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Tag Archives: Freddie Mac

DecisionReady Launches Pre-Foreclosure Review Module

DecisionReady, a provider of default servicing compliance solutions, released a pre-foreclosure review module for the DecisionReady Compliance Suite on its cloud-based technology platform this week. Operating like a compliance quality control checklist, the pre-foreclosure review module enables servicers to ensure they meet the requirements for reviewing a delinquent mortgage loan.

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Fifth Third Mortgage Company’s Servicing Portfolio Tops $65 Billion

Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank headquartered in Cincinnati, recently broke $65 billion in terms of its total servicing portfolio for the first time in company history. The company, which services more than 477,000 customers in 12 states, works with customers to refinance homes through the Making Home Affordable program, as well as the Freddie Mac Relief Refinance Mortgage program.

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CoreLogic CFO Resigns Amid SEC Investigation of Former Employer

CoreLogic's CFO, Anthony ""Buddy"" Piszel, resigned from his post last week after receiving a Wells notice from the Securities and Exchange Commission (SEC), indicating that the agency is considering filing civil charges against Piszel in connection with his role at former employer Freddie Mac. Piszel served as Freddie Mac's CFO from November 2006 to September 2008. The SEC is looking into certain disclosure matters during Piszel's tenure with the GSE.

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FHFA Begins Devising Alternatives for Mortgage Servicing Compensation

The Federal Housing Finance Agency (FHFA) has issued a 28-page document that presents several alternatives it plans to consider for how Fannie Mae and Freddie Mac compensate mortgage servicers. The agency says today's model does not provide the flexibility needed for the servicing of nonperforming loans during times of high defaults. Alternatives being considered include a fee-for-service compensation structure for nonperforming loans and reducing or eliminating the minimum servicing fee for performing loans.

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Fixed Mortgage Rates Retreat for First Time in Five Weeks

Interest rates on fixed-rate mortgages fell back this week according to industry data released Thursday. It marks the first time in five weeks that declines have been reported and follows a sharp spike last week of more than 20 basis points, which put the 30-year fixed rate at a 10-month high. Freddie Mac reports that the average 30-year rate dropped to 5.0 percent this week.

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House Hearing Outlines Government Barriers to Housing Recovery

On Wednesday a House subcommittee held a hearing to examine private sector involvement in the housing market, in order to determine if the high amount of government participation is a hindrance to the sector's recovery. Rep. Judy Biggert, subcommittee chair, said government intervention in the housing market reached record levels during the financial crisis, resulting in a cost to taxpayers of hundreds of billions of dollars. The hearing examined options for removing barriers to private investment in the housing market.

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FHFA Defends Paying $162M Legal Bill for Former GSE Execs

In late January it was revealed that taxpayers have spent more than $160 million defending former Fannie Mae and Freddie Mac executives in court, with $132 million of that money going to the defense of Fannie execs. This week at a congressional hearing, members of several government agencies defended the spending, claiming a refusal to cover the court costs would have been illegal. But Ohio Attorney General Mike DeWine condemned the use of taxpayer dollars to defend executives he says defrauded the system and broke the rules.

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Industry Weighs in on Administration’s Housing Finance Proposal

Organizations from every corner of the industry are weighing in on the administration's proposal to reform the nation's housing finance system. A number of groups are throwing their support behind the long-term reform option that calls for a group of private companies to provide guarantees for well underwritten mortgage securities, and the federal government to offer investors a type of reinsurance on these bonds. There are some, though, who say even this more prudent approach will raise borrowing costs and push small businesses out of the market.

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Housing Finance … Seven Years Down the Road

On top of the more imminent reform measures laid out Friday to begin winding down Fannie Mae and Freddie Mac, the Obama administration's proposal outlines three options for long-term reform and structuring the government's future role in housing. One approach would pull the government completely out of the mortgage guarantee business except for insurance provided through FHA. A second option would add a backstop mechanism during times of crisis to the mix. And a third option would provide an FDIC-type insurance guarantee for certain mortgage securities.

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McCalla Raymer Expands Services to Florida

McCalla Raymer, LLC, a provider of real estate and mortgage banking legal services headquartered in Georgia, has expanded its services to Florida, opening an office location in Orlando. McCalla Raymer specializes in bankruptcy, foreclosure, REO, and eviction services throughout Alabama, Florida, and Georgia. The firm handles commercial and residential real estate and litigation matters for more than 350 clients.

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