βIn this scenario, economic factors in the United States reflect a contracting economy marked with rising unemployment, widening credit spreads, low treasury yields, declining asset prices and near-term inflationary pressures brought about by a considerable rise in the price of oil,β the Association reported.
Read More »FHFA Seeking $13 Billion From RBS in Mortgage-Backed Securities Suit
The lawsuit against RBS in the Connecticut court involved the selling of about $32 billion worth of faulty mortgage-backed securities to Fannie Mae and Freddie Mac before the crisis. The bank had set aside about $3 billion for a possible settlement but reports surfaced that the FHFA might ask as much as $7.7 billion.
Read More »U.S. Congressman Hensarling Scheduled to Speak on Fifth Anniversary of Dodd-Frank
U.S. Congressman Jeb Hensarling (R-Texas) will speak out along with a panel of financial regulation experts on the need for financial reform at an American Enterprise Institute (AEI) Event on Tuesday, July 21 β the fifth anniversary of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, according to an announcement from AEI.
Read More »AACER: Bankruptcy Filings Up Only Slightly in June Despite Two More Filing Days
Bankruptcy filings in June 2015 experienced only a slight month-over-month increase despite having two more filing days in June than in May, according to June 2015 AACER bankruptcy data reported by Epiq Systems. In June 2015, there were 69,723 total bankruptcy filings, an increase of only 412 (only about half of 1 percent) from May's total of 69,311, despite June having 22 filing days compared to 20 for May.
Read More »Fed: Financial Sector’s Aggregate Liabilities Equal $21.6 Trillion
Section 622 of Dodd-Frank, implemented by the Board's Regulation XX, prohibits a merger between two financial companies or one financial company from acquiring another if the resulting merged company's liabilities exceed 10 percent of the aggregate financial sector liabilities.
Read More »Freddie Mac’s Mortgage Portfolio Expands for Eighth Time in Nine Months
The serious delinquency rate on single-family loans backed by Freddie Mac dipped by another eight basis points from April to May, down to 1.58 percent. It is the lowest serious delinquency rate for Freddie Mac since November 2008, at the onset of the crisis, when 1.52 percent was reported.
Read More »Newspaper Files Motion to Unseal Depositions in Fairholme GSE Profits Lawsuit
The newspaper has asked the Court to remove the protected information tag from the depositions of Edward DeMarco, who was the director of the Federal Housing Finance Administration from 2009 to 2014, and Mario Ugoletti, who was a senior official with the U.S. Department of Treasury in 2008 when the government bailed out Fannie Mae and Freddie Mac at a combined price of $187.5 billion.
Read More »CFPB Director Cordray to Testify In Full Senate Banking Committee Hearing July 15
In the last couple of weeks, the CFPB has been under fire for alleged discrimination against its employees and subsequent retaliation against the whistleblowers. Two of the whistleblowers testified last week in a subcommittee hearing in the House Financial Services Committee.
Read More »Fannie Mae’s Gross Mortgage Portfolio Dips Below $400 Billion
In May, the GSE's gross mortgage portfolio shrank at a compound annualized rate of 25.9 percent, from $405.1 billion down to $395.1 billion. It was the first time since before the conservatorship began in September 2008 that the value of the gross mortgage portfolio dipped below $4 billion.
Read More »National Groups File Briefs Supporting MetLife’s Suit to Have ‘Too Big to Fail’ Tag Removed
The National Association of Insurance Commissioners (NAIC), the American Council of Life Insurers (ACLI), the Academic Experts in Financial Regulation (AEFR), and the U.S. Chamber of Commerce all filed briefs backing the New York-based global insurance provider's attempt to remove the SIFI tag.
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