On the one hand, Fannie Mae had a pretty terrific March as far as refi’s go, racking up $77-billion worth of business for the best performance in that area since 2003. Fannie executive vice president Tom Lund calls the volume “very encouraging,” and expects the levels to increase. More than half a million people have logged onto Fannie’s website to ask about refi’s under the Obama administration’s “Making Home Affordable” plan.

On the other hand, the Federal Housing Administration is running low on cash in its insurance fund because of soaring defaults. In recent Congressional testimony, Housing and Urban Development inspector general Kenneth Donohue said fund levels are “going in the wrong direction,” although he couldn’t say whether a bailout was down the road.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.