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Tag Archives: Fannie Mae

Fannie Mae Elects Dr. Amy Alving to Board

Dr. Amy E. Alving has been elected to Fannie Mae's board of directors, the GSE announced. Alving is a seasoned technology leader who has worked as chief technology officer of Science Applications International Corporation, director of the Special Projects Office at the Defense Advanced Research Projects Agency, and a White House fellow.

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JPMorgan Settles with FHFA, GSEs over Bad Loans

JPMorgan Chase reached agreements to resolve its mortgage-backed securities litigation with the Federal Housing Finance Agency (FHFA) and rep and warranty repurchase claims from Fannie Mae and Freddie Mac. Altogether, the bank has agreed to pay $5.1 billion to the GSEs.

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Jury Returns Decision of Liability in BofA-Countrywide-Mairone Case

A 10-person panel of jurors is holding Bank of America and a mid-level manager liable for high-risk mortgages originated by Countrywide through a program known as Hustle and then sold off to Fannie Mae and Freddie Mac. After hearing arguments for four weeks in a Manhattan federal court, the jury returned a decision finding BofA liable on one charge of fraud in the civil case and finding Rebecca Mairone, former COO of one of Countrywide's lending divisions, liable on the one civil fraud charge she faced.

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Analysts Stress Need for FHA Reform

As the government works toward GSE reform, Keefe, Bruyette & Woods (KBW) says reform for the Federal Housing Administration (FHA) should also be a top concern. Though FHA has raised premiums, sold off distressed loans, and reduced its share of low down payment loans to counter its shrinking mortgage insurance fund, KBW's analysts underscore the need for longer-term measures of change, and they say reform legislation currently on the table is unlikely to pass.

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Survey: Hispanics View Homeownership Favorably

As the fastest-growing segment of the population, Hispanic Americans will play an important role in the future of the housing market. Since the recession, homeownership has declined faster among Hispanics than among the overall population, dropping from 64 percent in 2012 to 46 percent today. Despite the decline, Hispanics are even more likely to view homeownership favorably than the general population, Fannie Mae reports.

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Fannie Mae Prices First Capital Markets Risk-Sharing Transaction

Fannie Mae priced its first risk-sharing transaction under the Connecticut Avenue Securities series (C-deals). The $675 million note offering is scheduled to settle on October 24 and is similar in structure to the STACR risk-sharing transaction from Freddie Mac this summer. Likewise, Fannie Mae's C-deal is intended to attract private capital to the housing market and reduce taxpayer risk.

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FHA Makes Concessions for Those Impacted by Shutdown

The Federal Housing Administration (FHA) called on all approved mortgagees and lenders to be sensitive to the financial hardships some borrowers are facing as a result of the federal government shutdown, including those subject to furlough, layoff, or a reduction in income. The agency is instructing its industry partners to extend informal forbearance plans and exhaust all available loss mitigation options.

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GSEs Update Servicing Guidelines to Prepare for CFPB Rules

As the industry prepares to comply with the January implementation of new rules from the Consumer Financial Protection Bureau (CFPB), Fannie Mae and Freddie Mac updated their servicing guides to bring GSE standards in line with the new regulations. Among the guideline changes, servicers are prohibited from mentioning foreclosure earlier than 121 days into delinquency.

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Industry, Congress Urge DeMarco Not to Lower Loan Limits

Federal Housing Finance Agency Acting Director Edward DeMarco is deliberating lowering the loan limits for Fannie Mae and Freddie Mac. Congress and the industry, however, are voicing a singular opposition, claiming such action would be detrimental to the housing recovery that is starting to take place across the country. Federal lawmakers and several industry groups sent letters to DeMarco over the past week, some even questioning the legality of such a move.

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SunTrust Settles Legacy Mortgage Issues with Feds and GSEs

SunTrust Banks, Inc., is ponying up millions to resolve mortgage-related legal matters, including claims pertaining to the National Mortgage Settlement, and to settle mortgage repurchase demands from Fannie and Freddie. SunTrust says its third-quarter numbers will be negatively impacted by these resolution actions, resulting in an after-tax earnings reduction of $179 million.

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