Core Insights - Fannie Mae's net income and revenue have decreased in the latest quarter compared to the same period last year, indicating challenging conditions in the housing market that the company supports [1] Financial Performance - The decline in net income and revenue reflects adverse market conditions affecting the housing sector [1]

Core Viewpoint - Freddie Mac has announced the pricing of the Seasoned Loans Structured Transaction Trust (SLST) Series 2025-2, which involves a securitization of approximately $343.2 million backed by seasoned residential mortgage loans [1][2]. Group 1: Transaction Details - The transaction comprises approximately $308.8 million in guaranteed senior certificates and about $34.3 million in non-guaranteed subordinate certificates, with the subordinate certificates auctioned on October 24, 2025 [2]. - The expected settlement date for the transaction is October 30, 2025 [2]. Group 2: Underlying Collateral - The collateral backing the certificates consists of 1,985 seasoned loans, including fixed, adjustable, and step-rate loans, with none being more than 150 days delinquent as of the cut-off date [3]. - The loans include both modified loans aimed at assisting borrowers at risk of foreclosure and loans that were never modified [3]. Group 3: Advisory and Management - Advisors for this transaction include Citigroup Global Markets Inc. and Nomura Securities International, Inc. as co-lead managers and joint bookrunners, along with several co-managers [4]. Group 4: Freddie Mac's Strategy - Freddie Mac's seasoned loan offerings aim to reduce less-liquid assets in its mortgage-related investments portfolio through economically sensible transactions, including the sale of Non-Performing Loans (NPLs) and securitizations of re-performing loans (RPLs) [5]. - Since 2011, Freddie Mac has sold approximately $10.7 billion of NPLs and securitized about $81.3 billion of RPLs, which includes $30.4 billion of fully guaranteed MBS, $37.6 billion through the Seasoned Credit Risk Transfer (SCRT) program, and $13.3 billion through the SLST program [5].

Core Viewpoint - Fannie Mae is set to report its third quarter 2025 financial results on October 29, 2025, before U.S. financial markets open [1]. Group 1: Financial Results Announcement - The financial results will be discussed by Chief Financial Officer Chryssa C. Halley during a webcast at 8:00 a.m. ET on the same day [1]. - Prior to the webcast, various financial documents including the third quarter 2025 financial results news release, quarterly report on Form 10-Q, and earnings presentation will be available on the company's website [1]. Group 2: Webcast Participation Details - The webcast can be accessed through a provided link, and an alternative phone option is available for those experiencing difficulties [2]. - Following the webcast, a transcript will be published on the same webpage and will remain accessible for approximately one year [1].

Leadership Changes - Fannie Mae appointed Peter Akwaboah as acting CEO while searching for a permanent replacement, with John Roscoe and Brandon Hamara promoted to co-presidents, indicating a leadership overhaul driven by the Federal Housing Finance Agency [1] - Akwaboah will oversee operations alongside the new co-presidents, introducing near-term uncertainty regarding the company's strategic direction [1] Financial Performance - In Q2 of 2025, Fannie Mae reported a net income of $3.3 billion, reflecting a 26% year-over-year decline due to higher provisions for credit losses [3] - Despite the earnings dip, the company demonstrated progress in efficiency and capital building, providing $102 billion in liquidity to the market and assisting 381,000 households [4] Operational Efficiency - Net revenues remained steady at $7.2 billion, with noninterest expenses reduced by over $250 million from the first quarter, resulting in an efficiency ratio of 31.5% [5] - Fannie Mae surpassed $100 billion in total equity, ending the quarter at $101.6 billion, and added $3.7 billion in regulatory capital, although it still faces a $29 billion total capital deficit [6] Loan Performance - Single-family loans 30 days past due increased by 10 basis points from the first quarter, attributed partly to seasonal patterns, while seriously delinquent rates rose by nine basis points compared to the previous year [7]

Core Viewpoint - Altisource Portfolio Solutions S.A. reported solid financial performance for the third quarter of 2025, with growth in service revenue and improvements in earnings metrics compared to the same period in 2024 [2][5]. Company Financial Performance - Service revenue for Q3 2025 was $39.7 million, an increase of $1.5 million or 4% from Q3 2024 [5][6]. - The net loss attributable to Altisource was $2.4 million, representing a $7.0 million improvement compared to the same quarter of 2024 [5][6]. - Diluted loss per share improved to $(0.22), a $2.39 improvement from the same quarter in 2024 [5][6]. - Adjusted EBITDA for Q3 2025 was $3.6 million, roughly flat compared to Q3 2024, with an adjusted EBITDA margin of 9.1%, down from 9.5% in the same quarter of 2024 [5][6]. - The company ended the quarter with $28.6 million in cash and cash equivalents [5]. Business Segments Performance - Adjusted EBITDA in the Servicer and Real Estate and Origination segments improved to $10.9 million, or 27.5% of service revenue, compared to $10.8 million, or 28.3% of service revenue in Q3 2024 [5]. - The company generated sales wins estimated to represent potential annualized service revenue of $3.2 million for the Servicer and Real Estate segment and $11.2 million for the Origination segment [5][6]. Industry Context - Industrywide foreclosure initiations were 19% higher for the eight months ended August 31, 2025, compared to the same period in 2024 [5]. - Industrywide mortgage origination volume increased by 17% for the nine months ended September 30, 2025, driven by a 4% decline in purchase origination and a 103% increase in refinancing origination [5].

3Q25 EARNINGS REPORT PennyMac Mortgage Investment Trust October 2025 FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, regarding management's beliefs, estimates, projections and assumptions with respect to, among other things, the Company's financial results, future operations, business plans and investment strategies, as well as industry and market conditions, all of which are subject to cha ...

Core Insights - Freddie Mac and Fannie Mae stocks have surged over 200% this year due to potential privatization discussions by the Trump administration [1] - Despite the interest in privatization, concerns remain regarding the risks associated with Freddie Mac, as highlighted by the Federal Housing Finance Agency director [2][3] Company Overview - Freddie Mac, officially known as the Federal Home Loan Mortgage Corporation, was established in 1970 to assist smaller banks in financing long-term fixed-rate mortgages with low down payments [4] - The company has a market capitalization of $6.6 billion, making it smaller than Fannie Mae, and its stock has increased by 231% this year, although it is currently trading 28% below its 52-week high [5] Historical Context - Both Freddie Mac and Fannie Mae have been under government conservatorship since the 2008 financial crisis, which was triggered by risky loans and securities, including subprime loans [6] - They have since paid billions in dividends to the U.S. government, exceeding the amount received during the bailout, and are now profitable [6][7] Financial Reporting - Freddie Mac, like other publicly traded companies, files an annual 10-K report that includes financial statements, risk disclosures, and management commentary [7]

Core Points - Freddie Mac announced the results of its tender offer to purchase Structured Agency Credit Risk (STACR) Notes, with approximately $1.2 billion in original principal amount validly tendered as of the expiration time on October 16, 2025 [1][3][5] Summary by Sections Offer Details - The tender offer was conducted in accordance with the conditions set forth in the Offer to Purchase dated October 9, 2025 [2] - The settlement date for the accepted notes is expected to occur on October 20, 2025, with payments for notes tendered via guaranteed delivery expected on October 21, 2025 [5] Tender Results - A total of approximately $1.238 billion in STACR Notes was tendered, with various classes showing different acceptance rates, such as: - STACR 2019-DNA2 B-2: $73 million (100% accepted) - STACR 2021-HQA4 M-1: $445 million (99.20% accepted) - STACR 2022-HQA2 M-1A: $300 million (80.90% accepted) [3][4] Management and Contact Information - Wells Fargo Securities, LLC and Cantor Fitzgerald & Co. are the lead dealer managers for the offer, with CastleOak Securities, L.P. as the co-dealer manager [6] - For additional information, interested parties can contact Wells Fargo Securities or Cantor Fitzgerald directly [6]

Core Insights - Rocket Companies, Inc. is facing stock pressure post-merger with Mr. Cooper Group, as investors evaluate cost synergies against a slowdown in mortgage origination [1] - The merger positions the combined entity as the largest mortgage originator and servicer in the U.S., with potential for increased loan volume and stabilized earnings due to lower interest rates [1] Company Developments - On October 1, Rocket Companies completed the acquisition of Mr. Cooper, with Mr. Cooper shareholders building long-term positions in Rocket [2] - Some investors are leveraging Rocket's liquidity to capitalize on gains from Mr. Cooper amid index-related flows [2] Analyst Perspectives - BTIG analyst Eric Hagen maintains a Buy rating on Rocket Companies with a price target of $25, noting a 25% decline from its high on September 17 and a 15% drop since the merger [3] - Hagen indicates that Mr. Cooper holders are generally favoring long-term positions in Rocket, while some are utilizing Rocket's liquidity for immediate gains [4] Market Context - The removal of Mr. Cooper from the S&P SmallCap 600 may have introduced technical noise, as approximately 30% of its float was in passive ETFs [5] - Recent trends show a fading rally in mortgage finance, with limited catalysts to push mortgage rates below the 6% mark, and potential government shutdown concerns affecting new originations [6] Future Outlook - The analyst anticipates two additional Federal Reserve rate cuts by year-end, which could stabilize mortgage rates, although there are concerns about equity valuations if inflation fears resurface [7] - Valuations may stabilize or improve despite higher mortgage rates, but significant recapture gains will require stronger borrower incentives for refinancing [8] - The 2026 EPS forecast is set at 61 cents, assuming half of the merger synergies are realized next year, with projected originations of $170 billion, total revenue of $9 billion, and operating expenses of $7 billion [8] Stock Performance - As of the latest check, Rocket Companies' shares were trading up by 1.88% at $16.57 [9]

Core Insights - Rocket Companies, Inc. is facing stock pressure post-merger with Mr. Cooper Group, as investors evaluate cost synergies against a slowdown in mortgage origination [1] - The merger positions the combined entity as the largest mortgage originator and servicer in the U.S., with potential for increased loan volume and stabilized earnings due to lower interest rates [1] Company Developments - The acquisition of Mr. Cooper was completed on October 1, with Mr. Cooper shareholders building long-term positions in Rocket Companies [2] - Analysts note that Rocket's liquidity is being utilized by some investors to monetize gains from Mr. Cooper amid index-related flows [2][4] Analyst Ratings and Forecasts - BTIG analyst Eric Hagen maintains a Buy rating on Rocket Companies, with a price target of $25, citing an attractive entry point after a 25% drop from its September 17 high [3] - The stock has decreased 15% since the merger closed, and Mr. Cooper's average daily volume has been significantly lower compared to Rocket Companies [4] Market Conditions - The mortgage finance sector has seen a decline in momentum, with few catalysts to push mortgage rates below the 6% mark, and a potential government shutdown may impact new originations [6] - Expectations remain for two additional Federal Reserve rate cuts by year-end, which could stabilize mortgage rates, although equity valuations may be at risk if inflation concerns resurface [7] Financial Projections - Analyst forecasts for 2026 include an EPS of 61 cents, assuming half of the merger synergies are realized, with projected originations of $170 billion, total revenue of $9 billion, and operating expenses of $7 billion [8] - The pro forma shares post-merger are estimated at 2.8 billion, with a distribution of 35% Class A and 65% Class L shares [5]