Expect Fannie Mae and Freddie Mac shareholders to continue to clamor for attention and satisfaction this year whether or not the Obama administration and lawmakers confront claims that the government-sponsored enterprises should share their profits with investors, say industry observers. Late last week, Sen. Bob Corker, R-VA, sought to walk back comments he made regarding GSE shareholder rights while speaking at a policy forum in Washington, DC. Corker said that he and other lawmakers drafting an enhanced GSE reform bill in the Senate recognize that shareholder claims have to be dealt with. Following news of Corkers remark, GSE preferred shares posted...
The FHFA IG audit estimates that some 9.5 percent of claims for pre-foreclosure property inspections in 2011 and 2012 resulted in $5 million of overpayments by Fannie Mae.
It may be time for the mortgage industry to take a chill-pill: applications are on the rise again, rates have stabilized and some firms are actually hiring loan officers.
The GSEs' largesse is gaining new attention in Washington with the news that the two helped the U.S. government post a budget surplus of $53 billion in December.
When it comes to the new QM rule lenders are operating from a position of fear. You can bet that mortgage attorneys in the Washington DC area have racked up the billable hours, holding their clients hands and supplying legal advice as the clock strikes midnight.