More Fannie Mae and Freddie Mac shareholders have initiated lawsuits against the government for the Treasury sweep of the mortgage giants’ profits. Each of the plaintiffs in the three new cases were owners of the GSEs’ junior preferred stock. The cases, Akanthos v. U.S., CSS v. U.S. and Appaloosa v. U.S., have been assigned to Judge Margaret Sweeney, who is also handling other similar complaints. They were filed in the U.S. Court of Federal Claims. According to court documents, Akanthos Opportunity Master Fund owned more than $137 million in junior preferred stock as of Aug. 16, 2016. Akanthos complained of suffering from “severe economic loss” to its holdings.
Correspondent production programs continued to gain ground in 2017 in all three major mortgage product categories, according to a new Inside Mortgage Trends analysis. Acquiring government-insured loans from correspondent lenders has been a huge part of the Ginnie Mae market in recent years, but it’s also picking up market share in conventional-conforming lending and, to a lesser extent, the jumbo arena. Government-insured lending declined by ... [Includes two data charts]
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