Tag Archives: Freddie Mac

Freddie Mac sued Deloitte for $1.3 billion in a Florida court in September 2014 with regards to fraudulent mortgage loans the GSE purchased from Taylor Bean & Whitaker, according to reports. Freddie Mac says it would not have purchased those mortgage loans from Taylor Bean if Deloitte, which audited Freddie Mac from 2002 to 2009, had paid attention to red flags which indicated fraud.

Fitch Ratings has published a special report providing insights into Freddie Mac's loan loss data comparing observed loss performance for Agency loans to both non-Agency loans and the fixed loss severity schedules the Enterprise uses in risk-sharing transactions, according to announcement from Fitch Ratings.

In the first bulk sale of seriously delinquent mortgage loans from its portfolio in 2015, Freddie Mac announced on Tuesday it has auctioned off 1,975 deeply delinquent non-performing loans with an aggregate unpaid balance of approximately $392 million.

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.

Fannie Mae and Freddie Mac should take on more risk-sharing transactions, according to a vast majority of survey respondents in the March 2015 Mortgage Industry Outlook Report released Monday by The Collingwood Group and The Five Star Institute.

Freddie Mac's total mortgage portfolio contracted to start 2015 after ending 2014 with its highest annualized growth rate for a single month in five years while the serious delinquency rate for the Enterprise's loans fell to a six-year low, according to Freddie Mac's January 2015 Monthly Volume Summary released Thursday.

While 38 states and 40 out of 50 metro areas showed an improving three-month trend in MiMi value for December, those numbers are down from December 2013. For that month, 47 states plus the District of Columbia and 47 of 50 metro areas showed an improving three-month trend.

Ocwen Loan Servicing, a subsidiary of Ocwen Financial Corporation, intends to sell the mortgage servicing rights (MSR) on a portfolio of performing loans owned by Freddie Mac with a total principal balance of about $9.8 billion to Nationstar Mortgage, a subsidiary of Nationstar Mortgage Holdings, according to an announcement from Ocwen Financial on Monday morning. There are approximately 81,000 loans in the portfolio involved in the transaction, according to Ocwen's announcement.

Freddie Mac has helped nearly 1.1 million struggling homeowners either retain their homes or otherwise avoid foreclosure through a variety of means since the beginning of 2009, four months after the FHFA conservatorship began, according to the GSE's 2014 Financial Results Summary released on Thursday.

Freddie Mac's fourth-quarter profit only make up a fraction of what it will pay to the government in March. Per the terms of its bailout agreement, the company will hand $900 million over the Treasury, bringing its total payback to $91.8 billion—nearly $20 billion more than what it was forced to draw to keep from going under.