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Fannie Mae (OTCQB: FNMA) announced its twenty-eighth sale of reperforming loans, comprising around 10,400 loans with an unpaid principal balance of approximately $1.95 billion. This move is part of Fannie Mae's strategy to reduce its mortgage portfolio. Bids for the loans, marketed with Citigroup Global Markets, are due by November 1, 2022. Buyers are required to provide loss mitigation options for borrowers potentially re-defaulting within five years. Interested bidders can register for more information on Fannie Mae's website.
Fannie Mae (OTCQB: FNMA) has completed its ninth Credit Insurance Risk Transfer™ (CIRT™) transaction for 2022, transferring $700 million of mortgage credit risk to private insurers. This initiative aims to reduce taxpayer risk while increasing private capital in the mortgage market. The covered pool includes approximately 69,000 loans with a total unpaid principal balance of $21 billion. Fannie Mae retains risk for the first 55 basis points of loss, with insurers covering further losses up to $700 million.
Fannie Mae’s Economic and Strategic Research Group has revised its forecasts, predicting a moderate recession starting Q1 2023 due to high inflation and mortgage rates. Despite an anticipated 0.0% real GDP growth in 2022, the full-year 2023 growth forecast has been adjusted to -0.5%. Mortgage rates are expected to peak between 3.50-3.75% in early 2023, contributing to a projected decrease in single-family home sales to 5.71 million in 2022 and 4.98 million in 2023, reflecting declines of 17.2% and 12.8%, respectively. Multifamily construction remains strong but has also seen a forecast reduction.
Fannie Mae (OTCQB: FNMA) announced the results of its twenty-seventh reperforming loan sale, comprising approximately 6,060 loans totaling $986.4 million in unpaid principal balance (UPB). The transaction, which will close on October 26, 2022, features three loan pools awarded to distinct bidders: PIMCO, Credit Suisse, and Barclays. Notably, Pool 1 consists of 1,790 loans with a UPB of $337.8 million, while Pool 2 has 2,217 loans valued at $338.9 million, and Pool 3 includes 2,055 loans worth $309.7 million. The sale emphasizes loss mitigation options for borrowers.
Fannie Mae (OTCQB: FNMA) has priced a $604 million Multifamily DUS REMIC under its Guaranteed Multifamily Structures (GeMS™) program, marking the seventh issuance in 2022. The FNA 2022-M13 deal, priced on September 8, 2022, offers attractive features, including a 10-year call-protected, fixed-rate collateral. Dan Dresser, Senior VP, noted strong investor interest amidst a crowded market. All classes of this REMIC are guaranteed by Fannie Mae for timely interest and principal payments. The structure provides insights into the performance of multifamily loans across diverse U.S. regions.
MGT Capital Investments, Inc. (OTCQB: MGTI) announced a non-binding letter of intent to merge with Bit5ive LLC, aiming to create a significant player in Bitcoin mining infrastructure. The merger involves MGT issuing 70% to 80% of its stock to Bit5ive’s members, with Robert Collazo becoming CEO. MGT is also raising $1.5 million through convertible notes, generating $1,335,000 in net proceeds. However, the completion of the merger is subject to various conditions, including a financial audit of Bit5ive.
Fannie Mae's Home Purchase Sentiment Index (HPSI) fell by 0.8 points in August to 62.0, marking six consecutive months of decline. The index is down 13.7 points year-over-year, reflecting heightened concerns over home affordability due to rising prices and mortgage rates. While 73% of respondents viewed it as a 'bad time to buy,' home-selling sentiment also waned. Expectations for home prices turned neutral, with an increasing number anticipating price declines. Additionally, the sentiment about mortgage rates showed a slight increase in those expecting them to drop.
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.
AmBase Corporation (OTC: ABCP) reported a net loss of $983,000 or $0.02 per share for Q2 2022, improving from a loss of $1,234,000 or $0.03 per share in Q2 2021. For the first half of 2022, the net loss was $2,040,000 or $0.05 per share, compared to $2,869,000 or $0.07 in the same period last year. Operating expenses for Q2 2022 were $983,000, down from $1,234,000 in Q2 2021. The results indicate a slight improvement in performance year-over-year, despite ongoing challenges.
Woodlands Financial Services Company (OTC: WDFN) declared a quarterly cash dividend of 28 cents per share on July 25, 2022. The dividend is payable on August 26, 2022, to shareholders on record as of August 12, 2022. This reflects the company's commitment to providing returns to its shareholders. Woodlands Financial Services operates Woodlands Bank and Woodlands Stock Corporation, offering banking and trust services mainly in Lycoming and Clinton Counties.
