For those of you tracking the lawsuits filed by GSE preferred investors against the federal government, one attorney told us this week that: “These cases won’t be resolved for years." Meanwhile, it appears that the CSP still has no CEO.
A spokeswoman for the FHFA declined to provide any guidance on when a CEO or chairman might be named for the CSP. She noted: “The common securitization platform project is still in development,” adding that “We have neither final plans nor specific budgets at this time.”
The Democrat and Republican heads of the Senate Banking, Housing and Urban Affairs Committee this week finally announced an agreement on comprehensive housing finance reform legislation but the release of a detailed bill for public consumption remains forthcoming. For now, it’s impossible to tell how the agreement reached by Committee Chairman Tim Johnson, D-SD, and Ranking Member Mike Crapo, R-ID, is any different than the bipartisan bill introduced early last year by Sens. Bob Corker, R-TN, and Mark Warner, D-VA. Johnson and Crapo are expected to release draft legislative language later this week, and move to a markup “in the coming weeks.” Like Corker-Warner, the Johnson-Crapo agreement includes...
Freddie Mac has begun reviewing servicing-related violations of its program rules, issuing notices of defect for certain violations, mostly related to the conveyance of properties to the GSE with title problems.
Well, at least GSE junior preferred shares are holding their own. Also, Five Oaks Investment is approving correspondents for its new jumbo flow-program...
Even though the Johnson-Crapo bill has no future outside of the Senate, one thing is certain regarding Fannie and Freddie: the two will continue to earn a ton of money going forward.
Mortgage repurchases peaked in 2009 at $34.276 billion, fell to $31.811 billion in 2010 and $20.943 billion in 2011, and then dropped to just $12.966 billion in 2012.
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