A status conference for a lawsuit filed by Wall Street investment firm Fairholme Funds against the government over the sweeping of GSE profits into the U.S. Department of Treasury is scheduled for Tuesday, March 31, according to a spokesperson in the chambers of U.S. Court of Federal Claims Judge Margaret Sweeney.
Read More »Freddie Mac’s Total Mortgage Portfolio Expands While Delinquency Rate Continues to Fall
Freddie Mac's total mortgage portfolio increased at an annualized rate of 2.8 percent in February, marking the fifth time the portfolio has expanded in the last six months, while the serious delinquency rate for the Enterprise's single-family residential loans continued its steady decline, according to Freddie Mac's February 2015 Monthly Volume Summary released Tuesday.
Read More »Freddie Mac Announces Pricing For Second Structured Credit Risk Offering of 2015
Less than a week after announcing its intention to sell its second Structured Agency Credit Risk (STACR) offering this year, Freddie Mac announced on Tuesday that it has priced the offering at $860 million.
Read More »Report: Weak Inventory, Lower Affordability, Tight Credit Hindering Housing Recovery
March's Real Estate Nowcast predicted that existing home sales for March would fall between 4.83 and 5.12 million on a seasonally adjusted annualized basis. The target number for existing home sales of 4.97 million is an increase of 1.9 percent month-over-month and 5.8 percent from March 2014.
Read More »Former Fannie Mae CEO Claims SEC Failed to Prove Accusations of Subprime Lending Fraud
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.
Read More »Bank of America Loses Bid to Have Chicago Predatory Lending Lawsuit Dismissed
Cook County says that the bank's alleged predatory lending practices resulted in a higher number of foreclosures, increased blight, and lower property taxes in urban Chicago. Bank of America was seeking to have the suit dismissed, claiming that the county lacked standing to sue and waited too long to initiate litigation. The bank also says the county did not prove that the bank violated the Fair Housing Act, according to reports.
Read More »Yale Law School Files Amicus Brief in ‘Stripping Off’ Mortgage Case Headed to U.S. Supreme Court
Yale Law School's Mortgage Foreclosure Litigation Clinic and the Connecticut Fair Housing Center (CFHC) have filed an Amicus Brief with the U.S. Supreme Court in support of the respondents in a case to decide whether underwater homeowners in Chapter 7 bankruptcy can legally eliminate the liability on second mortgages, a process known as "stripping off," according to an announcement on Yale Law School's website.
Read More »CoreLogic Launches Expanded Property Risk Assessment Platform
The new platform, known as RCT Express 4.2, includes comprehensive building and contents valuation estimates and can be integrated into an existing valuation, allowing for the inclusion of contents estimates in insurance providers' risk assessments, according to CoreLogic.
Read More »Judge Tosses Non-Profit’s Lawsuit Against DOJ Over JPMorgan Chase Settlement
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.
Read More »Lawmaker Calls for Further Examination of Servicers in 2013 Foreclosure Settlement
The letter was prompted by news reports that surfaced earlier this month stating that Citigroup, one of the servicers named in the settlement, had missed paying some 24,000 borrowers who were owed money from the settlement. Waters sent her letter on Friday to Fed Inspector General Mark Bialek and Treasury Inspector General Eric Thorson asking them to perform further examinations to see if other borrowers were missed.
Read More »