After months of contentious debate, the Federal Housing Finance Agency (FHFA) finally has a new director.
Read More »FHFA’s 2013 Settlements Total Nearly $8B
The Federal Housing Finance Agency (FHFA) recovered nearly $8 billion last year in its pursuit of funds related to allegedly fraudulent loan sales to Fannie Mae and Freddie Mac.
Read More »Survey Shows Gap in Use of Online Tools
A recently released borrower survey on shopping habits shows increasing reliance on online tools when mortgage shopping, though many still find the learning curve too steep.
Read More »Fannie’s Book of Business Grows in November
Fannie Mae's book of business increased for the second month in a row in November, marking the fourth month of increases in 2013, according to the GSE's monthly volume report. Fannie Mae's book of business grew at a compounded annualized rate of 0.1 percent in November, down from 0.8 percent in October. Fannie's total book of business is valued at $3.17 trillion as of November, while its total mortgage portfolio totals $496 billion.
Read More »Watt: FHFA to Delay G-Fee Hikes
Rep. Mel Watt (D-North Carolina) is already making waves with an announcement that he plans to delay an imminent increase in guarantee fees (g-fees).
Read More »Wells Fargo, Fannie Mae Announce $591M Settlement
Fannie Mae and Wells Fargo have reached an agreement that will close the book on a number of problem legacy loans, both companies announced. According to the separate announcements, Wells Fargo has agreed to pay $591 million to Fannie Mae to resolve repurchase requests on certain loans originated prior to 2009. Adjusting for prior repurchases, the bank will pay $541 million in Q4 2013. In its own statement, Wells Fargo said it had fully accrued for the cost of the agreement as of the end of the third quarter.
Read More »Flagstar to Sell $40.7B in Servicing Rights to REIT
Flagstar Bancorp, Inc., announced a deal with Matrix Financial Services Corporation, a subsidiary of Two Harbors, an REIT. According to Flagstar's announcement, the agreement covers the sale of $40.7 billion in unpaid principal balance on residential MSRs, an amount making up about 55 percent of Flagstar's mortgage loans "serviced-for-others" portfolio. The pool of loans covered in the deal is made up of loans originated mostly after 2010 and serviced for Fannie Mae and Ginnie Mae, the announcement says.
Read More »FHFA Seeking Comment on Proposed Cut to Conforming Loan Limits
The Federal Housing Finance Agency (FHFA) says it wants input on a plan to lower the ceiling for loans eligible for purchase by Fannie Mae and Freddie Mac. Under FHFA's proposed plan, the $417,000 maximum limit for single-family homes in most areas around the country would be lowered to $400,000, a reduction of about 4 percent. Areas with higher limits would see a similar cut, with the $625,500 maximum dropping to $600,000.
Read More »FHFA Announces Plans to Combine Divisions
As the newly confirmed Mel Watt prepares to take the reins at the Federal Housing Finance Agency (FHFA), current Acting Director Edward DeMarco has announced changes to the agency's senior staff.
Read More »Consumer Apprehension Presents Barrier to Housing Momentum
An increasingly cautious outlook for the economy has put a crimp in the housing market's forward momentum, according to Fannie Mae's latest National Housing Survey. Doug Duncan, SVP and chief economist at Fannie Mae, said: "We continue to see caution as the defining feature of Americans' attitudes toward the economy and their personal financial situation. In this environment, the housing recovery is likely to improve, but only at a gradual pace."
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