Links in “Fannie Mae/Freddie Mac/Ginnie Mae”
- FHFA Announces Overhaul of Mortgage Insurance Master Policy Requirements
Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac's overhaul includes a number of provisions intended to facilitate faster and more consistent claims processing, among other requirements. [12/3]
- BofA’s Freddie Mac Price Tag Tops $400 Million
Settlement covers 716,000 loans over nine years. [12/2]
- Group Argues Against Effectiveness of Fannie Mae’s Recent Drop LTV Requirements
Fannie Mae's Nov. 1 change in policy to make 5% the minimum down payment of mortgages it will purchase draws criticism for doing little to protect GSEs or taxpayers. [11/4]
- Tack on Another $5.1 Billion to JPM Settlements
JPMorgan Chase to pay $4 billion to Federal Housing Finance Agency and $1.1 billion to Fannie Mae and Freddie Mac to resolve mortgage-purchase issues. [10/28]
- “Hustle” Program at Countrywide to Cost BofA
Jury finds Bank of America liable for fraud for Countrywide's lending program called "Hustle" that prosecutors allege treated quality control and underwriting "as a joke." The loans were then sold to Fannie Mae and Freddie Mac. Penalty phase starts in December. [10/24]
- Analysts: FHA Reform Should Go Hand-in-hand with GSE Reform
While GSE reform is getting most of the attention, analysts argue that Federal Housing Administration reform, which has seen its portfolio grow from $400 billion before the housing crisis to $1.1 trillion since and has seen its capital reserves fall to -1.44% in 2012, must be done in conjunction in order to avoid a potential shift in volume back to FHA. [10/23]
- Financial Institutions Not Alone in Scrambling to Prepare for New Rules
Fannie Mae and Freddie Mac are updating their servicing guides to ensure compliance with new rules, including changes in loss mitigation, foreclosure procedures, and the borrower-appeal process. New rules prohibit servicer from mentioning foreclosure earlier than 121 days into delinquency. [10/15]
- Ginnie Mae Wants to Attract Credit Unions
Ginnie Mae Pres. Ted Tozer announced to attendees at NAFCUs Congressional Caucus that they are eager to attract smaller mortgage lenders, like credit unions. He announced a new product, the MPF Government Mortgage-Backed Securities, that is specifically designed for lenders that donât have direct access to the secondary market. The new product will be rolled out initially to participating members of the Chicago FHL Bank in Illinois and Wisconsin and then made available on a broader scale in 2014. [9/11]
- Proposed Revision to QRM Rule May Mean Ongoing Reliance on GSEs
Analyst notes that the proposed revisions to the Qualified Residential Mortgage rule will likely mean ongoing reliance on Fannie Mae and Freddie Mac as the paths of least resistance. [9/3]
- Fannie, Freddie Spell Out Their Ability to Repay Rules
GSEs spell out their rules for purchasing loans after January 10, 2014: only loans that are fully amortizing, have terms of up to 30 years, have points and fees that are no more than 3% of the total loan amount, have a maximum debt-to-income ratio of 45%, and have verification of borrowerâs income source and amount. [8/22]
