DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.
Issue link: http://digital.dsnews.com/i/108762
» LENDER/SERVICER PROFILE VISIT US ONLINE @ DSNEWS.COM GOVERNMENT AGENCY Freddie Mac key personnel company vitals Donald H. Layton CEO Paige Wisdom Headquarters: McLean, Virginia Take a look inside the numbers Phone: 800.424.5401 EVP and Chief Enterprise Risk Officer Paul Mullings The Federal Home Loan Mortgage Corporation (Freddie Mac) was chartered by Congress in 1970 as a government-sponsored enterprise (GSE) to provide liquidity, stability, and affordability to the nation's residential mortgage market. Like its sister GSE, Fannie Mae, Freddie Mac does not originate loans but supports lenders across the country by purchasing the mortgages they originate, packaging the loans as securities and selling them in the secondary market, keeping mortgage capital flowing to lenders and ultimately consumers. Today Freddie Mac makes it possible for one in four prospective buyers to become homeowners. Freddie Mac has operated under government conservatorship since September 6, 2008. The Federal Housing Finance Agency serves as its conservator and regulator. states in portfolio* Online: FreddieMac.com SVP and Interim Head, Single-Family Tracy Mooney SVP, Single-Family Servicing and REO business summary * Portfolio Stats » Single-family credit guarantee portfolio: $1.65T » Composition: 93% fixed; 7% ARMs; 3% interest-only; 60% originated from 2009-2012 Portfolio Growth Single-Family Business » Q3 2012: $1.65T » Q3 2011: $1.78T » Annual Change: -7.3% Delinquency Stats » 90+ day delinquency rate: 3.25% as of December 2012, down from 3.58% in December 2011 Loss Mitigation Stats » 742,000 foreclosures prevented since January 2009, including 394,000 modifications and 143,000 short sales and deeds in lieu (DILs) » More than 70% of loans modified in Q3 2011 performing or repaid in full » 69,581 loans modified in FY 2012 (December 2012) » 39,000 short sales and DILs YTD »11 Borrower Help Centers REO Stats » » » » 6% Illinois 5% 3% Michigan January 23, 2013 Freddie Mac's Standard Short Sale program has been in effect for close to three months, and the GSE continues to work to publicize the program and inform borrowers of their options, most recently in a blog post Tuesday on Freddie Mac's website. "Early results indicate that this program is beginning to take hold with homeowners and Realtors," stated Tracy Mooney, SVP, on the GSE's Executive Perspectives blog. Mooney expressed an expectation that the program will reduce short sale timelines by between 50 and 75 percent. —DSNews.com FHFA says settlement reached with GE in mortgage case General Electric Co (GE.N) has agreed to settle a federal agency's lawsuit accusing it of misleading Freddie Mac into buying $549 million of mortgagebacked securities, the Federal Housing Finance Agency said on Wednesday. The settlement is the first from a series of lawsuits the FHFA filed against Wall Street banks in 2011 in its role as conservator for Fannie Mae and Freddie Mac. The lawsuit against GE named subsidiaries including financial services unit GE Capital. Terms of the accord were not announced. —Reuters Senior Preferred Stock Purchase Agreement with Treasury Cumulative Total as of: 12/31/2008 12/31/2009 12/31/2010 12/31/2011 9/30/2012 $44.6B $50.7B $63.7B $71.3B $71.32B $0.2B $4.3B $10.0B $16.5B $21.9B Requests1 Payments Does not include initial $1B provided at onset of conservatorship for GSE's senior preferred stock. 1 REO Concentration— Top Five States* North Central 21,740 (43%) Southeast 11,655 (23%) West 6,389 (13%) Southwest 5,865 (11%) Northeast 5,270 (10%) *Number of properties and percentage of inventory as of September 30, 2012 January 23, 2013 Dividend 3% *Based on UPB as of September 30, 2012 Freddie Mac's New Short Sale Process 'Beginning to Take Hold' Draw 16% Florida Georgia company's l atest 50,919 single-family homes Avg. disposition: 202 days 73,780 homes sold YTD Two-thirds sold to owner-occupants *Freddie Mac does not service loans; data based on loans owned or guaranteed as of September 30, 2012, unless otherwise noted California business summary* » Since January 2009, provided $1.6T in liquidity, enabling 1.4M home purchases, 5.6M refinances, and financing for 1.1M rental units » $328B in liquidity provided to market in first nine months of 2012; 82% ($245B) supported single-family refinancing (HARP and non-HARP) for 1.2M homeowners » General loan limits for 2013 remain unchanged from 2012 ($417,000 for 1-unit properties; maximum of $625,500 in high-cost areas in continental U.S.) » $2.9B (UPB) in outstanding repurchase requests *Freddie Mac does not originate loans or lend directly to consumers; data based on loans owned or guaranteed as of September 30, 2012, unless otherwise noted Source: Freddie Mac (1/21/2013) 95