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...Last month, the government-sponsored mortgage finance agency Freddie Mac filed a proposal with its regulator, the Federal Housing Finance Agency, to enter into the secondary mortgage market, otherwise known...
...This is by now a well-known issue, but Federal Housing Finance Agency had a stab at quantifying this “lock-in effect” in a March paper, which FTAV only spotted now thanks to Apollo’s Torsten Sløk....
...And the National Association of Home Builders reported today that homebuilder confidence made a surprise rebound this month....
...Mortgage rates were at 7.5 per cent, a 10-year high and more than double the 3.25 per cent interest Angela, who requested that the Financial Times not use her last name, was paying on the loan on her home...
...The Federal Reserve is expected to cut rates, probably beginning in June. The average rate for a 30-year, fixed home mortgage was around 6.63 per cent last week, according to Freddie Mac....
...Trump appointed Mark Calabria as the head of the Federal Housing Finance Agency [the Fannie and Freddie umbrella organisation]....
...Measures of housing sector demand — from housing starts and construction employment to residential investment and mortgage applications — have looked weak for nearly two years....
...Last week the US Federal Housing Finance Agency presented its report on the future of the Federal Home Loan Banks....
...Data from a Federal Housing Finance Agency staff working paper shows that between 1998 and the pandemic, the share of Americans on mortgages with rates locked in more than 1 percentage point below the market...
...“High mortgage rates are creating a real void for people who don’t have the strong finances that are required to buy in cash,” she said in an interview with the Financial Times....
...Should the deal be approved by a federal court, the politically influential association would pay $418mn in damages to home sellers and agree to changes to its rules that are likely to slash the commission...
...Long-term mortgages: Rising mortgage rates have been a big contributor to the UK’s cost of living crisis. Can long-term mortgages, a norm in the US, help solve the country’s housing crunch?...
...Worries have persisted as banks disclose exposure to losses on commercial real estate loans as work from home leaves offices underused....
...Michael Bright Chief Executive, Structured Finance Association, Washington, DC, US...
...Unlike US home loans, commercial mortgages are almost entirely interest- only....
...Existing home sales are stuck at an annualised rate of about 4mn. Here’s a chart from the National Association of Realtors: The total sales number conceals variations at different price levels....
...They will finance their new home purchase by selling the Greenwich Village co-op where they live now, on the market for $2.95mn, selling some financial investments, and by taking out a mortgage for a third...
...Given that they comprise bundles of home loans, mortgage-backed securities move to roughly the same macroeconomic impulses as Treasuries....
...US mortgage rates hit their highest level in almost 23 years last week, while home loan applications tumbled to their lowest since the mid-1990s in a reflection of tough conditions in the housing market....
...But the FHLB overseer (the Federal Housing Finance Agency) and bank regulators should act quickly to implement what is feasible even without legislation....
...A subsequent study by the Federal Housing Finance Agency questioned their utility, given the billions it had cost Fannie and Freddie to pay bondholders who had little appetite to absorb credit losses when...
...Corporation, the Federal Housing Finance Agency and more....
...The income needed to buy the average-priced starter home of $346,000, with a 10 per cent deposit, has more than doubled since 2020, to a little over $103,000, according to the National Association of Realtors...
...Existing home prices increased for the third straight month as housing supply continued to be squeezed....
...Banks say the changes to RWA calculations will lead to significant hikes in capital requirements for mortgages, corporate loans and loans to other financial institutions....
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