In November, Texas representative Randy Neugebauer sent a letter to the Federal Housing Finance Agency (FHFA) requesting a report from Acting Director Edward DeMarco detailing how much taxpayer dollars are being spent on legal costs for former Fannie and Freddie execs. A report released last week details just that, and the results are eye opening. Currently the bill sits at a hefty $160 million and counting.

This week national organizations Women in Default Services (WinDS) and Women Impacting Public Policy (WIPP) signed an alliance agreement to enhance their nationwide representation of businesswomen and business growth. WinDS is an organization aimed at advancing the careers of women working in default services.WIPP represents 54 national women and small business organizations,advocating for and on behalf of women and minorities in business in the legislative process of the United States.

For decades the GSEs have made it possible for many people to achieve their homeownership goals by reducing the cost of credit and making it more readily available. But in light of the recent financial meltdown, banks and other corporations are calling for reform that they say the Dodd-Frank Act didn't cover. The government is set to release a report on the future of Fannie and Freddie in the coming weeks, but market participants have low expectations for a definitive solution in the report.

Experian announced this week that it will incorporate positive rental data into the traditional credit file in an effort to help underbanked consumers build credit. According to the FDIC Web site, an estimated 17.9 percent of U.S. households, roughly 21 million, are underbanked. Experian says having positive rental history reflected in their credit scores will help consumers who may have faced financial hardships such as foreclosure or bankruptcy rebuild their credit.

The unemployment rate, while still languishing at a discouraging 9.4 percent, has seen improvement in recent months that is encouraging for many sectors of the industry. The rating agency DBRS says layoffs and discharges in the private job sector have stayed down, helping to reduce early delinquencies in consumer and mortgage credit. This, coupled with government-sponsored programs aiming to help homeowners out of work, paints a tentatively positive picture for the recovery.

Ally Financial is withdrawing all foreclosures in Maryland signed by an employee who admitted to being a robo-signer. Jeffery Stephan testified under oath that he signed off on thousands of foreclosure documents every month without verifying their accuracy or signing them in the presence of a notary. Ally has agreed to dismiss and re-file 250 active foreclosure cases in the state that he approved.

Freddie Mac released a new seller/servicer guide this week with revised rules regarding mortgage refinance and underwriting requirements. For loans with settlement dates on or after May 1, 2011, Freddie Mac will require verification of funds for all refinance mortgages. The GSE is also eliminating streamlined refinances for mortgages it owns and has updated refinance requirements for mortgages secured by properties subject to Property Assessed Clean Energy (PACE) obligations.

The Federal Housing Finance Agency (FHFA) on Tuesday said it has directed Fannie Mae and Freddie Mac to work in coordination with FHFA and HUD to consider alternatives for future mortgage servicing structures and fees for single-family mortgage loans. The current compensation plan is typically based on a minimum servicing fee that is a part of the mortgage rate, which FHFA says decreases flexibility for the servicing of non-performing loans.

Schneiderman & Sherman, P.C. is pleased to announce the addition of Jacquie Brink to their newly formed branch in Saginaw, Michigan. Brink will be the office manager for the Saginaw branch of Best Homes Title Agency. Brink brings 20 years of industry experience to Best Homes. Her years of experience include periods as regional manager for two title insurance agencies and state agency representative for a major title insurance underwriter.

Banks already facing many legal issues have yet another group on their hands that is closely examining servicing practices and demanding greater transparency. The Association of Mortgage Investors has released a white paper featuring remedies to restore and stabilize the U.S. mortgage and housing markets. The group of investors accuse servicers of making the mortgage process confusing. Their paper says they look forward to continued reviews and the involvement of state attorneys general.