Welcome to our dedicated page for FANNIE MAE news (Ticker: FNMA), a resource for investors and traders seeking the latest updates and insights on FANNIE MAE 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's August 2022 Economic Outlook forecasts a challenging housing market, driven by rising mortgage rates and elevated inflation. The report predicts a 16.2% decline in total home sales for 2022, with mortgage origination expected to fall from $4.47 trillion in 2021 to $2.47 trillion in 2022 and $2.29 trillion in 2023. Despite a robust labor market, the outlook indicates a modest recession likely due to tighter monetary policies affecting investment and consumer spending.
Fannie Mae (OTCQB: FNMA) has commenced marketing its twenty-seventh sale of reperforming loans, encompassing around 6,130 loans with an unpaid principal balance of $997 million. This initiative is part of efforts to streamline its mortgage portfolio. Interested qualified bidders must submit their offers by September 8, 2022, in partnership with Citigroup Global Markets. The sale requires buyers to provide loss mitigation options for borrowers at risk of re-defaulting within five years. Fannie Mae continues to emphasize responsible homeownership access across the U.S.
Fannie Mae Appoints Cissy Yang as New Chief Audit Executive
On August 10, 2022, Fannie Mae announced the appointment of Cissy Yang as Senior Vice President and Chief Audit Executive, effective September 12, 2022. Yang, with over 25 years of experience in financial services audit, will lead the company's audit strategy and report to both the Board of Directors and the Interim CEO. She replaces Douglas Watt, who is retiring in November 2022. Yang previously held senior roles at Credit Suisse and is expected to enhance Fannie Mae's internal controls and governance.
Fannie Mae's Home Purchase Sentiment Index (HPSI) fell 2.0 points in July 2022 to 62.8, marking the lowest level since 2011 and down 13.0 points year-over-year. Only 17% of consumers view homebuying as favorable, while those considering it a bad time increased to 76%. The sentiment surrounding home selling also declined, from 76% in May to 67% in July. Expectations for home price growth weakened significantly, with those anticipating an increase dropping from 44% to 39%. All these factors indicate increasing consumer pessimism in the housing market due to rising mortgage rates.
Fannie Mae priced its CAS Series 2022-R08 offering at approximately $626 million, marking its eighth CAS REMIC transaction of the year. The reference pool includes around 68,000 single-family mortgage loans totaling $20.4 billion. These loans have loan-to-value ratios between 60.01% and 80.00%, and were acquired between September and November 2021. The offering continues Fannie Mae's initiative to share credit risk and enhances its commitment to transparency and robust disclosure data for investors.
On August 1, 2022, Fannie Mae (OTCQB: FNMA) announced the successful sale of approximately 5,460 reperforming loans with a total unpaid principal balance of $663.3 million to JP Morgan Mortgage Acquisition Corp. This transaction, set to close on August 26, 2022, aims to support loss mitigation efforts for borrowers at risk of re-defaulting. The loans feature an average size of $121,476 and a weighted average note rate of 4.49%. The sale reflects a weighted average bid in the low 90s as a percentage of UPB.
Fannie Mae (OTCQB: FNMA) has released its June 2022 Monthly Summary, highlighting key metrics in its operations. This report covers the company's gross mortgage portfolio, mortgage-backed securities, guarantees, interest rate risk measures, and serious delinquency rates. The publication aims to provide transparency about Fannie Mae's financial health and its activities impacting mortgage accessibility across America.
Fannie Mae reported a net income of $4.7 billion for the second quarter of 2022, reflecting a significant increase compared to the previous quarter. The company filed its Form 10-Q with the SEC, detailing its financial performance for the quarter ended June 30, 2022. The financial statements and additional documents are accessible on Fannie Mae's website. A conference call to discuss the results was scheduled for 8:00 a.m. ET on the same day.
Fannie Mae (OTCQB: FNMA) announced the execution of its seventh and eighth Credit Insurance Risk Transfer™ (CIRT™) transactions of 2022, transferring $1 billion of mortgage credit risk to private insurers. CIRT 2022-7 covers $19.8 billion in loans, while CIRT 2022-8 covers $12.9 billion. The company retains risk on the first 55 to 65 basis points before insurers cover further losses. Since inception, Fannie Mae has secured $21 billion of insurance on $709 billion in loans through the CIRT program, mitigating taxpayer risk and promoting private capital involvement.
Fannie Mae Appoints New Chief Human Resources Officer
Fannie Mae (OTCQB: FNMA) has appointed Katie Jones as Senior Vice President and Chief Human Resources Officer, effective August 1, 2022. With over 30 years of experience in HR within the financial services, Jones aims to enhance talent strategy and foster a diverse workplace. Her prior roles include top HR positions at PRA Group and SunTrust Bank. The leadership change is expected to strengthen the company's ability to attract and support talent, aligning with its mission to serve renters and homeowners effectively.