Existing home sales came in at a whopping 6,850,000, beating estimates with the highest print since 2006. Days on market fell from 36 days to 21 days on a year-over-year basis. Cash buyers remain at
Fannie Freddie Net Income Slashed In Half
Dated: October 13 2014
But on the other hand, both enterprises reported that continued improvement in national home prices contributed to releases of loan loss reserves at both enterprises, with combined loan loss reserves decreased $4.5 billion during the quarter.
Since Dec. 31, 2013, combined loan loss reserves at the GSEs declined 10%, or $7.1 billion to $64.9 billion.To put it in perspective, for the first half 2014, the enterprise reported combined net income of $14.3 billion, driven by proceeds from legal settlements in the first quarter, as GSE and FHFA continued to reach agreements with a number of financial institutions to cover claims in connection with the purchases of PLSs.
For example, Bank of America (BAC) reached a huge settlement with the FHFA in March, resolving claims associated with non-agency mortgage-related securities from 2005 to 2007.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
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