As directed by the Federal Housing Finance Agency, Fannie Mae and Freddie Mac this year established a three-year sunset period for most reps and warrants on loans with perfect payment histories.
California was the biggest source of private MI loans for Fannie Mae and Freddie Mac, but the state doesn’t dominate the GSE insured market the way it does in other measures.
The Federal Housing Finance Agency is requiring Fannie Mae and Freddie Mac to promptly notify the agency whenever they detect fraud “or other financial misconduct” with any business entity they have done business with during the past three years.
The CFPB is putting into place a prioritization framework, apportioning examination, investigation and fair lending resources across product types, and it may well prove to be particularly significant for nonbank entities. “A specific charge of the bureau is to attempt to level the playing field between banks and nonbank entities relative to compliance with federal consumer financial laws,” said CFPB Deputy Director Steven Antonakes in a speech before the Federal Deposit Insurance Corp.’s Advisory Committee on Economic...
The CFPB has decided to end its controversial policy of sending enforcement attorneys to routine examinations of supervised financial institutions, effective Nov. 1, 2013. According to CFPB Deputy Director Steven Antonakes, the bureau has been sending enforcement attorneys to on-site exams for a couple years and has changed its practice after assessing the effectiveness and efficiency of the operation. “From the beginning, we intentionally grouped our supervision, enforcement and fair lending offices together because...
Previously, speculation has ranged from January 1 to June 30. Mortgage bankers told Inside Mortgage Finance that whatever the FHFA decides on an implementation date, it had better do so soon.
Meanwhile, sources told Inside Mortgage Finance that the FHFA is looking to extract several billion dollars from Bank of America to settle claims that its Countrywide Financial division sold the GSEs toxic MBS.
Through September $2.1 billion in originations by First Republic were included in jumbo MBS this year. The loans accounted for 17 percent of all non-agency jumbos securitized, according to exclusive figures compiled by Inside Nonconforming Markets.
The Department of Housing and Urban Development’s inadequate response and poor implementation of corrective actions recommended by its own inspector general did little to stop claim files from squeezing through without reviews. HUD’s Office of the Inspector General urged Charles Coulter, deputy assistant secretary for single-family housing, to go back and implement the IG’s recommendations properly. The process HUD said it had implemented had failed to select all FHA loans that met review criteria, resulting in more than ...
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