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Buy-Backs Will Not Change Our View Of The GSEs' Credit Profiles, But Could Aid Market Liquidity Feb 10
Standard & Poors, Feb 2010
Abstract
NEW YORK (Standard & Poor's) Feb. 16, 2010--Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac announced last week that they will increase their mortgage buy-backs from trusts holding single-family loans that benefit from GSE guarantees. The companies announced they would expand the scope of their buy-backs by exercising their options to purchase loans that are four months or more (Fannie) and 120 or more days (Freddie) delinquent. According to the mortgage-backed securities (MBS) trust documents, the GSEs are obligated to buy repurchase loans that have been delinquent for more than 24 months. The companies have had the option to repurchase these loans before 24 months, so long as the purchases complied with their trust documentation. Previously, however, the two GSEs...
Companies mentioned in this report are: Fannie Mae,Freddie Mac
Action: General Comment
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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