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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.
On May 16, 2024, Fannie Mae (OTCQB: FNMA) announced the results of its thirty-first reperforming loan sale transaction. The sale, initially announced on April 16, 2024, comprised 6,484 loans totaling $1.47 billion in unpaid principal balance (UPB), divided into three pools. Pacific Investment Management Company (PIMCO) won bids for all three pools, and the transaction is set to close by June 25, 2024. Pool 1 included 2,959 loans worth $667.2 million UPB, Pool 2 had 2,197 loans worth $498.6 million UPB, and Pool 3 comprised 1,328 loans worth $299.5 million UPB. The cover bids were approximately 78.5% of UPB across all pools. Buyers must offer loss mitigation options for re-defaulting loans within five years.
Fannie Mae (OTCQB: FNMA) announced on May 14, 2024, that Diane N. Lye has joined its Board of Directors. Dr. Lye brings over 30 years of expertise in data science and technology from her previous roles, including her most recent position as Chief Information Officer at Rivian Automotive. The addition of Dr. Lye aims to bolster Fannie Mae's efforts in advancing the mortgage experience and supporting risk management and emerging technology opportunities.
Fannie Mae announced the winner of its twenty-fourth non-performing loan sale, totaling $214.2 million in UPB. The winning bidder was VWH Capital Management, LP. The transaction is expected to close on June 25, 2024. The deal included 1,154 deeply delinquent loans with an average loan size of $185,646 and a weighted average note rate of 4.22%. Bids for Fannie Mae's Community Impact Pool are due on May 16, 2024.
Fannie Mae has expanded its Income Calculator tool to help mortgage professionals assess self-employed borrower income accurately and quickly. The web-based tool is free and available on Fannie Mae's website, allowing lenders to streamline underwriting processes and reduce loan defects. The new enhancement aims to serve the increasing number of self-employed mortgage applicants in the U.S. with a user-friendly interface for income calculation.
The Fannie Mae (FNMA) Home Purchase Sentiment Index (HPSI) remained unchanged in April at 71.9, signaling a plateau as consumers adjust to higher interest rates and home prices. The sentiment for selling a home increased to 67%, while the sentiment for buying a home decreased to 20%. Expectations for lower mortgage rates fell to 26%. Despite this, the full index is up 5.1 points year over year.
Fannie Mae reported a net income of $4.3 billion for the first quarter of 2024. The company filed its First Quarter 2024 Form 10-Q with the SEC, providing consolidated financial statements for the quarter ending on March 31, 2024. Documents are available on Fannie Mae's website, including the press release, Form 10-Q, and the Q1 2024 Financial Supplement. Fannie Mae has scheduled a conference call to discuss the results.
Fannie Mae released its annual update to the Equitable Housing Finance Plan, aiming to address housing disparities for historically underserved consumers. The 2024 Plan outlines 23 specific actions, including expanding pre-purchase counseling for first-time homebuyers and creating a standard definition for 'first-generation homebuyer'. The Plan focuses on reducing housing barriers, providing affordable solutions, and enhancing financial literacy to make the housing system fairer and more equitable.
Fannie Mae announced the results of its fixed-price cash tender offers for certain CAS Notes, with approximately $1,706 million in original principal amount tendered and not withdrawn. The Offers were closed on April 26, 2024. The settlement date for accepted purchases is expected on April 30, 2024. BofA Securities and Wells Fargo Securities were the lead dealer managers. Academy Securities, Inc. and Drexel Hamilton, were engaged as advisors for the transaction. Global Bondholder Services was the tender and information agent for the Offers.
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