Tag Archives: FHFA

After losing a previous bid earlier this year, UBS is making another attempt to shut down a lawsuit from the Federal Housing Finance Agency.

Banks continued to enjoy boosted earnings in the third quarter from increasingly strong gain-on-sale (GOS) margins.

Two more banks have lost in their attempts to dismiss claims of misconduct in sale of mortgage-backed securities (MBS) to Fannie Mae and Freddie Mac. U.S. District Judge Denise Cote rejected motions filed by Goldman Sachs and Deutsche Bank, two of 16 defendants brought before her court by the Federal Housing Finance Agency (FHFA). Cote's rulings on both motions cite previous judgments made on similar arguments brought to her by JPMorgan Chase, Bank of America, and UBS--all of which also failed.

The state of the housing market continues to improve though recovery remains fragile, according to the October Housing Scorecard released Friday by the Obama administration. Along with the scorecard, the administration released special instructions for those administering the Making Home Affordable Program in areas affected by Hurricane Sandy. In areas directly impacted by Hurricane Sandy, servicers must offer at least three months forbearance to any homeowners eligible for Making Home Affordable who request forbearance.

Bank of America's Merrill Lynch unit lost in an attempt to throw out an action from the Federal Housing Finance Agency over mortgage-backed securities (MBS) sold to Fannie Mae and Freddie Mac. Merrill's motion to dismiss the case did not hold up under scrutiny from U.S. District Judge Denise Cote, who is overseeing claims filed by FHFA against Merrill and a number of other banks. Only days prior, Cote denied a similar motion filed by JPMorgan Chase.

A U.S. district judge squashed an attempt by JPMorgan Chase to fully dismiss a lawsuit from the Federal Housing Finance Agency over alleged securities fraud. In its motion to dismiss, JPMorgan argues that FHFA's complaint does not contain enough factual support that loans were not underwritten properly. Judge Denise Cote disagreed, saying the allegations "amply support FHFA's assertion that the Offering Documents for the Securitizations contained false statements regarding originators' compliance with underwriting standards."

A turnaround in housing helped drive Freddie Mac to a $2.9 billion profit in the third quarter, the GSE reported.

The mortgage market may be the largest market for consumer finance, but the sector lacks a comprehensive national database, according to the Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB). This is why the federal agencies are coming together to create a national mortgage database.

The Federal Housing Finance Agency's (FHFA) House Price Index (HPI) continued its upward crawl in August, rising 0.7 percent from July and 4.7 percent from August 2011, according to a release from the agency. The August index is down 15.9 percent from its peak in April 2007 and is at roughly the same level as June 2004's index. Regionally, all divisions reported year-over-year price increases in August, with prices in the Mountain division showing the most growth at 11.4 percent.

Workforce Housing in the New Economy took center stage during a recent conference hosted by the University of Miami's School of Business Administration, School of Architecture, and Office of Civil and Community Engagement. Featuring expert commentary from past and present leaders for the Department of Housing and Urban Development (HUD), the Bipartisan Policy Center, the Consumer Federation of America, and Habitat for Humanity, the Florida-based event provided insight into the policies, programs, and regulations that are impacting housing for U.S. workers.