When it comes to foreclosures, what types of legal defenses should be expected? Legal League 100 Chair Stephen M. Hladik details the challenges that lie ahead for servicers and their attorney partners.
Read More »CPFB Issues New Rule on LIBOR-Linked Accounts
A criminal London Inter-Bank Offered Rate (LIBOR) rate-setting conspiracy that implicated major international banks has resulted in the Consumer Financial Protection Bureau (CFPB) finalizing a rule to transition away from the LIBOR interest rate index for all consumer financial products starting in 2022. The rule establishes how creditors must select replacement indices for existing ...
Read More »CFPB Releases LIBOR Transition Rules
The Bureau issued three items related to the transition from the London Interbank Offered Rate.
Read More »GSEs Release LIBOR Transition Resources
Fannie Mae and Freddie Mac's websites contain information about resources and products, including the Enterprises’ jointly published London Interbank Offered Rate Transition Playbook.
Read More »Freddie Mac Ceases Issuing LIBOR Securities
The London Inter-Bank Offered Rate, is nearing its end, and set to expire sometime after 2021, with the Secured Overnight Financing Rate, or SOFR taking its place.
Read More »Is the Mortgage Industry Ready for LIBOR’s End?
Market participants will look to Fannie Mae, Freddie Mac, and their regulator for guidance on how to handle the shift to SOFR with minimal disruption to the US mortgage market.
Read More »Getting Ready for LIBOR’s End
LIBOR, the London Inter-Bank Offered Rate, is expected to discontinue sometime after 2021, but as the index used to set many adjustable mortgage rates, what will happen next?
Read More »Good News, Bad News – Replacing LIBOR
LIBOR, the index for setting loan rates for reverse and ARM mortgages, is to be replaced by 2021… so what comes next?
Read More »Freddie Mac Files Suit Against 12 Banks Over Libor Scandal
The story of the London Interbank Offered Rate (Libor) scandal added another chapter in March as Freddie Mac brought suit against Barclays, Bank of America, Citibank, and several other institutions for investment losses related to alleged rate-rigging practices. The GSE filed March 14 against a dozen banks for ""punitive damages to the extent allowable by law"" as well as for the cost of attorneys and legal fees. A number for damages sought was not specified.
Read More »Report: LIBOR Scandal May Have Cost GSEs More Than $3B
Fannie Mae and Freddie Mac may have lost billions of dollars as a result of borrowing rate manipulation, according to a report from the Office of the Inspector General of the Federal Housing Finance Agency (FHFA-OIG). The banking world was rocked in late June as it was revealed that traders at Barclays spent years rigging the London Interbank Offered Rate (Libor), a global interest rate at which banks lend money to each other. As those probes continue, the Wall Street Journal is now reporting Fannie Mae and Freddie Mac may have sustained more than $3 billion in losses from the rate-rigging.
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