growth policies could be adopted next year, it would take time for them to benefit the economy, barring any offsetting initiatives such as more restrictive trade policies."
"The recent surge in interest rates amid continued strong home price appreciation are likely to present affordability challenges to home buyers, especially for young adults who are looking to enter the housing market for the first time," added Duncan. "However, stronger economic growth, if it materializes, should help support incomes, affordability, and the ongoing housing recovery."
Visit the Economic & Strategic Research site at www.fanniemae.com to read the full December 2016 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily Market Commentary. To receive e-mail updates with other housing market research from Fannie Mae's Economic & Strategic Research Group, please click here.
Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/confidence-improves-at-the-prospect-of-pro-growth-policies-300381891.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae Announces New Foreclosure Prevention Program
Dec 14, 2016
OTC Disclosure & News Service
-
Fannie Mae Announces New Foreclosure Prevention Program
Flex Modification to Provide Significant Payment Relief to Borrowers
PR Newswire
WASHINGTON, Dec. 14, 2016
WASHINGTON, Dec. 14, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) announced today its Flex Modification foreclosure prevention program, which is designed to help America's families by offering reductions to their monthly mortgage payments. The Flex Modification leverages components of Fannie Mae's Home Affordable Modification Program (HAMP®), which is set to expire at the end of this year, and the Fannie Mae Standard and Streamlined Modifications, which will be replaced by the Flex Modification in late 2017.
The new program was developed in alignment with Freddie Mac at the direction of the Federal Housing Finance Agency (FHFA).
The Flex Modification incorporates input from a wide range of industry participants as well as lessons learned from earlier programs. It is expected to provide a 20 percent payment reduction for eligible borrowers. A high percentage of those who are at least 60 days delinquent would be eligible; the modification could also be an option for those who are current or less than 60 days delinquent in certain situations.
The program was shaped by a white paper published in July 2016 by the U.S. Department of the Treasury in conjunction with the U.S. Department of Housing and Urban Development (HUD) and FHFA titled Guiding Principles for the Future of Loss Mitigation. It laid out five factors – accessibility, affordability, accountability, sustainability, and transparency – that should form the foundation of future loss mitigation programs.
"The Flex Modification is an adaptive program that will allow us to continue to assist struggling homeowners in a changing housing environment and simplify the process for servicers to deliver those solutions," said Bill Cleary, Vice President of Single-Family Servicing Policy, Fannie Mae. "We believe the program is flexible to adjust for regional and even local differences in housing. It provides the greatest amount of assistance to those areas in need."
This new modification will replace the current Fannie Mae Standard and Streamlined Modification offerings on and after October 1, 2017. In the interim, servicers must continue to evaluate borrowers for Standard and Streamlined Modifications following the evaluation hierarchy.
Additional information about the Flex Modification is available here.
FHFA's statement about the Flex Modification is available here.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-announces-new-foreclosure-prevention-program-300378456.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae Offers 'Day 1 Certainty' for Lenders and Borrowers with Validation of Income, Assets, and Employment
Dec 12, 2016
OTC Disclosure & News Service
-
Fannie Mae Offers 'Day 1 Certainty' for Lenders and Borrowers with Validation of Income, Assets, and Employment
PR Newswire
WASHINGTON, Dec. 12, 2016
WASHINGTON, Dec. 12, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) announced today that it has implemented technology updates to give lenders freedom from representations and warranties for borrower asset and employment information validated through its leading automated underwriting system, Desktop Underwriter® (DU®). Validation of borrower income became available on October 24, 2016. Validation of income, assets, and employment is part of Fannie Mae's Day 1 Certainty™, a new initiative that streamlines key aspects of the mortgage origination process.
Now, lenders can opt in to use the DU validation service for borrower income, assets, and employment to receive freedom from representations and warranties on validated loan components, bringing greater speed, simplicity, and certainty to lenders and borrowers. These innovations will strengthen risk management and promote increased digitization of data and processes in the mortgage industry. Instead of collecting documents such as paystubs, bank statements, and investment account statements, lenders and borrowers can benefit from the digital process, and there is lower fraud risk when borrower data is gathered directly from employers and financial institutions.
"Upfront digital validation of key borrower loan components is an important step in our efforts to give lenders the Day 1 Certainty they need to transform the mortgage lending process," said Andrew Bon Salle, executive vice president, single-family business at Fannie Mae. "Along with freedom from representations and warranties, lenders will gain efficiencies and be able to provide a simpler borrower experience."
The DU validation service uses designated third-party data vendors to independently validate borrower income, assets, and employment data. Fannie Mae has an open platform for data vendor participation to provide choices to our customers. Fannie Mae is committed to ensuring that all qualified data vendors can participate in these validation services and is committed to ongoing communications as new vendors are approved to participate. Prospective designated vendors must undergo a third-party risk review and data accuracy tests, and participate in a pilot phase.
To learn more, visit www.fanniemae.com/Day1Certainty.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-offers-day-1-certainty-for-lenders-and-borrowers-with-validation-of-income-assets-and-employment-300376576.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae's 'Day 1 Certainty' Initiative Gives Lenders Greater Certainty and Efficiency on Appraisals
Dec 12, 2016
OTC Disclosure & News Service
-
Fannie Mae's 'Day 1 Certainty' Initiative Gives Lenders Greater Certainty and Efficiency on Appraisals
PR Newswire
WASHINGTON, Dec. 12, 2016
WASHINGTON, Dec. 12, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) announced today that it has implemented technology updates to give lenders freedom from representations and warranties on property value for many loans.
With a qualifying risk score from Collateral Underwriter®, Fannie Mae's appraisal risk assessment application, and a recommendation of Approve/Eligible from Desktop Underwriter® (DU®), the company's industry leading mortgage underwriting system, appraised value can be accepted up front to give lenders freedom from representations and warranties.
Also leveraging the power of Collateral Underwriter, DU will now issue property inspection waivers (PIWs) – an offer to waive the appraisal if other requirements are met. With an exercised PIW offer, lenders receive representation and warranty relief on property value, condition, and marketability.
Freedom from representations and warranties for appraised property value is part of Fannie Mae's groundbreaking Day 1 Certainty™ initiative, which enables more efficient risk management and brings greater speed and simplicity to lenders and borrowers. Greater certainty and efficiency in the appraisal process will mean potential time and cost savings in loan originations.
"With the power of Collateral Underwriter, relief from representations and warranties for appraised property value on many loans now makes the process more efficient for everyone by reducing the need for follow-up with appraisers," said Carlos Perez, senior vice president and chief credit officer for single-family at Fannie Mae. "And with the enhanced property inspection waiver, many refinance transactions will not require a new appraisal, potentially shortening the origination process and giving borrowers a significant cost savings."
Collateral Underwriter is Fannie Mae's industry-leading collateral risk assessment tool, provided free of charge to lenders. It leverages powerful analytics and a database of more than 20 million appraisals to help lenders proactively manage appraisal quality and originate mortgages with increased certainty, efficiency, and lower costs.
To learn more, visit www.fanniemae.com/Day1Certainty.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-maes-day-1-certainty-initiative-gives-lenders-greater-certainty-and-efficiency-on-appraisals-300376570.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae Announces Eviction Moratorium for the Holidays
Dec 12, 2016
OTC Disclosure & News Service
-
Fannie Mae Announces Eviction Moratorium for the Holidays
PR Newswire
WASHINGTON, Dec. 12, 2016
WASHINGTON, Dec. 12, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) announced today that it will suspend evictions of foreclosed single-family properties during the holiday season. The suspension of evictions will apply to single-family and 2-4 unit properties from December 19, 2016 through January 2, 2017. During this period, legal and administrative proceedings for evictions may continue, but families will be allowed to remain in the home.
"We believe it is important to extend the timeline of help for struggling borrowers during the holidays," said Joy Cianci, senior vice president of Single-family Special and Distressed Assets at Fannie Mae. "If you are in trouble or facing foreclosure, reach out to Fannie Mae or your servicer today to get help. Options are available to avoid foreclosure, and we want to help pursue those options whenever possible."
Homeowners can visit www.knowyouroptions.com for resources on how to prevent foreclosure, including how to find out if Fannie Mae owns their loan. Homeowners also can contact Fannie Mae at 1-800-232-6643 for more information.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-announces-eviction-moratorium-for-the-holidays-300376533.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae Prices $796.7 Million Multifamily DUS REMIC (FNA 2016-M13) Under Its GeMS Program
Dec 09, 2016
OTC Disclosure & News Service
-
Fannie Mae Prices $796.7 Million Multifamily DUS REMIC (FNA 2016-M13) Under Its GeMS Program
PR Newswire
WASHINGTON, Dec. 9, 2016
WASHINGTON, Dec. 9, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) priced its eleventh Multifamily (DUS®) REMIC in 2016 totaling $796.7 million under its Fannie Mae Guaranteed Multifamily Structures (Fannie Mae GeMS™) program on December 7, 2016.
"M13 caps off a great year of GeMS issuance – $10.5 billion in new issue bonds placed to more than one hundred institutional investors across eleven deals," said Josh Seiff, Fannie Mae's Vice President of Capital Markets and Trading. "The GeMS program complements trading in the Fannie Mae DUS program, through which investors have purchased more than $50 billion in multifamily MBS this year. As 2016 comes to a close, we want to express our appreciation to the network of broker/dealers and investors whose support has helped make this a great year for the Multifamily MBS market and the GeMS program."
All classes of FNA 2016-M13 are guaranteed by Fannie Mae with respect to the full and timely payment of interest and principal. The structure details for the multi-tranche offering are in the table below:
Class
Original Face
Weighted
Average
Life
Coupon (%)
Coupon Type
Spread
Offered
Price
FA
$422,298,260
6.53
1.225
Floater
L+67
99.92
FX
$422,298,260
0.83
0.334
WAC IO
Not Offered
Not Offered
A1
$59,356,275
6.01
2.477
WAC
S+57
100.06
A2
$315,000,000
9.69
2.477
WAC
S+70
96.87
Total
$796,654,535
Group 1 Collateral
UPB:
$422,298,260
Collateral:
51 Fannie Mae DUS MBS
Geographic Distribution:
TX (28.5%), NC (17.9%), WA (14.2%
Weighted Average
Debt Service Coverage Ratio (DSCR):
2.77x
Weighted Average
Loan-to-Value (LTV):
70.3%
Group 2 Collateral
UPB:
$374,356,276
Collateral:
61 Fannie Mae DUS MBS
Geographic Distribution:
TX (18.5%), CA (16.0%), FL (10.7%)
Weighted Average
Debt Service Coverage Ratio (DSCR):
1.66x
Weighted Average
Loan-to-Value (LTV):
66.8%
Settlement Date:
December 29, 2016
Lead Manager:
Goldman, Sachs & Co.
Co-Managers:
J.P. Morgan
Morgan Stanley
Loop Capital Markets
For additional information, please refer to the Fannie Mae GeMS REMIC Term Sheet (FNA 2016-M13) available on the Fannie Mae GeMS Archive page on www.fanniemae.com.
Certain statements in this release may be considered forward-looking statements within the meaning of federal securities laws. In addition, not all securities will have the characteristics discussed in this release. Before investing in any Fannie Mae issued security, you should read the prospectus and prospectus supplement pursuant to which such security is offered. You should also read our most current Annual Report on Form 10-K and our reports on Form 10-Q and Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC"
available on the Investor Relations page of our Web site at www.fanniemae.com and on the SEC's Web site at www.sec.gov. Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-prices-7967-million-multifamily-dus-remic-fna-2016-m13-under-its-gems-program-300376106.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae Prices Latest Connecticut Avenue Securities Risk Sharing Deal
Dec 01, 2016
OTC Disclosure & News Service
-
Fannie Mae Prices Latest Connecticut Avenue Securities Risk Sharing Deal
PR Newswire
WASHINGTON, Dec. 1, 2016
WASHINGTON, Dec. 1, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) has priced its latest credit risk sharing transaction under its Connecticut Avenue Securities™ (CAS) program. CAS Series 2016-C07, a $701.7 million note offering, is scheduled to settle on December 8, 2016.
Through this transaction and other credit risk sharing programs, the company is increasing the role of private capital in the mortgage market and reducing taxpayer risk. After this transaction is completed, Fannie Mae will have brought 16 CAS deals to market since the program began, issued $19.8 billion in notes, and transferred a portion of the credit risk to private investors on single-family mortgage loans with an original unpaid principal balance of approximately $677 billion. Since 2013, Fannie Mae has transferred a portion of the credit risk on approximately $834 billion in single-family mortgages through all of its risk transfer programs.
"We are pleased to successfully bring our seventh and final transaction of the year to market. Throughout 2016, we continued to drive innovation in credit risk management, increase transparency of our data and tools, and deliver consistent CAS offerings that were met with robust and growing investor demand," said Laurel Davis, vice president of credit risk transfer, Fannie Mae. "We look forward to continued CAS transactions in 2017 and we expect to be in the market within our next scheduled issuance window in January, subject to market conditions."
The reference pool for CAS Series 2016-C07 consists of more than 96,000 single-family mortgage loans with an outstanding unpaid principal balance of approximately $22.5 billion. The loans in this reference pool have loan-to-value ratios between 80 and 97 percent and were acquired from January 2016 through April 2016. The reference pool loans in this deal were acquired with mortgage insurance meeting Fannie Mae requirements. The loans included in this transaction are fixed-rate, generally 30-year term, fully amortizing mortgages and were underwritten using strong credit standards and enhanced risk controls.
Pricing for the 2M-1 tranche was one-month LIBOR plus a spread of 130 basis points. Pricing for the 2M-2 tranche was one-month LIBOR plus a spread of 435 basis points. Pricing for the 2B tranche was one-month LIBOR plus a spread of 950 basis points.
The 2M-1 tranche is expected to receive ratings of BBB-(sf) from Fitch and BBB(sf) from KBRA, Inc. The 2M-2 tranche is expected to receive ratings of B(sf) from Fitch as and B+(sf) from KBRA, Inc. The 2B tranche will not be rated.
Fannie Mae will retain a portion of the 2M-1, 2M-2, and 2B tranches in order to align its interests with investors throughout the life of the deal.
Barclays Capital Inc. is the lead structuring manager and joint bookrunner and Citigroup Global Markets Inc. is the co-lead manager and joint bookrunner. Co-managers are J.P. Morgan Securities LLC, Bank of America Merrill Lynch, and Wells Fargo Securities LLC. Selling group members are Drexel Hamilton LLC and Mischler Financial Group Inc.
Fannie Mae continues to provide ongoing robust disclosure data for credit investors, and to provide additional transparency, has greatly enhanced its credit risk sharing webpages to provide investors with further access to news, resources, and analytics. This included the launch of Fannie Mae's Data Dynamics™ tool, which enables market participants to analyze CAS deals that are currently outstanding in the market as well as Fannie Mae's comprehensive historical loan dataset of over 23 million loans.
In addition to the flagship CAS program, Fannie Mae continues to reduce risk to taxpayers through its Credit Insurance Risk Transfer™ (CIRT™) reinsurance program and other forms of risk transfer.
About Connecticut Avenue Securities™
CAS notes are bonds issued by Fannie Mae. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool. For more information on individual CAS transactions and Fannie Mae's approach to credit risk transfer, visit http://www.fanniemae.com/portal/funding-the-m...index.html. To view the periods in 2017 during which Fannie Mae may issue Connecticut Avenue Securities (CAS), please view our 2017 CAS Issuance Calendar.
Statements in this release regarding the company's future CAS transactions are forward-looking. Actual results may be materially different as a result of market conditions or other factors listed in "Risk Factors" or "Forward-Looking Statements" in the company's annual report on Form 10-K for the year ended December 31, 2015 and its quarterly report on Form 10-Q for the quarter ended September 30, 2016. This release does not constitute an offer or sale of any security. Before investing in any Fannie Mae issued security, potential investors should review the disclosure for such security and consult their own investment advisors.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-prices-latest-connecticut-avenue-securities-risk-sharing-deal-300371672.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae Releases October 2016 Monthly Summary
Nov 30, 2016
OTC Disclosure & News Service
-
Fannie Mae Releases October 2016 Monthly Summary
PR Newswire
WASHINGTON, Nov. 30, 2016
WASHINGTON, Nov. 30, 2016 /PRNewswire/ -- Fannie Mae's (OTC Bulletin Board: FNMA) October 2016 Monthly Summary is now available. The monthly summary report contains information about Fannie Mae's monthly and year-to-date activities for our gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, serious delinquency rates, and loan modifications.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-releases-october-2016-monthly-summary-300370817.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Fannie Mae Names George W. Haywood, Finance and Technology Entrepreneur, to the Board of Directors
Nov 28, 2016
OTC Disclosure & News Service
-
Fannie Mae Names George W. Haywood, Finance and Technology Entrepreneur, to the Board of Directors
PR Newswire
WASHINGTON, Nov. 28, 2016
WASHINGTON, Nov. 28, 2016 /PRNewswire/ -- Fannie Mae (OTC Bulletin Board: FNMA) today announced that George W. Haywood has been elected to the company's Board of Directors. He has been appointed to the Compensation Committee and the Strategic Initiatives and Technology Committee. Mr. Haywood joins an accomplished Board that will help guide Fannie Mae as it fulfills its mission to provide access to safe, affordable mortgage financing in the United States.
"We are delighted to welcome George to the Fannie Mae Board of Directors," said Egbert L.J. Perry, chairman of the Board. "With his extensive investment experience in finance and technology and his keen ability to identify and develop emerging business opportunities, George will bring valuable and actionable insights to Fannie Mae."
"George Haywood is another outstanding addition to our exceptional Board of Directors," said Timothy J. Mayopoulos, president and chief executive officer. "Throughout his career he has demonstrated clear financial prowess, diverse entrepreneurial talents, and strong leadership qualities, complementing those of his peers on the Board. We are excited to leverage George's passion for helping companies to grow and succeed as we fulfill our commitment to be America's most valued housing partner. Fannie Mae will benefit from his counsel as we continue to focus on serving our customers, expanding opportunities for homeowners and renters, and addressing today's most critical housing challenges."
Mr. Haywood has been a self-employed private investor since 1998. Previously, from 1994 to 1998, Mr. Haywood was the Director of Corporate and High Yield Bond Investments for Moore Capital Management, a hedge fund management firm. Prior to joining Moore Capital Management, from 1982 to 1994, Mr. Haywood worked at Lehman Brothers, initially as a corporate bond trader, then as a Managing Director, head of corporate bond trading, and then as Managing Director and proprietary trader. Mr. Haywood has significant experience as a financial entrepreneur. Mr. Haywood is currently a member of the Board of Directors of Denny's Corporation, where he serves as a member of the Audit and Finance Committee. Mr. Haywood was previously a member of the Board of Directors of XM Satellite Radio Holdings Inc. from 2004 to 2006, where he served as a member of the Finance Committee.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/fannie-mae-names-george-w-haywood-finance-and-technology-entrepreneur-to-the-board-of-directors-300369185.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Modest Economic Growth Expected Despite Legislative and Regulatory Uncertainty
Nov 21, 2016
OTC Disclosure & News Service
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Modest Economic Growth Expected Despite Legislative and Regulatory Uncertainty
PR Newswire
WASHINGTON, Nov. 21, 2016
WASHINGTON, Nov. 21, 2016 /PRNewswire/ -- The forthcoming change in the U.S. administration poses new uncertainties about the economy, but modest growth is still expected for 2016 and 2017, according to Fannie Mae's (OTC Bulletin Board: FNMA) Economic & Strategic Research (ESR) Group's November 2016 Economic and Housing Outlook. The slowdown in job growth and business investment suggests the economic expansion has transitioned to a late-cycle phase, in which growth tends to moderate and, in turn, makes the economy more vulnerable to shocks. Although increased market volatility may occur in the medium term as policy developments take shape, the ESR Group continues to expect economic growth to pick up in the second half of this year, averaging 2.4 percent, following 1.1 percent growth during the first half. The full-year 2016 growth forecast remains at 1.8 percent, with a similar pace of growth expected for 2017.
"We haven't changed the general tone of our forecast at this time, but we will incorporate new policy assumptions as they become more concrete. Given campaign themes, we may see some changes in policies regarding corporate and individual tax rates, infrastructure investment, government spending, health care, and immigration," said Fannie Mae Chief Economist Doug Duncan. "Depending on the incoming President's policy priorities, our forecast for 2017 is subject to both upside and downside risks. For example, we expect near-term growth would get a boost from any tax cuts and spending increases that are made, but if new policies result in sharply higher tariffs on China and Mexico, rethinking the Trans-Pacific Partnership, and renegotiating the North American Free Trade Agreement, it would likely drag on growth."
"In our fourth quarter GDP forecast, we expect domestic sales to strengthen and business investment in equipment to rebound, given a recent improving trend in core durable goods orders. However, we don't anticipate a substantial turnaround going forward given the uncertainty of government policy facing businesses," said Duncan. "Consumer spending is also likely to be a key growth driver, although we expect consumers will remain cautious given recent weakening in real disposable income. We also expect that residential investment will no longer drag on GDP as single-family construction spending has showed signs of stabilizing. However, the lack of homes for sale, particularly at the lower end of the market, continues to be a significant challenge for housing. Demand from first-time buyers has increased with household formation and is outpacing supply, leading to significant price increases and affordability challenges for entry-level buyers. Home purchase affordability will be constrained further if the recent pickup in mortgage rates persists, which would present a downside risk to our forecast of housing and mortgage activity."
Visit the Economic & Strategic Research site at www.fanniemae.com to read the full November 2016 Economic Outlook, including the Economic Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily Market Commentary. To receive e-mail updates with other housing market research from Fannie Mae's Economic & Strategic Research Group, please click here.
Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's Economic & Strategic Research (ESR) Group included in these materials should not be construed as indicating Fannie Mae's business prospects or expected results, are based on a number of assumptions, and are subject to change without notice. How this information affects Fannie Mae will depend on many factors. Although the ESR Group bases its opinions, analyses, estimates, forecasts, and other views on information it considers reliable, it does not guarantee that the information provided in these materials is accurate, current, or suitable for any particular purpose. Changes in the assumptions or the information underlying these views could produce materially different results. The analyses, opinions, estimates, forecasts, and other views published by the ESR Group represent the views of that group as of the date indicated and do not necessarily represent the views of Fannie Mae or its management.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/modest-economic-growth-expected-despite-legislative-and-regulatory-uncertainty-300366329.html
SOURCE Fannie Mae
Copyright © 2016 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
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