MBA's Stevens once again slams those in favor of a GSE “recap and release” plan, saying this group consists “primarily [of] stock speculators who are most concerned about personal profits” rather than the future of the U.S. housing system.”
Sam Kazman, general counsel for the Competitive Enterprise Institute, says the hearing involves fundamental issues about the basic structure of our government…
The law professors believe the CHOICE Act would take the mortgage industry back to the recent past, which was characterized by risky lending and lax regulatory oversight.
Meanwhile, although GSE risk sharing seems popular in some circles, FHFA itself admitted recently that some of this coverage has come at premium cost to Fannie and Freddie.
Financial Freedom, an Austin, TX-based servicer, agreed to an $89 million settlement with the U.S. Department of Justice to settle allegations that it violated the False Claims Act, the Financial Institutions Reform, Recovery, and Enforcement Act, and FHA servicing requirements in connection with its participation in FHA’s Home Equity Conversion Mortgages, or “reverse mortgage,” program. The Justice Department alleged that Financial Freedom sought to obtain insurance payments for interest from FHA “despite failing to properly disclose on the insurance claim forms it filed with the agency that the mortgagee was not eligible for such interest payments because it had failed to meet various deadlines relating to appraisal of the property, submission of claims to the Department of Housing and Urban ...
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