Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Friday, 17 January 2020

Freddie, Fannie Funded $148Bln of Multifamily Loans in 2019

Freddie Mac funded about $78 billion of loans, while Fannie Mae funded $70 billion, giving the two a collective 41 percent share of the $364 billion of projected multifamily lending for the year. The expectation is that each would handle comparable volumes this year, when multifamily lending volumes are expected to climb by nearly 9 percent.

Commercial Real Estate Direct Staff Report

Freddie Mac and Fannie Mae collectively funded about $148 billion of loans against apartment properties last year.

Freddie funded about $78 billion, roughly in line with the $77.5 billion it had funded in 2018, while Fannie funded $70 billion, which compares with the $65 billion it had funded a year earlier.

The volume numbers show that the revamped lending caps imposed on the two housing-finance agencies last September haven't hampered their ability to put capital out. They've just fine-tuned their lending targets. The agencies' regulator, the Federal Housing Finance Agency set a five-quarter lending cap of $100 billion for each of the two agencies, but eliminated exclusions to those caps.

Loans under the two agencies' "green" lending programs previously were exempt from the caps. They no longer are.

The expectation is that origination volumes at both Fannie and Freddie might inch up slightly this year when compared with last year. Both are making efforts to increase so-called mission-oriented lending, that is, lending against properties that are deemed affordable to their tenants.

Each typically accounts for 20 percent to 23 percent of a year's multifamily originations. In 2018, for instance, Freddie's volume amounted to 22.9 percent of the year's $339 billion of multifamily origination volume....





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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