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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 (OTCQB: FNMA) has announced its latest sale of non-performing loans, including its 25th Community Impact Pool (CIP). The sale comprises a large pool of approximately 1,766 deeply delinquent loans totaling $296.7 million in unpaid principal balance (UPB), and a CIP of about 29 loans totaling $7.2 million in UPB, focused on the New York area. This initiative is part of Fannie Mae's ongoing effort to reduce its retained mortgage portfolio size.
The sale, marketed in collaboration with BofA Securities, Inc. and First Financial Network, Inc., requires buyers to offer sustainable loss mitigation options to borrowers. Bids are due on October 3, 2024, for the large pool and October 17, 2024, for the CIP. The terms include honoring existing loss mitigation efforts and offering a waterfall of options before initiating foreclosure.
The Fannie Mae (OTCQB: FNMA) Home Purchase Sentiment Index® (HPSI) increased 0.6 points in August to 72.1, showing a significant rise in consumer optimism about future mortgage rates. A survey-high 39% of consumers expect mortgage rates to decline in the next 12 months, up from 29% in July. Despite this improved affordability outlook, only 17% of consumers believe it's a good time to buy a home.
The survey revealed interesting regional variations in housing sentiment, particularly between the South and Northeast, likely reflecting differences in housing supply and construction activity. While 65% of respondents overall believe it's a good time to sell a home, only 56% in the South agreed, compared to 80% in the Northeast.
The HPSI is up 5.2 points year over year, with notable changes in mortgage rate expectations and home price predictions. However, concerns about housing affordability and supply persist among consumers.
The Q3 2024 Fannie Mae Home Price Expectations Survey (HPES) reveals expert predictions for home price growth deceleration in the coming years. Following a 6.0% growth in 2023, panelists forecast 4.7% growth in 2024 and 3.1% in 2025. The survey also explored potential policy reforms to boost housing supply, with experts suggesting that hastening construction permitting processes could have the most significant positive impact. However, 63% of panelists are not confident that effective initiatives will be widely enacted within five years. The panel estimates a national housing shortfall of 2.8 million homes, highlighting the persistent issue of inadequate supply despite strong price appreciation.
Fannie Mae (OTCQB: FNMA) has released its July 2024 Monthly Summary, providing key insights into the company's financial activities. The report includes detailed information on Fannie Mae's gross mortgage portfolio, mortgage-backed securities, and other guarantees. Additionally, it covers important metrics such as interest rate risk measures and serious delinquency rates. This comprehensive summary offers a snapshot of Fannie Mae's performance for both the month of July and the year-to-date, serving as a valuable resource for investors and analysts tracking the mortgage finance giant's operations.
Fannie Mae (FNMA) has announced new tenant protections for multifamily properties with GSE-backed mortgages, effective February 28, 2025. The Enterprise Multifamily Lease Standards Policy requires borrowers to include three minimum standards in tenant leases:
- 30-day notice for rent increases
- 30-day notice for lease expiration
- 5-day grace period for late rent payments
Fannie Mae and Freddie Mac have published FAQs and a policy grid to aid implementation. In 2023, Fannie Mae financed about 482,000 multifamily rental units, mostly affordable for households earning up to 120% of area median income. The policy aims to support housing stability and aligns with Fannie Mae's mission to expand access to affordable and sustainable housing.
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.
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