Elsewhere, in the report FHFA claims significant progress has been made on the development and initial testing of the GSEs’ common securitization platform.
The civil action entails the alleged taking from WJB of some 5,000 loan files. It should be noted that these aren’t just any LOs – the group in question ranks among the top producers in the nation.
The IG's office of the Federal Housing Finance Agency is working with various U.S. Attorneys on reviews of lenders’ loan origination practices to determine their compliance with enterprise requirements.
In letters to two government agencies, a group of 10 Democrat lawmakers said the FHFA should continue to provide access to government-sponsored enterprise MBS guaranties and the Department of Housing and Urban Development should allow FHA mortgage insurance in such communities.
Vantage Production LLC is trying to build compliance, suitability and accountability into the mortgage sales process – things that can help lenders comply with the daunting qualified-mortgage rule as they streamline their sales and marketing processes. The vendor says its Vantage Integrated Production (VIP), an enterprise-level customer-relationship management platform, enhances loan-officer productivity and increases sales while providing corporate control of compliance. This software-as-a-service ...
Justice Department lawyers want to extract the largest possible penalty from Bank of America after a Charlotte, NC, jury found in October that its Countrywide Financial Corp. division committed fraud when it sold toxic mortgages to Fannie Mae and Freddie Mac in the years leading up to the 2008 financial crisis, according to court papers filed earlier this month.In its successful civil suit against BofA, the DOJ and the Securities and Exchange Commission estimated that the two GSEs lost some $850 million from thousands of loans acquired through CFC’s “Hustle” program between August 2007 and May 2008. BofA acquired Countrywide in 2008 and is liable for the fraud.
JPMorgan Chase twice in as many weeks announced multi-billion dollar deals to settle legal disputes with numerous parties – including Fannie Mae, Freddie Mac and their regulator, the Federal Housing Finance Agency – involving residential mortgage-backed securities. This week, the Department of Justice, along with other federal and state agencies – including the Federal Housing Finance Agency – reached a $13 billion settlement with JPMorgan, which acknowledged making misrepresentations about billions of dollars in MBS sold…
The successor regulator to the Federal Housing Finance Agency should be immediately infused with the FHFA’s talent and resources upon inception rather than a potentially “confusing and inefficient “ five-year transition period where past and future regulators would co-exist, an FHFA official told lawmakers this week. Testifying before the Senate Banking, Housing and Urban Affairs Committee, FHFA General Counsel Alfred Pollard told senators that moving all employees to the new agency – or possibly renaming and empowering the FHFA as the proposed Federal Mortgage Insurance Corp. – would avoid a potential brain drain.
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