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Fannie Mae (FNMA) serves as a pivotal player in the U.S. housing finance sector, facilitating affordable homeownership and rental options for millions of Americans. As a leading source of mortgage financing, Fannie Mae partners with lenders to offer sustainable home loans and rental housing. The company’s efforts ensure the availability of the 30-year fixed-rate mortgage, providing homeowners with stable and predictable payments over the life of the loan.
Fannie Mae's core mission is to advance equitable and sustainable access to quality housing. The company's recent highlights include the sale of non-performing loans aimed at reducing retained mortgage portfolios and community impact initiatives like the Community Impact Pool (CIP). These initiatives are designed to benefit non-profit organizations, minority- and women-owned businesses, and smaller investors.
Fannie Mae actively engages in reperforming loan sales and continues to drive innovation in homebuying and renting solutions. The company's latest Home Price Index (FNM-HPI) reported a 7.4% year-over-year increase in Q1 2024, reflecting the ongoing demand and supply dynamics in the housing market. Fannie Mae's economic forecasts suggest a modest rise in home sales for 2024, despite higher mortgage rates.
The company also launched fixed-price cash tender offers for Connecticut Avenue Securities® Notes, demonstrating its proactive approach to financial management. Fannie Mae is committed to maintaining transparency with stakeholders, regularly updating its financial results and hosting informative conference calls.
Fannie Mae’s economic and strategic research group, recognized for its forecasting accuracy, continuously analyzes market trends to inform stakeholders and guide the company's strategic direction. Through responsible innovation and dedicated partnerships, Fannie Mae remains at the forefront of transforming the U.S. housing finance system.
Fannie Mae (FNMA) has announced the results of its thirty-third reperforming loan sale transaction, involving 8,678 loans with a total unpaid principal balance of $1.42 billion. The sale was divided into three pools, with Pacific Investment Management Company winning Pools 1 and 2, and JP Morgan Mortgage Acquisitions Corp. securing Pool 3. The transaction is set to close by December 20, 2024. The weighted average note rates range from 3.82% to 4.03%, with loan-to-value ratios between 47% and 49%. The cover bids ranged from 82.09% to 84.375% of UPB.
Fannie Mae (FNMA) reported net income of $4.0 billion for the third quarter of 2024. The company has filed its Third Quarter 2024 Form 10-Q with the Securities and Exchange Commission, providing condensed consolidated financial statements for the period ended September 30, 2024. The company has scheduled a conference call to discuss these results, offering a listen-only webcast option for participants.
Fannie Mae (OTCQB: FNMA) has released its September 2024 Monthly Summary. The report includes data on gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, and serious delinquency rates. Key metrics cover both monthly and year-to-date activities, providing a comprehensive overview of the company's financial performance and risk profile.
Fannie Mae (FNMA) announced changes to eligibility requirements for its appraisal alternatives, Value Acceptance and Value Acceptance + Property Data, effective Q1 2025. For purchase loans on primary residences and second homes, the eligible loan-to-value (LTV) ratios will increase from 80% to 90% for Value Acceptance and from 80% to program limits for Value Acceptance + Property Data. Since early 2020, these appraisal alternatives have saved mortgage borrowers over $2.5 billion. The changes aim to make home valuation more efficient while maintaining safety standards.
Fannie Mae has completed its seventh Credit Insurance Risk Transfer™ (CIRT™) transaction of 2024, transferring $338.6 million of mortgage credit risk to private insurers and reinsurers. The CIRT 2024-L4 transaction covers approximately 23,500 single-family mortgage loans with an unpaid principal balance of $7.9 billion. The deal introduces new structural enhancements, including faster coverage release for well-performing loan pools and premium obligations based on remaining coverage. Since inception, Fannie Mae has acquired $28.1 billion of insurance coverage on $935 billion of single-family loans through the CIRT program.
Fannie Mae (FNMA) has announced it will release its third quarter 2024 financial results on Thursday, October 31, 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 release, Form 10-Q, and supplemental information on their website. A transcript of the call will be published afterward and remain accessible until the next quarterly announcement.
Fannie Mae (FNMA) has announced RCG Strategic Acquisitions, as the winning bidder for its twenty-fifth Community Impact Pool (CIP) of non-performing loans. The transaction, set to close on December 20, 2024, comprises 29 deeply delinquent loans focused in the New York area, totaling $7.2 million in unpaid principal balance (UPB). The pool has an average loan size of $247,419 and a weighted average note rate of 4.93%.
The cover bid was 90.85% of UPB. Purchasers must honor existing loss mitigation efforts and offer delinquent borrowers various options, including loan modifications with possible principal forgiveness, before initiating foreclosure.
Fannie Mae's Economic and Strategic Research (ESR) Group has revised its economic outlook for 2024 and 2025. The U.S. economy is now expected to grow by 2.3% in 2024 and 2.0% in 2025, closer to long-run trend growth rates. This improved outlook is attributed to upward revisions in personal income data and recent positive employment figures.
The ESR Group forecasts the 30-year mortgage rate to end 2024 at 6.0%, decreasing to 5.7% by the end of 2025. Home prices are projected to grow by 5.8% in 2024 and 3.6% in 2025. While low housing inventory continues to push prices up, affordability constraints and increasing available homes for sale are expected to moderate price growth.
Mark Palim, Fannie Mae's Chief Economist, notes that while mortgage rates have declined, home prices remain a significant affordability challenge, especially for first-time buyers. The timing of increased home sales and further price moderation will depend on current homeowners' willingness to sell and continued strong homebuilding activity.
Fannie Mae (OTCQB: FNMA) has announced enhancements to its Expanded Housing Choice (EHC) initiative, extending it to all eligible jurisdictions nationwide without source of income protections. The program, which supports property owners and renters in markets lacking such protections, is now available for new loans to multifamily property owners accepting HUD Housing Choice Vouchers (HCVs).
Key points:
- EHC aims to expand housing opportunities for HCV holders
- Borrowers can benefit from lower pricing, flexible loan terms, and other advantages
- The initiative is extended through April 2026
- Properties must have at least 40% of units affordable at or below HUD Fair Market Rents
- Enhancements include increased eligibility threshold and streamlined data collection
Fannie Mae's latest Home Price Index (FNM-HPI) shows single-family home prices increased 5.9% year-over-year in Q3 2024, decelerating from the previous quarter's 6.4% growth. Quarterly, prices rose a seasonally adjusted 1.3%, down from 1.4% in Q2. The non-seasonally adjusted increase was 0.9% in Q3.
Mark Palim, Fannie Mae's Chief Economist, noted that home price growth remained robust due to weak housing supply, particularly in existing homes. Despite lower mortgage rates, home purchase activity remained constrained by the 'lock-in effect' and affordability issues. In September, high home prices surpassed high mortgage rates as the top reason for pessimism toward homebuying conditions.
The FNM-HPI, a national repeat-transaction index, is available quarterly from Q1 1975 to Q3 2024, providing insights into single-family home price trends across the United States.
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