The 2008 Housing and Economic Recovery Act stipulated that the baseline limit could not be lowered when house prices were falling. And during recovery, there could be no increase until the HPI reached its previous high, in the third quarter of 2007.
California had threatened to pull the company’s license over document requests that Ocwen was ignoring at the time. Eventually, the two parties came to terms.
FINRA made some concessions to the industry in the proposal issued in October, but many MBS traders warned of dire consequences if the proposed margin requirements take effect.
A proposal from the Financial Industry Regulatory Authority to establish margin requirements for the to-be-announced MBS market was met with strong opposition from industry participants. While FINRA made some concessions to the industry in the proposal issued in October, many MBS traders warned of dire consequences if the proposed margin requirements take effect. The proposal from FINRA included a number of provisions, such as a 2.0 percent “maintenance” margin ...
Mortgage real estate investments trusts might get more active in the credit risk transfer activity of government-sponsored enterprises Fannie Mae and Freddie Mac after U.S. Rep. Ed Royce, R-CA, this week seemed to secure a commitment from Securities and Exchange Commission Chair Mary Jo White to help facilitate such greater involvement. “What we’ve been trying to do … is to take a strong interest in housing finance reform and see how we can move forward ...
Last week, Wall Street groups and some Washington, DC, allies raised concerns that the Basel Committee on Banking Supervision’s Fundamental Review of the Trading Book (FRTB) proposed standard will have potentially negative effects on U.S. securitized products. The proposal could hamper the recovery of the non-agency MBS market, the resolution of government-sponsored enterprises Fannie Mae and Freddie Mac, and the full restoration of mortgage credit availability ...
The Federal Housing Finance Agency filed a motion last week to dismiss a lawsuit that was filed by Fannie Mae and Freddie Mac shareholders in Delaware this summer who argued that the Treasury sweep of the government-sponsored enterprises’ profits is illegal under state law. The complaint stated that with Fannie chartered under Delaware law and Freddie under Virginia’s jurisdiction, the preferred stock of a corporation cannot be given a cumulative dividend right equal to all the ...
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