Craig Phillips: “When a company fails, the capital structure is typically eliminated and there are no shares left.”

Along with the increase to the baseline limit, caps on Fannie Mae, Freddie Mac and government-insured loans in high-cost areas would also rise, to as much as $760,000…

By the time recap and release is completed, an army of securities attorneys and investment bankers are going to rack up the billable hours…

Fannie seems to be blaming the FHFA for the departure of former CEO Tim Mayopoulos. The mortgage giant also warns: “If there were several high-level departures at approximately the same time, our ability to conduct our business would likely be materially adversely affected…”

The Fannie Mae/Freddie Mac loans backing the MSRs are top-heavy in Texas collateral at 46.8% of the total.

The Treasury Department argued producing the documents would be “unduly burdensome” and “disproportionate to the needs of the case.”

It would be a radical change, but the FHFA may allow nonbank mortgage firms to become FHLB members, giving them access to advance window...

FHFA Director Mark Calabria: "That might be fine for a normal company, but these are companies that are in conservatorship. They’re essentially in bankruptcy.” 

Calabria stressed the plan is process-based rather than calendar-driven. He also pointed out that the two mortgage giants will have to be adequately capitalized and make appropriate changes to their culture.