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MIs Riled Up by Amendment.(Brief Article)
Mortgage insurance companies could lose a ton of business if an amendment proposed by Fannie Mae becomes law, MI sources told Mortgage Servicing News.
According to a draft of possible amendments on pending legislation to restructure oversight of Fannie Mae and Freddie Mac, the two congressionally chartered mortgage giants would be allowed to use "spread accounts" for credit enhancement purposes on mortgages where the loan-to-value ratio is 80% or higher.
One MI official familiar with the issue said the spread accounts contemplated by Fannie Mae would serve as a type of mortgage insurance.
He noted that a few years back, Fannie's regulator, the Office of Federal Housing Enterprise Oversight, told the mortgage giant that it could not use spread accounts for credit enhancement purposes.
The draft on the amendments ...
- Fannie Mae Credit Enhancement for Tax Exempt Bonds
- Magazine article from: Units January 1, 1995 700+ words
...that provides a Fannie Mae mortgage backed security as credit enhancement for long-term...exceptions. The Fannie Mae credit enhancement results in an...This actual Fannie Mae 80/20 bond credit enhancement transaction closed...
- Avalon Properties Refinances $90,727,000 of Tax-Exempt Bonds With Fannie Mae...
- Press release article from: PR Newswire August 14, 1996 700+ words
...completion of a Fannie Mae tax-exempt credit enhancement facility. The...outstanding, with Fannie Mae providing primary credit enhancement. Previous combined...the 30-year credit enhancement facility with Fannie Mae will be deferred...
- POST PROPERTIES ANNOUNCES FANNIE MAE CREDIT ENHANCEMENT FOR TAX EXEMPT BOND...
- Press release article from: PR Newswire June 29, 1995 700+ words
...structure by which Fannie Mae (NYSE: FNM...obligations, Fannie Mae provided replacement credit enhancement for a 30-year...issuers, but Fannie Mae will bear the...bonds. The new credit enhancement structure allows...
- Unique Deal Combines Fannie Mae's Variable Rate Bond Credit Enhancement and New...
- Press release article from: PR Newswire October 24, 1996 700+ words
...combined Fannie Mae's tax...rate bond credit enhancement and new construction...provided bond credit enhancement during construction...combined Fannie Mae's product...properties." Fannie Mae's credit enhancement product offers...
- GMAC Commercial Mortgage Affordable Housing Division Arranges Fannie Mae Credit...
- Press release article from: Business Wire January 27, 2003 700+ words
...announce it has arranged a Fannie Mae credit enhancement for $65,700,000 of tax...a challenging financing for Fannie Mae given its size and deal complexity...not before been utilized in a Fannie Mae tax exempt bond structure...
- Daiwa, Fannie Mae create new multi-family financing conduit. (Daiwa Securities...
- Magazine article from: Real Estate Weekly March 23, 1994 700+ words
...new, $155.9 million Alternative Credit Enhancement Structures (ACES) transaction that...designated to be subordinate to provide credit enhancement to the remaining pools. Previously, Fannie Mae would create multi-family MBS pools...
- FANNIE MAE FINANCES NEARLY $750 MILLION OF MULTIFAMILY MORTGAGES BACKED BY...
- Press release article from: PR Newswire September 26, 1995 700+ words
...median income. Fannie Mae provides credit enhancement of new, existing...or refundings, Fannie Mae's credit enhancement facility offers...marketability of the bonds. Fannie Mae's credit enhancement activities offer...
- Mortgage Bankers Association of America announces $100 million affordable...
- Press release article from: PR Newswire October 23, 1989 700+ words
...standard programs. In addition, Fannie Mae will work with the MBA to provide...loans and then sell them to Fannie Mae or will finance them with tax-exempt bonds that have a Fannie Mae credit enhancement. The MBA, through the immediate...
Source: HighBeam Research, MIs Riled Up by Amendment.(Brief Article)