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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's Economic and Strategic Research (ESR) Group has downgraded its total home sales forecast for 2024 and 2025, despite recent declines in mortgage rates. The group expects 4.78 million home sales in 2024 and 5.19 million in 2025, with homebuying not expected to pick up significantly until income growth outpaces home price growth and mortgage rates approach 6.0%.
The ESR Group forecasts mortgage rates to average 6.4% by the end of 2024 and 5.9% by the end of 2025. They've also upgraded their 2024 real GDP outlook to 1.9% from 1.6%, but still anticipate a slowdown in growth. The group maintains a soft landing as their base case forecast but notes increased odds of an economic downturn.
Fannie Mae (OTCQB: FNMA) has announced the sale of 3,119 reperforming loans with an unpaid principal balance of approximately $611.2 million. This sale is part of the company's ongoing strategy to reduce its retained mortgage portfolio. The sale is being marketed in collaboration with Citigroup Global Markets, Inc., with bids due on September 5, 2024.
Reperforming loans are those that were previously delinquent but have since resumed payments. The sale terms require buyers to offer loss mitigation options to borrowers who may default again within five years of the sale. Purchasers must also honor existing loss mitigation efforts and provide a range of options to delinquent borrowers before initiating foreclosure.
Fannie Mae's Home Purchase Sentiment Index® (HPSI) decreased 1.1 points in July to 71.5, reflecting continued consumer frustration with housing market affordability. Only 17% of consumers believe it's a good time to buy a home, down from 19% in June. The share believing it's a good time to sell decreased from 66% to 65%. Expectations for home prices and mortgage rates remain mixed, with 41% expecting prices to rise and 29% expecting mortgage rates to decrease over the next 12 months.
Doug Duncan, Fannie Mae's Chief Economist, noted that while affordability may be improving in some areas, household incomes remain stretched relative to housing costs. The Mortgage Understanding Study reaffirmed that a majority of consumers want to own a home, but 82% currently believe it's a bad time to buy. Duncan also highlighted a trend of respondents increasingly preferring to rent rather than buy on their next move, which could have significant implications if it continues.
Fannie Mae (OTCQB: FNMA) has reported its financial results for the second quarter of 2024, announcing a net income of $4.5 billion. The company has filed its Second Quarter 2024 Form 10-Q with the Securities and Exchange Commission, which includes condensed consolidated financial statements for the quarter ended June 30, 2024. Fannie Mae has made available on its website the press release announcing the results, the Form 10-Q, and a Q2 2024 Financial Supplement. The company has scheduled a conference call to discuss these results, with a listen-only webcast option available for participants.
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.
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