Tag Archives: FHFA

As they promised earlier this year, Fannie Mae and Freddie Mac have intensified their efforts in the last few months to rid their single-family residential mortgage portfolios of deeply delinquent, non-performing loans (NPLs).

More than half of the total foreclosure prevention actions completed by the FHFA in nearly seven years (1.82 million) have come in the form of permanent loan modifications, according to FHFA.

The Office of Inspector General for the FHFA found in a compliance review that the Agency's program to commission Housing Finance Examiners (HFEs) was not on track to meet its main objective, which was to produce conditioned examiners who were qualified to lead major risk sections of GSE exams.

The cap eliminated by Watt slightly more than a month ago was put in place three years ago by then-acting FHFA director Ed DeMarco as a compromise between satisfying the demand for a reduction in those executive salaries while the GSEs remained under conservatorship of the FHFA and maintaining adequate pay for line staff, according to Rood.

Fairholme Funds made the request in court against the GSEs, claiming that their investor ownership stake was taken unlawfully from them by the government when the conservatorship occurred. Fairholme's efforts are a step toward getting their ownership stake returned to them.

More than half of the nearly 3.5 million foreclosure prevention actions completed by Fannie Mae and Freddie Mac since the start of the conservatorships in September 2008 were permanent loan modifications, according to FHFA.

The author called first-time homebuyers “inherently different from repeat homebuyers. They are younger and have lower credit scores, lower home equity, and less income and, therefore, are less likely to withstand financial stress or take advantage of financial innovations available in the market than repeat homebuyers.”

The CSP is a technology and operational platform that is being developed by CSS, the companies said. This new development is a new venture of both Freddie Mac and Fannie Mae. CSP will perform many of the core back office operations for the Single Security, as well as most of the Enterprises' current securitization functions for single-family mortgages, on behalf of the Enterprises.

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.

The SEC outlined that Fannie Mae and Freddie Mac CEOs' direct compensation will consist of an annual base salary of $750,000, fixed deferred salary at an annual rate of $2.05 million, and at-risk deferred salary with an annual target amount of $1.2 million, totaling $4 million. The at-risk deferred salary is based on performance and can be reduced. These amounts will be prorated for 2015 and both executives have the same structure that applies to other executives within the GSEs.