The Fannie-BofA squabble was tied to repurchase claims surrounding the bank’s legacy book of business, largely involving loans produced by Countrywide Financial and Merrill Lynch.
Although only one of the 21 banks (BB&T) posted a net loss on mortgage banking during the second quarter, seven others reported lower profits than they had in the first quarter.
A new analysis shows that housing markets where FHA loan limits were reduced this year have seen a bigger drop in FHA business than elsewhere in the country.
The White House isn’t quite ready to pack it in on housing finance reform legislation this year, at least in the Senate, even as policymakers look ahead to take up the issue anew next year, say industry observers. The industry at large has all but written off the prospects of advancing a GSE reform bill in the 113th Congress following the bare minimum passage out of the Senate Banking, Housing and Urban Affairs Committee of S. 1217 by the committee’s chairman and ranking member Sens. Tim Johnson, D-SD, and Mike Crapo, R-ID.
A Fannie Mae real estate-owned contractor engaged in a “clear pattern” of neglecting Fannie-owned vacant foreclosed homes in black and latino neighborhoods compared to white neighborhoods in four different cities, according to a discrimination complaint filed with the Department of Housing and Urban Development this week. The National Fair Housing Alliance and two partners allege that Brandon, FL-based Cyprexx Services violated the federal Fair Housing Act by neglecting minority-owned Fannie REOs.
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