Fannie Mae’s decision this month to suspend acceptance of new HECM deliveries was “a foregone conclusion,” according to one industry executive, who notes that the GSE “had effectively reduced its HECM market share from 100 percent to near zero over recent months.” In effect, “HECMs got more expensive, which generally reduced borrower proceeds,” this person [...]

Fannie Mae announced it’s no longer purchasing reverse mortgages due to its internal systems lack of ability to handle the new HECM Standard and Saver products according to a letter obtained by RMD. The Government Sponsored Entity (GSE) is no longer accepting new commitments or deliveries that have case numbers dated on or after October [...]

Although Fannie Mae’s Q210 net loss narrowed to $1.2 billion, its smallest loss in three years, it still asked the U.S. government for an additional $1.5 billion in aid. With total Treasury funding reaching $84.6bn, Fannie said it “does not expect to earn profits in excess of its annual dividend obligation to Treasury for the [...]

Fannie Mae (NYSE:FNM) saw its market share of reverse mortgage acquisitions fall from roughly 90% during the first quarter of 2009 to approximately 5% in the first quarter of 2010 according to its latest filing from the Securities and Exchange Commission (SEC).