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Fannie’s Book Shrinks Some More in August

Fannie Mae's book of business shrank in August at its steepest rate in more than a year, according to the company's latest volume summary. The company reported a compounded growth rate of -4.0 percent in its book for August, putting its total value down to $3.1 trillion. It was the ninth straight month of contraction.

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Chase Claims $868M in Consumer Relief Credit

JPMorgan Chase reports it has completed nearly a quarter of its consumer relief obligations required under a landmark mortgage-backed securities (MBS) settlement last year. According to a report issued Wednesday by the settlement's monitor, Joseph Smith Jr., the megabank expects to be credited for more than $862 million it provided through various borrower relief measures in the second quarter.

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Judge Dismisses Investor Lawsuits Over GSE Profits

Judge Royce Lambert dismissed lawsuits filed in 2013 by investors at Fairholme Funds, led by Bruce Berkowitz, and Perry Capital with regards to the government's "sweeping" of GSE profits into the U.S. Treasury. The investors believed that the diversion of GSE profits created a "windfall" for the government while short changing GSE shareholders.

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Changes in Leadership at Fannie Mae

Government-sponsored enterprise Fannie Mae recently confirmed two high-level personnel changes within the organization. Leslie Peeler, SVP in charge of Fannie Mae's National Servicing Organization, is leaving the GSE for a senior position with IBM's mortgage group. Last week, the GSE also confirmed the departure of COO Terry Edwards, scheduled for early 2015.

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Ginnie Mae Announces Initiatives to Address Mortgage Challenges

Representatives from HUD and Ginnie Mae convened at the second annual Ginnie Mae Summit Monday to discuss initiatives and programs designed to create a healthy housing market. The company's plans indicate it is changing its policies and procedures as part of an ongoing effort to adapt to changes in the housing industry, preserve the integrity of its mortgage-backed securities (MBS) program, reduce risk, and better manage resources.

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U.S., BofA Continue Fight in ‘Hustle’ Case

The ongoing legal battle between the U.S. government and Bank of America over the sale of soured loans to Fannie Mae and Freddie Mac before the financial meltdown continued last week as lawyers for the government argued against a motion to throw out a fraud verdict rendered against the bank.

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Fed Cuts Bond-Buying, Hints at October End

In a statement released Wednesday following the end of the Federal Open Market Committee's latest meeting, the Fed announced that starting in October, it will dial back its monthly purchases of agency mortgage-backed securities and Treasury securities to a combined pace of $15 billion per month. Barring any significant setback in the economy in the next month, the committee announced it could end its asset purchases at its October meeting.

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Treasury Official Breaks Down Private-Label Challenges

Speaking at an event hosted by the Bipartisan Policy Center in Washington, D.C., Michael Stegman, counselor to the Treasury secretary for housing finance policy, explained that lenders are currently reluctant to make non-agency loans without first knowing how they'll rate on the market. At the same time, credit rating agencies don't rate mortgage pools until they see the actual loan tape.

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HSBC, FHFA Reach $550M RMBS Settlement

HSBC Holdings is the latest institution to make good with the Federal Housing Finance Agency (FHFA) after the firm's North American arm agreed Friday to pay hundreds of millions to settle claims revolving around faulty mortgage-backed securities (MBS) sold to Fannie Mae and Freddie Mac in the years before the crash.

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