Welcome to our dedicated page for Federal Nat news (Ticker: FNMA), a resource for investors and traders seeking the latest updates and insights on Federal Nat stock.
Fannie Mae reports news centered on its role as a federally chartered housing finance company and government-sponsored enterprise traded on OTCQB under FNMA. Recurring updates include quarterly and annual financial results, earnings presentations, financial supplements, and monthly summaries of gross mortgage portfolio activity, mortgage-backed securities and other guarantees, interest rate risk measures, and serious delinquency rates.
Company announcements also cover Selling Guide updates for credit score modernization, including VantageScore 4.0 and FICO Score 10T, as well as capital markets activity involving Connecticut Avenue Securities notes. Governance and housing finance policy developments may appear alongside disclosures tied to Fannie Mae’s conservatorship framework.
Fannie Mae (OTCQB: FNMA) has released its June 2024 Monthly Summary, providing key insights into the company's financial activities and performance metrics. The report offers a comprehensive overview of Fannie Mae's operations, including details on its gross mortgage portfolio, mortgage-backed securities, and other guarantees. Additionally, the summary presents important information on interest rate risk measures and serious delinquency rates, offering stakeholders a clear picture of the company's financial health and market position for both the month of June and the year-to-date period.
Fannie Mae (OTCQB: FNMA) has announced the scheduled release of its second quarter 2024 financial results on Tuesday, July 30, 2024, before U.S. financial markets open. The company will host a conference call at 8:00 a.m. ET on the same day to discuss the results. Prior to the call, Fannie Mae will make available its earnings news release, quarterly report on Form 10-Q, and supplemental information on its website. A transcript of the call will be published afterwards. The company has provided details for accessing the listen-only webcast of the conference call, with an option to listen by phone if webcast access is difficult.
Fannie Mae's Economic and Strategic Research (ESR) Group predicts home price growth moderation in the coming years, with annual rates of 6.1% in 2024 and 3.0% in 2025. Despite a 30% increase in home listings compared to last year, housing activity remains soft due to affordability constraints. The ESR Group has revised downward its starts and new home sales forecasts but upgraded its existing home sales forecast due to a lower mortgage rate path.
The group also lowered its inflation forecasts, expecting the Consumer Price Index (CPI) to end 2024 at 2.9% and the core Personal Consumption Expenditures (PCE) Index at 2.5%. As a result, the Federal Reserve is anticipated to cut rates in September and December. Regional variations in housing supply are noted, with Sunbelt metros experiencing significant inventory increases while Northeast and Midwest markets remain tight.
Fannie Mae (OTCQB: FNMA) has priced its fourth Multifamily Connecticut Avenue Securities® (MCAS™) transaction, MCAS Series 2024-01, a $250 million note offering. The reference pool consists of 147 multifamily mortgage loans with an outstanding unpaid principal balance of approximately $8.6 billion. This transaction complements Fannie Mae's existing risk-sharing programs, including the Delegated Underwriting and Servicing (DUS®) and Multifamily Credit Insurance Risk Transfer (MCIRT™) programs.
The offering includes three classes of notes: M-7 ($93.232 million), M-10 ($120.653 million), and B-1 ($35.647 million). Fannie Mae will retain at least 5% of the underlying credit risk and the full B-2H first-loss tranche. The MCAS program is designed to share credit risk on Fannie Mae's multifamily conventional guaranty book of business and supports its capital management strategy.
Fannie Mae (FNMA) has priced its fifth Connecticut Avenue Securities® (CAS) REMIC® transaction of 2024, a $659 million note offering. This brings the total CAS issuance for the year to approximately $3.6 billion. The CAS Series 2024-R05 reference pool includes about 61,000 single-family mortgage loans with an outstanding unpaid principal balance of $21.5 billion.
The reference pool consists of fixed-rate, 30-year term mortgages with loan-to-value ratios of 80.01% to 97.00%, acquired between July and December 2023. Fannie Mae will retain portions of various tranches, including the full first-loss tranches. The offering includes different classes of notes with varying pricing levels and expected ratings.
This transaction marks Fannie Mae's 66th CAS deal, having issued over $68 billion in notes and transferred credit risk on nearly $2.3 trillion in single-family mortgage loans to date.
Fannie Mae has been recognized as a 'Best Place to Work for Disability Inclusion' by Disability:IN, earning a perfect score of 100 on the 2024 Disability Equality Index (DEI) for the fifth consecutive year. This achievement highlights Fannie Mae's commitment to fostering an inclusive workplace that reflects the communities it serves.
The company's efforts in disability inclusion include:
- Promoting accessibility through dedicated resource pages
- Supporting employee resource groups like In-Visible Inclusion
- Hosting educational sessions and panel discussions
- Developing accessible content and technology features
- Ensuring equal opportunities for employees, vendors, and business partners
Fannie Mae's ongoing initiatives demonstrate its dedication to creating a diverse and inclusive environment, recognizing that disability inclusion is both ethically right and strategically smart.
Fannie Mae's latest Home Price Index (FNM-HPI) reveals a 6.9% increase in single-family home prices from Q2 2023 to Q2 2024, down from the previous quarter's 7.3% growth. Quarterly, prices rose a seasonally adjusted 1.3% in Q2 2024, lower than Q1's 2.0% growth. Non-seasonally adjusted prices increased by 3.0% in Q2 2024.
Chief Economist Doug Duncan notes that while prices continue to rise, growth is slowing due to elevated mortgage rates, affordability constraints, and increasing housing supply in many metro areas. The FNM-HPI, a national repeat-transaction index, excludes condos and is available publicly as a quarterly series from Q1 1975 to Q2 2024.
Fannie Mae (OTCQB: FNMA) is reminding homeowners, renters, and mortgage servicers of disaster relief options available for those affected by natural disasters, including the forecasted hurricane and wildfire seasons. The company offers mortgage assistance and free disaster recovery counseling services.
Key points include:
- Homeowners may be eligible for up to 12 months of mortgage payment reduction or suspension through forbearance plans
- Mortgage servicers can offer 90-day forbearance plans without homeowner contact in affected areas
- Post-forbearance options include Disaster Payment Deferral and Fannie Mae Flex Modification
- Free disaster recovery counseling is available at 855-HERE2HELP (855-437-3243)
These measures aim to provide financial relief and support to those impacted by disasters, prioritizing their safety and recovery.
The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased by 3.2 points in June to 72.6, marking a rebound from the previous month's dip and nearing an earlier plateau. Consumer optimism regarding homebuying conditions rose, with 19% considering it a good time to buy, up from 14% in May. The sentiment that it's a good time to sell also increased to 66%. Job security perceptions improved, with 79% feeling secure. However, affordability concerns persist, with expectations for rising home prices and mortgage rates. Year-over-year, the HPSI saw a 6.6-point increase.
Fannie Mae (OTCQB: FNMA) has announced its fifth Credit Insurance Risk Transfer (CIRT) transaction of 2024, transferring $337.2 million of mortgage credit risk to private insurers and reinsurers.
The transaction, CIRT 2024-L3, covers roughly 24,000 single-family loans with an unpaid principal balance (UPB) of $8.2 billion. These loans were acquired between July and September 2023 and span fixed-rate, 30-year terms with loan-to-value (LTV) ratios between 60.01% and 80.00%. The deal, effective May 1, 2024, retains 170 basis points of loss with Fannie Mae, while the remaining risk is transferred to insurers.
Since the inception of the CIRT program, Fannie Mae has secured $27.6 billion in insurance coverage on $921.6 billion of loans. As of March 30, 2024, $1.33 trillion in UPB of single-family conventional loans were included in a credit risk transfer transaction. Fannie Mae provides comprehensive disclosure data and analytics tools to support market participants in evaluating CIRT deals.