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Tag Archives: FHFA

FHFA’s Mortgage-Backed Securities Suit vs. Nomura, RBS Scheduled for Trial

FHFA is said to be seeking $1 billion in damages over losses the Agency suffered when the sponsor of the mortgage-backed securities, Nomura, and the securities' underwriter, RBS, did not follow underwriting guidelines on 68 percent of a sample of a bundle of securities backing more than $2 billion worth of mortgages sold to the GSEs prior to the financial crisis of 2008.

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Ocwen Agrees to Sell Agency MSR Portfolio Worth $45 Billion

Ocwen Financial has signed a letter of intent to sell the mortgage servicing rights for $45 billion worth of Agency performing loans, according to an announcement on Ocwen's web site late Monday night. The portfolio consists of about 277,000 performing loans owned by Fannie Mae. The approximate unpaid balance of the loans is approximately $45 billion. According to the announcement, Ocwen expects the deal to close by the middle of the year.

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Treasury Official Says Administration is ‘Ready, Willing, and Able’ to Talk Housing Finance Reform

Speaking at the National Council of State Housing Agencies Legislative Conference on Monday, the Department of U.S. Department of Treasury Counselor to the Secretary for Housing Finance Policy Dr. Michael Stegman said that the Obama Administration is "ready, willing, and able" to talk housing finance reform, which has been a hot-button topic in recent months as Fannie Mae and Freddie Mac remain in conservatorship of the Federal Housing Finance Agency.

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FHFA Enacts New Rules for Sales of Non-Performing GSE Loans

In an ongoing effort to reduce the number of non-performing loans (NPLs) in the portfolios of Fannie Mae and Freddie Mac and transfer risk to the private sector, the GSEs' conservator, the Federal Housing Finance Agency (FHFA), on Monday announced enhanced requirements for the sales of NPLs by the GSEs. Freddie Mac has sold severely delinquent loans through two transactions in the past six months, one that totaled $596 million in unpaid balance (UPB) in August 2014 and one in February 2015 that covered $392 in UPB.

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Morgan Stanley Makes Bid to Have Two FHFA Suits Over RMBS Dismissed

Attorneys for investment firm Morgan Stanley made a motion in the New York Supreme Court Tuesday to dismiss two lawsuits filed by the Federal Housing Finance Agency (FHFA) accusing the firm of failing to buy back $2.5 billion worth of faulty residential mortgage-backed securities, according to media reports. FHFA, which is suing on behalf of the RMBS pools' trustees, claims that Morgan Stanley committed a breach of contract by failing to buy back the poor performing loans, which were pooled into securities and sold to Freddie Mac in 2007.

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FHFA Director Says He Is Powerless to Alter GSE Bailout Agreement

As stakeholders continue to battle with the government over what they say should be their share of Fannie Mae and Freddie Mac's profits, the regulator in charge of overseeing the two GSEs says he's not in a position to act on that situation. Watt says he has no plans to change is the GSEs' current bailout agreement with the government, which has allowed the Treasury Department to sweep nearly all of their profits since August 2012.

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