An attorney representing the Federal Housing Finance Agency called on a federal judge in Iowa to dismiss a third federal suit brought by affiliated entities challenging the terms of the 2012 Fannie Mae and Freddie Mac net worth sweep. “There is gamesmanship going on here, your honor,” said Howard Cayne, an attorney with Arnold & Porter who is representing the FHFA in its motion for summary judgment. Investors say the net worth sweep, authorizing the Treasury to ...
With Fannie Mae and Freddie Mac on solid financial footing in terms of earnings, some factions of the mortgage industry believe the two should be allowed to rebuild capital by retaining some of their profits. But getting there would require a hard push from the White House, and the approval of the Treasury Department, which controls the senior preferred stock of the two. In a recent letter to Treasury Secretary Jacob Lew and Federal Housing Finance Agency Director Melvin Watt ...
Most of the mortgage fraud investigations in 2013 that involved industry professionals were about misrepresentations on loan documents, evidence that the market remains fertile for fraud, according to a new LexisNexis report. Focusing on proven incidences of fraud, the report found that the share of loans investigated in 2013 for misrepresentation on the credit report, credit history or references rose to 17 percent from 5 percent in 2012. Notably, property valuation fraud ...
We continue to hear reports about a new player in the warehouse lending space that is offering attractive borrowing rates that appear too good to be true.
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