Secondary Market

Citing concerns about the costs of force-placed insurance for the GSEs and consumers alike, the Federal Housing Finance Agency (FHFA) on Tuesday directed Fannie Mae and Freddie Mac to prohibit servicers from taking reimbursements from insurers providing forced policies. Fannie Mae and Freddie Mac will provide aligned guidance to sellers and servicers to prohibit these practices, including implementation schedules. In addition, acting FHFA director Edward DeMarco announced the agency is considering further measures.

A private-sector initiative launched by JPMorgan Chase in early 2011, the 100,000 Jobs Mission, is less than 8,000 positions from its goal. Member companies have collectively hired 92,869 U.S. military veterans through the third quarter of 2013, the organization recently reported.

Joseph Cuomo, SVP and director of business development for online real estate marketplace Auction.com, has been recognized by Real Estate Forum magazine as one of the commercial real estate industry's Top 45 Under 40.

With Fannie Mae enacting tighter requirements on eligibility for loan purchases, experts at the Urban Institute's Housing Finance Policy Center are speaking out against the move. In a blog post on the Urban Institute's Metro Trends Blog site, the center's Laurie Goodman and Taz George said, "This change places yet another barrier in front of low- and moderate-income families, who are already facing a tightening credit box." They also commented that if Fannie Mae's intent was to reduce risk, "this was a crude way to accomplish it."

Fannie Mae has released its September book of business, revealing further declines as new business acquisitions came to their lowest level in more than a year.

Rob Katz has joined ReverseVision's team as EVP of sales, the company announced.

Sabal Financial Group, L.P., a privately held diversified financial services firm that specializes in real estate, lending, and banking, appointed Marguerite Brogan as managing director.

Senate Republicans blocked on Thursday a vote on the nomination of Rep. Mel Watt (D-North Carolina) to head up the Federal Housing Finance Agency (FHFA). Watt's nomination was stopped in a 56-42 vote to end the debate over his confirmation. Sixty votes were needed to invoke cloture and move forward. The agency has been led since 2009 by acting director Edward DeMarco, who has attracted criticism from Democrats and consumer advocates who say he hasn't gone far enough to help distressed homeowners.

MBA Education, an educational initiative launched by the Mortgage Bankers Association (MBA), presented E. Michael Rosser, CMB, with its inaugural MBA Education Lifetime Achievement Award.

Ally Financial Inc. announced Tuesday the bank has reached settlements with the Federal Housing Finance Agency (FHFA) and FDIC for all pending litigation related to toxic mortgages.