You may have heard the names Fannie Mae and Freddie Mac in the news and wondered what they are. They are government-sponsored enterprises that play a significant role in the mortgage industry. Both Fannie and Freddie buy mortgages from lenders, pool them together and sell them as mortgage-backed securities to investors.
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- Privatizing Fannie Mae and Freddie Mac is already on the agenda for key officials who are making moves to shake up the housing market. Realtor.com ® mobile apps Find homes for sale or rent on.
- Fannie Mae and Freddie Mac are the two mortgage giants that sets Second Home Financing Guidelines for Conventional Loans. Second homes cannot be financed with FHA, USDA, or VA Home Loans; Second home financing guidelines state that second homes can only be financed through conventional.
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Fannie Mae is another name for the Federal National Mortgage Association (FNMA), which the government created in 1938. Freddie Mac is another name for the Federal Home Loan Mortgage Corporation (FHLMC), which the government created in 1970. Both Fannie and Freddie were initially formed to stabilize the U.S. residential mortgage market and expand opportunities for homeownership and affordable rental housing.
The primary business of both Fannie Mae and Freddie Mac is to purchase home loans from lenders so lenders can replenish their supply of capital funds and make more mortgage loans to borrowers. While both entities typically buy conventional loans that conform to certain loan amount limits and underwriting standards, they also may buy government-insured housing loans such as FHA, VA and USDA loans.
During the global financial crisis in 2008, Fannie Mae and Freddie Mac guaranteed over $5 trillion in mortgage debt. The share prices of both companies plunged and investors were fearful of a collapse due to escalating foreclosure rates and plummeting housing prices. The fear was that both entities lacked the capital to absorb the predicted losses. In September of 2008, Fannie Mae and Freddie Mac were both placed into conservatorship of the Federal Housing Finance Agency (FHFA), which put Fannie Mae and Freddie Mac under direct government control.
Today, the role of Fannie Mae and Freddie Mac has not changed very much. Both entities still guarantee and purchase loans from mortgage lenders, and they have taken steps to improve their financial condition as well as build a profitable business.
To help borrowers avoid foreclosure and take advantage of lower rates, both Fannie Mae and Freddie Mac provide specific refinancing opportunities via HARP, the Home Affordable Refinancing Program. HARP enables eligible borrowers who have little to no equity in their homes to take advantage of low interest rates and other refinancing benefits. Since 2009, Fannie Mae has refinanced almost 1 million loans through HARP. The program is scheduled to end on Dec. 31, 2015.
For more information, speak with a loanDepot licensed loan officer at (888) 983-3240.
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As of June 3, 2019, Freddie Mac in conjunction with Fannie Mae will offer Supers. Freddie Mac TBA-eligible Giant PCs are eligible for exchange into Supers beginning May 7 or investors can purchase newly issued Supers beginning June 3.
Product Overview
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Supers are single class resecuritizations of UMBS, which are 55-day TBA-eligible securities. Each Supers security will be issued and guaranteed by either Fannie Mae or Freddie Mac. Supers can be backed by:
- UMBS or other Supers (either issuances of one Enterprise or a commingling of issuances of both Enterprises) and/or
- Existing TBA–eligible MBS and/or Megas issued by Fannie Mae and/or
- Legacy TBA-eligible PCs and/or Giant PCs issued by Freddie Mac that have been exchanged and pay on a 55-day delay schedule.
Supers are pass-through securities, each representing an undivided interest in a pool of residential mortgages. Freddie Mac and Fannie Mae offer traditional 30-year fixed-rate Supers in addition to 20-year, 15-year, and 10-year securities.
Supers differ from U.S. Treasury securities and other fixed-income investments in two ways. First, they can be prepaid at any time since the underlying mortgages can be paid off by homeowners prior to a loan’s maturity. Mortgage-backed securities generally provide a higher nominal yield than certain other fixed-income products due to this implicit call option. Second, Supers are not backed by the full faith and credit of the United States, as are U.S. Treasury securities. However, Freddie Mac guarantees the timely payment of interest and principal on all Supers. Supers feature a payment delay of only 55 days from the time interest begins to accrue and the time the investor receives a payment.
Commingled Supers
UMBS pass through collateral, new issue or exchanged UMBS and Supers issued by either Agency may be commingled to back Supers issued by either Agency.
Formation Guidelines:
- Dealers can form Supers on behalf of their customers using Freddie Mac’s Dealer Direct web portal.
- Please reference the 55-day Giant/Supers Collateral Prefix Eligibility Chart and 55-day Fixed-rate Giant/Supers Pooling Requirements.
- Newly formed UMBS pools are eligible for Supers the same day they are settled with the exception of the last business day of the month.
- Previously formed 55-day UMBS and Supers are eligible collateral for new 55-day Supers.
- If your Supers collateral requires a 45-day to 55-day exchange, additional time is required to allow for the exchange settlement prior to the Supers settlement. Please visit our Gold PC Exchange website for more details.
- For assistance with the execution of a Supers, please email [email protected].
Additional Resources
This product overview is not an offer to sell or solicitation of an offer to buy any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac’s Information Statement and related supplements.