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Fannie Mae and Freddie Mac each announced their plans for disclosing forbearance data at the pool level last week. Although it is a little disappointing that the disclosure is on the pool level, the speed of action is still much appreciated.  In May the disclosure is limited to newly issued pools. Month to date, Fannie issued 903 pools with a total balance of $29.1 billion. Freddie issued 581 pools with a balance of $23.7 billion. Interestingly, Fannie pools posted a forbearance rate of 0.37%, almost twice as much as the 0.19% rate of Freddie Mac. Even though on average the initial forbearance rates were reported low, we do see some double digit prints. For example, the $55mm FN BP4789 posted a forbearance rate of 26.5%.
This data is based on a short period of time, and it is still early in the month, but the numbers will update every day. A far more complete picture will be available in June, when we will see the data for over 4 trillion dollars of loans on the books of the GSEs. |
RECURSION |
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