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Fannie Mae is snatching potential profits away from mortgage lenders as it posts record earnings that are fueling industry concern the government-backed company is regaining its swagger even as lawmakers plot its demise.
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JPMorgan Chase & Co. is planning its second sale of U.S. home-loan securities without government backing since the financial crisis the debt helped to trigger.
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Ellington Management Group LLC, the $5.5 billion investment firm founded by Michael Vranos that specializes in mortgage-backed bonds, hired Steven Abreu from GMAC Mortgage to start an origination business.
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U.S. house prices rose 7.2 percent in the year through March, the biggest gain since May 2006, the Federal Housing Finance Agency said.
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Yields on Fannie Mae and Freddie Mac mortgage bonds that guide U.S. home-loan rates climbed to the highest in almost a year as Federal Reserve Chairman Ben S. Bernanke told Congress the central bank may cut the pace of bond purchases in the “next few meetings.”
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A commercial-mortgage bond rally that pushed values up as much as 25 percent this year is stalling as planned sales from Fannie Mae threaten to overwhelm investors.
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As a North Carolina congressman, Mel Watt has tried to arm struggling homeowners with a legal “sledgehammer” against lenders and expand the ranks of people eligible to cut their mortgage principal.
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Stonegate Mortgage Corp., the closely held lender that originated almost twice as much debt last quarter as in all of 2011, sold $115 million of common shares in a private offering to continue its expansion.
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Fannie Mae plans to sell $2 billion of commercial-mortgage bonds issued before the credit market seizure as it seeks to reduce holdings of illiquid assets, according to three people familiar with the offering.
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The U.S. debt ceiling as of yesterday was $16.699 trillion, the first number released by the Treasury Department since the limit was suspended in early February.
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