Fannie Mae's Book of Business decreased in January, but the GSE's gross mortgage portfolio experienced a rare expansion, according to Fannie Mae's January 2015 Monthly Volume Summary released Friday. After dropping by almost $11 billion from November to December and declining in 53 of the last 54 months, Fannie Mae's gross mortgage portfolio expanded in January at a compound annualized rate of 3.5 percent, from $413.3 billion up to $414.4 billion. It was the first time the portfolio expanded from month to month since December 2012 and only the second time since June 2010.
Read More »Ginnie Mae Launches Scorecard-Based Risk Management Tool for Issuers
Ginnie Mae has launched a scorecard-based risk management tool that will allow Issuers to gauge their operational and default performance against both their peers and Ginnie Mae's program standards, according to an announcement from Ginnie Mae.
Read More »Credit Agency Reaches $1.37 Billion Settlement With DOJ, 19 States over RMBS Ratings
New York-based credit ratings agency Standard & Poor's Ratings Services and its parent company, McGraw Hill Financial, have entered into settlements with the U.S. Department of Justice and Attorneys General of 19 states and the District of Columbia over claims that S&P misrepresented residential mortgage-backed securities and collaterized debt obligations to investors, according to a release from McGraw Hill on Tuesday morning. As part of the settlement, which is not subject to court approval, McGraw Hill agreed to pay $687.5 million to the Department of Justice and a combined $687.5 million to the states and the District of Columbia.
Read More »Fannie Mae’s Gross Mortgage Portfolio Takes Another Tumble in December
Fannie Mae's gross mortgage portfolio continued its downward trend in December, falling at a compound annualized rate of 26.4 percent, according to Fannie Mae's December 2014 Monthly Summary released recently.
Read More »Settlements Cut Into Citigroup, Bank of America Net Earnings for Q4, Full-Year 2014
Settlements with the federal government for mortgage servicing misconduct led to sharp year-over-year declines for Citigroup and Bank of America in both fourth quarter and full-year net incomes in 2014, according to Q4 2014 and year-end earnings statements for both banks released on Thursday.
Read More »U.K. Lender May Have To Pay More Than Expected to Settle FHFA Suit
Royal Bank of Scotland (RBS) may have to pay additional penalties to settle claims that it sold faulty U.S. mortgage-backed securities in the years leading up to the housing market crash, according to a report from Reuters.
Read More »Freddie Mac’s Mortgage Portfolio Expands For Third Straight Month
After slipping in October, purchase and issuance activity picked up again, coming to $29.5 billion, Freddie Mac reported. That was offset by an increase in sales and liquidations, which whittled the portfolio's monthly increase to about $614 million. In other monthly changes, the unpaid principal balance (UPB) of Freddie Mac's mortgage-related investments portfolio fell by approximately $4.7 billion last month, a negative annualized growth rate of 14.0 percent.
Read More »Former Countrywide Exec to Collect $57 Million for Whistle-Blower Suit
Former Countrywide executive Edward O'Donnell will receive $57 million for his role in filing a whistle-blower lawsuit against Bank of America over the sale of faulty mortgage-backed securities, according to a report from Bloomberg News.
Read More »Republicans Request More Information from Justice Department on MBS Settlements
Republican lawmakers are requesting more information from the U.S. Department of Justice on settlements in the past year with Bank of America and Citigroup over the sales and packaging of mortgage-backed securities, according to a press release from the U.S. House of Representatives Judiciary Committee.
Read More »Fannie Mae Portfolio Declines Again In October
Fannie Mae's gross mortgage portfolio declined for the 51st time in the last 52 months in October, according to the mortgage giant's October 2014 Monthly Summary released recently.
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