In a surprise ruling this week, a federal judge in Washington, DC, dismissed claims by Fannie Mae and Freddie Mac shareholders challenging the Treasury Department’s 2012 “net-worth sweep” of nearly all the profits generated by the government-sponsored enterprises. Judge Royce Lamberth of the U.S. District Court for the District of Columbia ruled that Treasury and the Federal Housing Finance Agency are empowered by the Housing and Economic Recovery Act of 2008 to execute the “third amendment” of the preferred stock purchase agreement. The dismissal includes...
Several large nonbank lenders have banded together to form what they call a “working group” to address key regulatory issues that they say are stifling their growth and future prospects for success in a rapidly changing mortgage industry. The group’s members – including Ocwen Financial – will initially strive to educate and inform regulators about nonbanks, but will not lobby Congress. Members of the group stress that the nonbank collective is not a trade organization and does not seek that status. For now, Ocwen is...
Fannie Mae and Freddie Mac securitized a total of $183.17 billion of single-family mortgages during the third quarter of 2014, continuing the improving momentum during the previous period, according to a new Inside Mortgage Finance analysis and ranking. Combined mortgage-backed securities issuance for the two government-sponsored enterprises rose 29.1 percent from the second quarter, marking the second straight increase from the record-low levels set during the first three months of 2014. On a year-to-date basis, GSE volume was down 53.6 percent from the first nine months of 2013. Although purchase mortgages continued to provide most of the ammunition for Fannie/Freddie business, the GSEs securitized...[Includes three data charts]
The handbook is designed to support FHA’s broader goals of expanding access to mortgage credit and making it easier for stakeholders to do business with the agency.
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