The federal judge in charge of overseeing multiple lawsuits filed by the Federal Housing Finance Agency against non-agency mortgage-backed securities issuers for misrepresenting deals that were sold to Fannie Mae and Freddie Mac rebuffed yet another motion by one of the banks to shut down the legal action.
The Obama administration may want to think twice before moving ahead with reported plans to replace Edward DeMarco, the Federal Housing Finance Agency’s acting director, says a long time industry observer.
Remember the 4.4 million delinquent mortgagors who were done wrong by the nation’s mega-servicers and lost their homes to foreclosure? Remember how the Comptroller of the Currency launched a program in 2011 to let these mortgagors appeal? Well, apparently...
Bank of America appears to have resolved a longstanding dispute with Fannie Mae over loan repurchases – but will not begin selling more loans to the GSE.
In an email message to his members on Friday, Mortgage Bankers Association president David Stevens noted that the fiscal cliff deal “does not substantially limit the mortgage interest deduction” but “it does phase out itemized deductions for certain higher income households.”
The Federal Trade Commission this week shut down a mortgage assistance scam operated out of the Dominican Republic while claiming to be headquartered in Chicago and affiliated with President Obama.
Although the ink is barely dry on the new ‘Qualified Mortgage’ rule, mortgage bankers are already voicing concerns about how it will hurt compensation and affect the jumbo market.