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Volume 14 - Number 4

February 21, 2014

CFC Seeks Court Sanctions Against FHFA for MBS Document Delays

Countrywide Financial, now owned by Bank of America, is asking a federal judge to sanction the Federal Housing Finance Agency and to appoint a special master to investigate what CFC says is the FHFA’s “noncompliance” in producing Fannie Mae and Freddie Mac documents in the company’s defense against the GSEs’ $26.6 billion MBS lawsuit. According to a motion filed earlier this month in the U.S. District Court, Central District Court of California, CFC says the FHFA is defying the court’s October order to produce – either in a timely manner or not at all – documents from Fannie’s and Freddie’s single-family businesses.

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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.

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