Links in “FHFA”
- GSEs Need to Provide Flexibility to Credit Unions
NAFCU is urging the Federal Housing Finance Board to allow flexibility for Fannie Mae and Freddie Mac to determine how best to stabilize and improve their portfolio positions. In addition, any changes to the GSEâs enterprise housing goals for 2015 should not create obstacles to credit union access. [10/29/14]
- Topic of the Day: Regulatory Burden
The regulatory burden on credit unions is the topic of three separate articles today. The first discusses Linda McFadden's testimony to the Senate Banking Committee why "enough is enough" regarding overregulation of credit unions. The second relates to the same hearing, but focuses on CUNA's testimony that will hopefully be "an important step toward preparing...bills for Senate consideration." The third features another testimony by CUNA, this time to the FHFA about how safety and soundness do not justify overregulation. [9/16/14]
- HSBC Joins the Mortgage Settlement Club
HSBC is the latest of 18 financial firms targeted by the Federal Housing Finance Agency for selling faulty mortgages to the agency before the financial crisis. Settlement amount? $550 million. [9/15/14]
- What’s Keeping First-Time Homebuyers Out of the Market? (Hint: It’s Not Just Price)
The FHFA's recent "duh" report finding that increasing home prices may be keeping some first-time home buyers out of the market is missing the point. Here are some more likely reasons why first-time home buyers are having a hard time breaking into the housing market. [8/28/14]
- FHFA to Goldman Sachs: Buy Back Your Lemons
Federal Housing Finance Agency settles with Goldman Sachs in which the New York-based company agrees to buy back for $3.15 billion faulty mortgage securities now worth $1.95 billion, resulting in a net penalty of $1.2 billion. [8/26/14]
- Force-Placed Insurance Misdeeds of Banks May Result in FHFA Lawsuits
Excessively priced force-placed insurance, written by two insurers responsible for more than 90% of force-placed coverage, resulted in premiums that were 79% above what was considered "reasonable" to cover claims, according to a recent report. FHFA may seek to recover some of that excess. [6/25/14]
- Mass. Sues FHFA for Blocking Foreclosure Buyback Program
Massachusetts passed a law that would prohibit creditors from blocking home sales to a non-profit that intends to resell the property back to the former homeowner. The FHFA refuses to go along. Massachusetts is suing. [6/9/14]
- Mass. AG Presses FHFA on Distressed Homebuyer Assistance
Massachusetts Attorney General Martha Coakley sends three-page letter to new Federal Housing Finance Agency Director Mel Watt calling for principal reductions and nonprofit home buyback programs. [5/21]
- Loosening Credit Rules: Setting Up Market for Another Disaster?
Recent changes by the Federal Housing Finance Agency and the Federal Housing Administration have reignited the debate about whether regulators are swinging the pendulum too far the other way. [5/20]
- BofA Steps Up to the FHFA Settlement Table, Leaves $9.3B Lighter
Bank of America's settlement to resolve allegations of fraud for securities sold during the housing bubble comes in at $9.33 billion, bringing the total of settlements thus far to $57.5 billion. [3/27]
