The U.S. Attorney for the Northern District of Texas indicted the former CEO of the Federal Home Loan Bank of Dallas, along with two other former bank employees, for fraud.
GSE Conservatorship Hits Nine Year Mark. It’s been nine years since the government placed Fannie Mae and Freddie Mac in conservatorship on Sept. 6, 2008. No one knew it would last this long. Industry groups, along with some lawmakers, are working hard to put the wheels in motion to come up with a more sustainable solution for the mortgage giants. GSE shareholders group Investors Unite suggested, “If Fannie and Freddie could start retaining their profits and rebuild adequate reserves, the Trump administration could lock in reforms already in place and implement others, creating a federal role in housing finance that protects taxpayers.” GSE Hearing Postponed
Trade groups continue to rally to prevent the Federal Housing Finance Agency from adding a language-preference question to loan applications. They said the suggestions, designed to assist borrowers with limited English proficiency, require more examination, but they don’t want it to delay implementation of the new Uniform Residential Loan Application.The FHFA extended the deadline for the comment period several times. It closed on Sept. 1. When the input period was extended in August, the FHFA updated the request for input with a presentation that describes the results of testing various language questions on the Uniform Residential...
An audit of the Federal Housing Finance Agency’s privacy program led the FHFA Office of Inspector General to make recommendations to address several weaknesses. The program was designed so the FHFA can implement privacy and data protection procedures governing its collection, use, sharing, disclosure, transfer, storage and security of information in an identifiable form related to employees and the public. Kearney & Company performed the audit and found that the FHFA had not effectively met three out of nine privacy requirements and controls.The report made several recommendations to make sure the agency adequately identifies, monitors, and protects the complete inventory of its personally identifying information (PII) holdings and appropriately approves and documents privileged user access.
In anticipating a green light for the proposal to restructure its credit-risk transfer offerings as real estate mortgage investment conduits, Fannie details additional considerations ahead of the change. The GSE said that there have been no significant concerns raised, so far, and expects to close the feedback period soon. To help expand the CRT investor base, several months ago both GSEs announced a proposal to restructure Fannie’s Connecticut Avenue Securities and Freddie’s Structured Agency Credit Risk programs. This would also help attract a different kind of investor base that includes real estate investment trusts and help boost liquidity. The REMIC structure will help...
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