KBRA Releases Research – FHFA Closed-End Seconds: Effect on PLS? [Yahoo! Finance]
Federal Home Loan Mortgage Corporation (FMCC)
NASDAQ:AMEX Investor Relations:
freddiemac.com/investors
Company Research
Source: Yahoo! Finance
a proposal whereby Freddie Mac could purchase single-family closed-end second (CES) mortgages. This report explores the proposal's potential overlap with the existing second lien PLS market and the effects the program may have on the size and risk profile of the PLS market post-adoption. Approximately $8.7 billion have been collateralized via second lien 2.0 PLS transactions through Q1 2024, a small but growing portion of the PLS market. Assuming both GSEs were active in CES purchases, nearly 60% of the CES originated and securitized in today's PLS market might have been eligible for the GSEs' proposed program. Other conditions, however, that are not explicitly stated in the proposal, may also have a bearing on KBRA's estimate of the overlap with PLS market, include appraisal type at origination, the second lien's documentation type, and the GSE's pricing of this product. The PLS market could end up with a larger share of CES with more negative credit attributes and is likely
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FMCC
Analyst Actions
- 2/26/24 - Keefe, Bruyette & Woods
FMCC
Sec Filings
- 5/9/24 - Form ABS-15G/A
- 5/9/24 - Form ABS-15G/A
- 5/9/24 - Form ABS-15G/A
- FMCC's page on the SEC website