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Home | News | Government

Administration Names HUD Senior Adviser as New Leader of FHA

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Edward Golding, a senior adviser at the U.S. Department of Housing and Urban Development, has been named by the White House as new leader of the Federal Housing Administration, according to HUD. Sources at HUD told DS News on Thursday that Biniam Gebre will be stepping down from his role as acting commissioner of FHA and that Golding will be taking over the duties of that office. HUD confirmed that Golding's new title will be principal deputy assistant secretary and that he will assume that post on April 7.

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Senate Banking Committee Chairman Says GSE Reform is Unlikely

GSE, Fannie Mae, Freddie Mac News, Mortgage Finance

Fannie Mae and Freddie Mac required a combined taxpayer bailout of $188 billion in 2008 after the government seized control of them. The two GSEs returned to profitability in 2012. The future of the two GSEs has been a hotly contested topic in Washington as well as in the rest of the housing industry. Both parties appear to want to wind down the FHFA's conservatorship of the two, but cannot agree on what, if anything, should replace them as well as what role the government should play in housing, if any.

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U.S. Supreme Court Hears Opening Arguments in ‘Stripping Off’ Mortgage Cases

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In the opening arguments on Tuesday morning for two cases in the U.S. Supreme Court to determine the legality of extinguishing, or "stripping off" an underwater second mortgage as unsecured debt for a debtor in bankruptcy, an attorney representing Bank of America contended that the high court should uphold a 1992 decision that outlawed stripping off, while attorneys representing the debtors argued that the decision is irrelevant to these two cases.

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Former Fannie Mae CEO Claims SEC Failed to Prove Accusations of Subprime Lending Fraud

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Mudd, the CEO of Fannie Mae during the years leading up to the housing crash (2005 to 2008), and former Fannie Mae executives Enrico Dallavecchia (chief risk officer) and Thomas A. Lund (EVP), requested that U.S. District Judge Paul Crotty grant them summary judgment on the grounds that the SEC had not shown evidence that the GSE misled or made false statements to investors about its subprime portfolio.

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Judge Tosses Non-Profit’s Lawsuit Against DOJ Over JPMorgan Chase Settlement

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Better Markets, a non-profit Wall Street reforms advocate based in Washington, D.C., filed a suit against the DOJ in February 2014 alleging that the settlement Chase agreed to with the DOJ in November 2013 to settle claims that Chase sold toxic mortgage-backed securities in the run-up to the financial crisis, was "unlawful" and that the settlement had granted the megabank immunity without sufficient judicial review.

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