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January 31, 2014

Do the ‘Hustle’: DOJ Almost Triples Penalty for BofA in GSE/CFC Case

By Charles Wisniowski

DOJ’s initial penalty calculation was based on the gross loss to Fannie and Freddie from the default of the loans, but now the government says the court should use gross gain, instead of net gain to set the maximum allowable penalty.

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Poll

With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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