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.
Read More »Freddie Mac’s Growth Rate Hits 20-Month High
October marked the second straight month of growth for the portfolio, which has contracted for seven of 2014's first 10 months. Year-to-date, the portfolio has shrunk at an average annualized rate of 0.8 percent.
Read More »Banks Agree to Multi-Million Dollar Settlement Over Faulty MBS
Two of the country's biggest banks have agreed to pay tens of millions of dollars to settle a suit claiming they failed to protect investors of mortgage-backed securities (MBS) in the wake of the subprime crash.
Read More »Fannie Mae, Freddie Mac Profit Growth Slows in Q3
According to Fannie Mae, the increase was driven primarily by lower fair value losses and an increase in revenues. Also contributing to the third-quarter boost in profits was a recently announced settlement between Goldman Sachs and the GSEs' conservator, the Federal Housing Finance Agency (FHFA), over faulty residential mortgage-backed securities (RMBS).
Read More »Fed Announces End of QE3 Asset Purchase Program
The Federal Open Market Committee (FOMC) of the Board of Governors of the Federal Reserve System today announced that its asset purchase program, known as QE3 (quantitative easing) will end this month, citing sufficient economic growth.
Read More »Freddie Mac’s Portfolio Sees September Increase
Freddie Mac's mortgage portfolio grew in September, marking the second month of positive growth in the year's first nine months.
Read More »Ginnie Mae Unveils Initiatives Designed to Help Adapt to Changes
Representatives from the U.S. Department of Housing and Urban Development (HUD) and Ginnie Mae convened at the second annual Ginnie Mae Summit on September 22 to discuss initiatives and programs designed to create a healthy housing market.
Read More »Federal Reserve Announces Bond-Buying Cuts
More than two years after the central bank kick off its latest economic stimulus program, policymakers at the Federal Reserve once again voted this week to scale down monthly asset purchases—and hinted that the end is in sight.
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