Former Fannie Mae and Freddie Mac chief executives Tim Mayopoulos and Michael DeVito are joining a newly formed advisory board in conjunction with funding round led by Khosla Ventures
Mortgage giants Fannie Mae and Freddie Mac continued to grow their net worth as firm home prices and low default rates allowed them to release billions of dollars reserved for losses
Fannie Mae acquired $68B in single-family mortgages during Q1, the slowest period in more than 2 decades. Freddie Mac's $59B haul was the smallest since 2014
By one measure, the mortgage giants have built up two-thirds of the reserves needed for them to be released from government conservatorship
Fannie and Freddie remain profitable but are setting aside pots of money to cover future losses in the event that falling home prices drive up defaults
The mortgage giant generated more than $2.5B profit and grew its mortgage portfolio despite dramatic declines in new purchase loans and refinancing
Mortgage giants benefited from rising home prices and a surge in refinancings prompted by falling interest rates