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Tag Archives: Freddie Mac

FHFA Sues UBS to Recover Fannie and Freddie Losses

The Federal Housing Finance Agency (FHFA) filed a lawsuit last week in a New York federal court against UBS Americas, Inc. for violations of federal securities laws related to UBS' sale of $4.5 billion in private-label residential mortgage-backed securities to Fannie Mae and Freddie Mac. The lawsuit alleges that UBS Americas made material misstatements and omissions about the mortgage loans underlying the bonds. Fannie and Freddie claim they have already lost in excess of 20 percent of their entire investment.

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Thirty-Year Rates Edge Up to Three-Week High

Data released by Freddie Mac Thursday shows that amid mixed economic reports and ongoing debate over the nation's debt, the average rate for a 30-year fixed mortgage edged up ever so slightly this week but hit its highest mark in three weeks. Rates for adjustable-rate mortgages, on the other hand, inched down to a three-week low. The 15-year fixed-rate mortgage remained unchanged from a week earlier.

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Former Freddie Mac SVP Joins the Collingwood Group as Advisor

The Collingwood Group announced Wednesday that it has retained Manoj K. Singh as a special advisor. In his new role, Dr. Singh will work with the Collingwood Group to help clients navigate the business opportunities that exist in Washington as a result of the housing crisis. Dr. Singh was previously SVP of single-family pricing and securitization at Freddie Mac. He also held executive-level positions with Bear Stearns, Lehman Brothers, and Wasserstein Perella Capital Management.

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Freddie Mac Survey Shows Fixed Mortgage Rates Edging Higher

Interest rates on fixed-rate mortgage loans inched up this week amid mixed economic data, according to Freddie Mac. The GSE's weekly survey puts the average 30-year fixed rate at 4.52 percent for the week ending July 21, and the 15-year rate at 3.66 percent. Adjustable-rate mortgages (ARMs) were mixed in Freddie's latest survey. The company's analysts calculate average interest rates based on data from about 125 lenders across the country.

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FHFA Records Second Straight Monthly Increase in Home Prices

Home prices in the U.S. rose in May, marking the second consecutive monthly increase, the Federal Housing Finance Agency (FHFA) reported Thursday. Before the string of two-month gains, FHFA's market gauge had recorded declines in property prices for 10 straight months. The agency's monthly House Price Index (HPI) is calculated using purchase prices of homes backing mortgages that have been sold to or guaranteed by Fannie Mae and Freddie Mac. It rose 0.4 percent from April to May.

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MBA Proposes Reserve Account to Cover Servicing of Delinquent Loans

With mortgage delinquencies at unprecedented levels, it's become clear that the current servicing-fee model is lacking. The GSEs and Ginnie Mae are in the process of developing new servicing compensation structures to provide greater flexibility for the servicing of nonperforming loans. As deliberations move forward, the Mortgage Bankers Association is recommending they consider the idea of a new ""reserve account"" strategy to cover the higher expenses associated with default servicing.

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Mortgage Rates Follow Treasury Yields Higher

After changing little over the past month, both long- and short-term mortgage rates rose this week, with some loan products increasing in the range of 10 basis points. The 30-year fixed rate averaged 4.60 percent, while the 15-year fixed came in at 3.75 percent. Adjustable-rate mortgage also headed higher. Freddie Mac explained that mortgage rates followed Treasury yields higher this week, but the company says borrowing costs remain quite affordable by historical standards.

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California Congressman Suggests GSE Merger

Rep. Gary Miller of California is introducing a new idea for GSE reform - a merger of Fannie Mae and Freddie Mac. The bill, drafted by Miller and co-sponsored by Rep. Carolyn McCarthy of New York, suggests the resulting entity would purchase mortgages and sell them to investors as government-backed securities. According to Miller, the new corporation would be privately capitalized but not privately owned, and would be limited to a market share of no more than 50 percent.

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Freddie Mac Details New Default Servicing Requirements

Freddie Mac has issued a bulletin to servicers announcing changes to the company's default management requirements. The move is part of the Servicing Alignment Initiative announced by the Federal Housing Finance Agency in late April to bring both Fannie Mae's and Freddie Mac's procedures for handling past-due mortgages in line with one another. Freddie also alerted servicers that it plans to roll out a new modification solution for borrowers who defaulted on previous modifications and who are ineligible for HAMP.

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Taylor Bean & Whitaker CEO Sentenced to 30 Years in Prison

The man charged with orchestrating possibly one of the most notorious mortgage fraud schemes in U.S. history has been handed a 30-year prison sentence. Lee Farkas, CEO of Taylor Bean & Whitaker, was told Thursday by a U.S. district judge in Virginia that his crimes merit three decades behind bars. Judge Brinkema said she did not detect ""one bit of actual remorse"" in Farkas. From 2002 through 2009, Farkas and his co-conspirators manufactured fraudulent mortgages and securities in a scheme that led to the collapse of Colonial Bank.

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