Fannie Mae Announces Tender Offer for Any and All of Certain CAS Notes

Fannie Mae and Freddie Mac reported August multifamily mortgage delinquencies. Freddie Mac's rate hit a 20-year high at 0.64%, up from 0.6% in July. Fannie Mae's rate fell to 0.57% from 0.62% in July. Rising delinquencies may reflect slowing rent growth and increased cost of living, according to Multifamily Dive and Urban Institute research.

FHFA director Bill Pulte directed Fannie Mae (FNMA) to align its servicing policy with Freddie Mac (FMCC), allowing servicers to proactively contact borrowers for mortgage insurance cancellation. FNMA shares dropped 9% and FMCC nearly 8% following the directive. Higher rates may lead to homeowner sell-offs or refinances, but a 2008-like crisis is not expected.

Federal Housing Finance Agency Director Bill Pulte ordered Fannie Mae and Freddie Mac to allow all lenders to use VantageScore, a move aimed at increasing competition in the credit scoring market. FICO, which has long dominated the market, saw its shares fall in April after the initial announcement. Pulte also criticized credit bureaus Equifax, Experian, and TransUnion for overcharging consumers.

Fannie Mae raised its long-term mortgage rate forecast, now expecting rates to average 6.8% by 2027, up from 6.3%. This led to a reduction in single-family origination projections to $2.17 trillion. Refinance volume fell to 25% but is expected to rise to 34% by Q4. Fannie also adjusted housing start and sales forecasts, with existing home sales estimated at 4.11 million units in 2026, down from 4.13 million.

Ferronordic Machines shares rose 20.2% to SEK 82 after the company released its Q2 2026 interim report. According to the report, revenue increased 43% year over year to SEK 1.56 billion, operating profit returned to SEK 68 million, and EPS recovered to SEK 3.08. A live investor presentation followed.

Fannie Mae reported Q2 metrics on its earnings call, including 77% weighted average original loan-to-value and 756 average FICO for single-family acquisitions. Multifamily new business volume was $14B and guaranty book $545B; net income rose 29% to $704M. The company increased total allowance for credit losses by $161M and issued $25B of debt.