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The Single-Security’s G-Fee Impact

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Previous: Law Firm Accuses CFPB of Unlawful Funding Next: FHFA To Disburse GSE Allocations to Housing Trust Fund The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save About Author: Seth Welborn Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Fannie Mae FHFA Freddie Mac G-Fee UMBS 2020-02-27 Seth Welborn With the advent of the Single-Security Initiative, the single-family guarantee fee has been eliminated for another quarter, according to former CEO of Freddie Mac Don Layton. In post from the Harvard Joint Center for Housing Studies, Layton notes how the elimination of the “G-Fee” discount was a major reason why the Federal Housing Finance Agency (FHFA) directed the two entities to create a new common securitization platform along with a “single security” where the mortgage securities of the two companies would trade almost as one.In June 2019, Fannie Mae and Freddie Mac launched the marked the completion of their Single Security Initiative with the launch of the Uniform Mortgage-Backed Security (UMBS), “the result of close collaboration with FHFA, Freddie Mac, Common Securitization Solutions, and hundreds of housing finance stakeholders and we congratulate all involved on this achievement,” said Renee Schultz, SVP, Capital Markets, Fannie Mae in a statement.After the single-security’s implementation, the discount almost entirely disappeared. In the second full quarter of the new single security—the fourth quarter of 2019—Layton revealed that not only was there was no discount, but there was also a 0.01% premium.While the 0.01% discount and 0.01% premium in wasn’t meaningful, Layton notes, “the historic discount has shown itself to have been eliminated for another quarter.”According to Layton, the  as Freddie Mac no longer has a reduced g-fee revenue stream, savings are produced for taxpayers, and “the combined liquidity of both GSEs should make the interest rate on the mortgage securities they issue a bit lower for both companies, which directly translates into a lower interest rate to homeowners on their mortgages,” said Layton.“Lastly, and perhaps most importantly from a policy perspective, the combined liquidity of both GSEs should make the interest rate on the mortgage securities they issue a bit lower for both companies, which directly translates into a lower interest rate to homeowners on their mortgages.”“Thus, one of the major reforms done while the GSEs have been in their unexpectedly long conservatorship is looking very much like a success,” Layton adds. The Single-Security’s G-Fee Impact Demand Propels Home Prices Upward 2 days agocenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. The Best Markets For Residential Property Investors 2 days ago Tagged with: Fannie Mae FHFA Freddie Mac G-Fee UMBS in Daily Dose, Featured, News, Secondary Market February 27, 2020 1,548 Views Home / Daily Dose / The Single-Security’s G-Fee Impact Sign up for DS News Daily  Print This Post Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribelast_img read more

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