The Federal Home Loan Bank of New York settled a lawsuit with Lehman Brothers last week stemming from claims the bank undervalued interest rate swaps in 2008. In Lehman Brothers Holdings Inc. v. Federal Home Loan Bank of New York, documents show that the bank will pay $70 million to the Lehman bankruptcy estate. A recent FHLBank of NY filing with the Securities and Exchange Commission revealed...
The Federal Housing Finance Agency said it increased the number of minority and women-owned businesses it awarded contracts to in 2016. But several obstacles make expanding its business with MWOBs complicated. The agency recently released its annual report to Congress, which details initiatives and accomplishments during the year to increase diversity and inclusion. This year’s report also mentioned a diversity and inclusion program to examine the same practices within Fannie Mae, Freddie Mac and the Federal Home Loan Banks. In 2016, the FHFA expanded...
The Structured Finance Industry Group is worried that the Credit Competition Score Act of 2017 could result in an excessive number of approaches to credit scoring. Rep. Ed Royce, R-CA, introduced H.R. 898 in February with Reps. Kyrsten Sinema, D-AZ, and Terri Sewell, D-AL. The bill lets...
Fannie Prices Fourth Multifamily DUS. Fannie Mae priced its fourth Multifamily DUS REMIC in 2017 totaling $855.8 million under its Fannie Mae Guaranteed Multifamily Structures program on April 11, 2017. Josh Seiff, Fannie’s vice president of capital markets and trading, said the GSE kicked off the second quarter with a $900 million 10-year GeMS deal, which built on the first quarter’s $3.1 billion in issuance. “The investor market has been...
And now the obvious questions becomes: where does Ocwen go from here? The company can’t possibly be sold because of all the outstanding lawsuits and “legacy” problems...
A typical first-time homebuyer pays significantly more than a repeat homebuyer does for the same house, according to research by economists at the Federal Housing Finance Agency. They suggested that appraisers could help reduce home prices for first-time homebuyers, though the proposal faces a number of obstacles. The FHFA analysis was based on appraisal information associated with loan applications submitted to the government-sponsored enterprises from the ...
The trade group first launched its GSE task force in late 2012 with 17 initial executive members, including Bob Ryan, a Wells Fargo executive who is now the acting deputy director of the division of conservatorship at the Federal Housing Finance Agency.
Many borrowers could have seen significant savings on the interest rate on a mortgage if they shopped around, according to a working paper published by the Consumer Financial Protection Bureau’s Office of Research. The bureau economists noted that close to half of consumers didn’t shop before taking out a mortgage, based on the National Survey of Mortgage Originations, a representative survey conducted by the CFPB and the Federal Housing Finance Agency. And only 16.0 percent of borrowers considered three or more lenders before obtaining a mortgage. The economists said...
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