Plaintiffs’ attorney Hamish Hume said he’s optimistic shareholders can persuade a DC jury that FHFA and the Treasury violated shareholders’ contractual rights when they agreed to implement the net worth sweep in 2012.
A proposal floated by federal regulators seeks to base capital requirements for mortgages held in portfolio at big banks on loan-to-value ratios. Banks expressed grave concerns about the proposal.
The MBA said the proposal lacks a provision for a cost-benefit analysis and dispenses with assessing the likelihood that a firm would experience material financial distress in making the designation.
A $9.9 billion fund established by the federal government to help borrowers avoid foreclosure is seeing growing use. Some $1.2 billion in funds from the Homeowner Assistance Fund were distributed in the first quarter.
FHFA wants the authority to suspend counterparties that have been sanctioned by other federal or state regulators. The agency argues that the outcomes of certain civil actions are analogous to criminal convictions.
The Consumer Financial Protection Bureau’s funding structure is unconstitutional, a bevy of new amicus briefs argue. But they part ways on how to remedy the problem.