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Tag Archives: FHFA

Fairholme Lawsuit Conference Set to Begin Next Week

In late January, Judge Magaret Sweeney denied the government's attempt to stay court proceedings in the case, ruling that Fairholme could continue to pursue its lawsuit against the government, which was originally filed in 2013. The suit claims that the sweeping of Fannie Mae and Freddie Mac profits into Treasury, a practice authorized by Congress in August 2012, equates to taking private property for public use without "just compensation," which is forbidden by the Fifth Amendment of the U.S. Constitution.

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FHFA Reports 5.1 Percent Year-Over-Year Home Price Increase

In January, U.S. house prices rose a mere 0.3 percent on a seasonally adjusted basis from the previous month. The previously reported 0.8 percent change in December was revised downward to a 0.7 percent change. The FHFA HPI is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac.

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Senators Send Letter to FHFA Director Urging for CSP Reform

According to the letter, the senators feel the CSP should have an “open architecture” that gives access to private industry and does not limit the CSP to been an appendage to GSEs. Opening the CSP will “enhance the ability for small and mid-sized lenders to access the secondary mortgage market and facilitate greater competition in this market going forward,” the letter said.

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Ocwen to Sell $9.6 Billion of Servicing Rights to Green Tree

According to Ocwen, the portfolio consists of approximately 55,000 performing loans owned by Freddie Mac. The transaction is subject to approval by Freddie Mac and its conservator, the Federal Housing Finance Agency (FHFA), as well as other customary conditions. Ocwen reported that it expects the transaction to close by April 30, 2015, and expects the loan servicing to transfer in May 2015.

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FHFA Seeks $1.1 Billion as Nomura,RBS Trial Begins

At the start of a trial in Manhattan federal court, a lawyer for the Federal Housing Finance Agency said misrepresentations by Nomura and Royal Bank of Scotland Group Plc, an underwriter, about loans underlying $2 billion (1.3 billion pounds) in securities exemplified broader misconduct by banks ahead of the crash.

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FHFA Releases Fannie Mae, Freddie Mac Progress Report

The 2014 Conservatorship Scorecard expressed the expectation that the Enterprises would work to increase access to mortgage credit for creditworthy borrowers. Fannie Mae and Freddie Mac have since released programs that allow buyers to obtain a mortgage with a 3 percent down payment. In addition to providing better access to borrowers, the report stated improvements in the Enterprises’ risks. The improvements include stronger underwriting standards and stricter purchasing guidelines. For example, 97 percent loan-to-value (LTV) ratio loans must be fixed-rate and cannot have an adjustable rate. This provides a responsible approach to improving access to credit while also furthering safe and sound lending practices.

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Nomura, RBS First to Face FHFA in Trial

The non-jury trial in the U.S. District Court of the Southern District of New York in Manhattan is scheduled to begin on Monday, March 16. If no last-minute settlement is reached, Nomura and RBS would be the first two financial institutions to go to trial out of the 18 lenders FHFA sued in 2011 to recoup U.S. taxpayer costs following the government's $188 billion bailout of Fannie Mae and Freddie Mac in 2008, after which the government seized control of both Enterprises. The other 16 lenders have paid a combined total of about $24 billion to settle with FHFA, including $9.3 billion paid by Bank of America in March 2014.

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FHFA Criticizes Hiring of Fannie Mae Senior Official

Hiring of the current CAE, John Forlines, was flawed for multiple reasons. One, he had not been identified for the CAE role in the senior management’s Succession Plan. The Succession Plan found that there was no internal candidate who was “ready now” for the CAE position and that a permanent successor would require an “external” candidate. Fannie Mae decided to compile a list of internal candidate six months after the Succession Plan was released.

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Michael Stegman Stresses Need for Housing Reform In Speech

According to Stegman, under the current system taxpayers remain at risk and the government has yet to provide a long-term plan for the housing market. Under conservatorship GSE senior employees can reap substantial profits while leaving taxpayers the burden of covering the enormous losses. Flaws like this one can only be changed by law.

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FHFA Director Mel Watt Says HARP Can’t Last Forever

U.S. foreclosures soared in 2008. At that time, one in every 54 households was getting at least one filling notice and nearly 3.2 million foreclosures were filed in 2007. Loss mitigation programs were created in response to the crisis. Now, Watt believes the need for these programs will wind down. An estimated 3.2 million borrowers have completed a HARP refinance since it was introduced in 2009, including more than 95,000 in New Jersey, according to the FHFA.

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