Fannie Mae

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Your Daily Dose of Financial News

The FHLB Boston’s $5.9 billion MBS case against Morgan Stanley, UBS, and Credit Suisse, is back in Massachusetts state court—a result of the Supreme Court’s Lightfoot v. Cendant Mortgage case that held that Fannie Mae’s...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Federal Reserve Board Announces Finalized Rule Adjusting the Board's Maximum Civil Money Penalties - On January 18, 2017, the Federal Reserve Board announced that it was adjusting...more

FHFA Requests Public Input on Duty to Serve Program

On January 18, 2017, the Federal Housing Finance Agency (the “FHFA“) announced its request for public comment on (i) proposed chattel loan pilot initiatives for Fannie Mae and Freddie Mac and (ii) the expectations and...more

Your Daily Dose of Financial News

The Journal reported yesterday that more than 6,000 Wells Fargo branches were routinely tipped off to inspections by internal risk monitors, a practice that allowed the bank’s sham-account scandal to go undetected for years....more

Supreme Court Update: Lightfoot V. Cendant Mortgage Corp. (14-1055)

Greetings, Court Fans! For those of you who spent the last six months (since cert was granted in Lightfoot v. Cendant Mortgage Corp. (No. 14-1055)) just dying to know whether the sue-and-be-sued clause in Fannie Mae's...more

Supreme Court Decides Lightfoot v. Cendant Mortgage Corporation

On January 18, 2017, the Supreme Court decided Lightfoot v. Cendant Mortgage Corporation, No. 14-1055, holding that Fannie Mae’s corporate charter, which gives Fannie Mae the power “to sue and be sued, and to complain and...more

Orrick's Financial Industry Week in Review

FHFA Issues Final Rule on Fannie Mae and Freddie Mac Duty to Serve Underserved Markets - On December 13, 2016, the Federal Housing Finance Agency (FHFA) issued a final rule implementing the Duty to Serve provisions...more

FHFA Issues Final Rule on Fannie Mae and Freddie Mac Duty to Serve Underserved Markets

On December 13, 2016, the Federal Housing Finance Agency (FHFA) issued a final rule implementing the Duty to Serve provisions mandated by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended...more

FHFA Final Rule on Duty to Serve Allows GSEs to Receive Credit for Manufactured Housing Chattel Loans

The Housing and Economic Recovery Act of 2008 (HERA) amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 by, among other things, establishing the Federal Housing Finance Agency (FHFA). FHFA...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 1

Commercial real estate (CRE) is a tremendously important asset, as the content of this book will discuss. However, the CRE lending and commercial mortgage-backed securities (CMBS) markets are, at the time of writing, largely...more

FHFA Announces Increases in Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac for First Time in 10 Years

The Federal Housing Finance Agency (FHFA) has announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2017 will increase to $424,100 from $417,000. While the increase is...more

Orrick's Financial Industry Week In Review

FHFA Announces Increase in Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac in 2017 - On November 23, 2016, the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming loan...more

California Amends RMLA: Federal Agency Approval Not Required For Processing and Underwriting Companies

Effective January 1, 2017, the definition of lender under the California Residential Mortgage Lending Act (RMLA) will be amended to include third-party processors and/or underwriters who do not solicit loan applicants,...more

FHFA Announces Increase in Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac in 2017

On November 23, 2016, the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming loan limits for mortgages acquired by Freddie Mac and Fannie Mae. The maximum loan limit for one-unit properties...more

Your Daily Dose of Financial News

Big American companies are awfully eager to keep the China market alive. For Disney, that means dropping $1.4 billion on a Hong Kong Disneyland upgrade. For Facebook, it means a CEO who’s picked up Mandarin and a...more

SCOTUS Holding Could Exacerbate Already-Backlogged Federal Dockets

On November 8, 2011, the U.S. Supreme Court heard oral arguments in Lightfoot v. Cendant Mortg. Corp., a case that will decide an important jurisdictional issue for Federal National Mortgage Association (FNMA). See 769 F.3d...more

Your Daily Dose of Financial News

The IRS isn’t waiting around for virtual currency to gain wider acceptance. No, it’s more than happy to go after Bitcoin users who have sought to use the virtual currency as a means of evading taxes....more

Your Daily Dose of Financial News

SEC chief Mary Jo White has announced that she’ll be stepping down in early 2017—an expected move that nevertheless drives home the reality of the big changes ahead for the securities industry (and many others)....more

CFPB Approves Revised Uniform Residential Loan Application

The Consumer Financial Protection Bureau (“CFPB”) has issued an official notice that the new Fannie Mae/Freddie Mac Uniform Residential Loan Application (“URLA”) has been approved as being in compliance with the Equal Credit...more

Your daily dose of financial news - The Brief – 10.5.16

Investor plaintiffs won a big discovery battle with the US gov’t over its 2012 decision to seize Fannie & Freddie’s profits. Federal Claims Court Judge Margaret Sweeney has ruled that the government improperly invoked the...more

Ninth Circuit Holds that Fannie Mae and Freddie Mac Are Not Agents of the Government Under the False Claims Act

In United States ex rel. Adams v. Aurora Loan Servs., 813 F.3d 1259 (9th Cir. 2016), the Ninth Circuit affirmed the district court’s dismissal of Relators False Claims Act (“FCA”) complaint, holding that the Federal National...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - FHFA Further Adjusts Multifamily Lending Caps for Fannie Mae and Freddie Mac - On August 18, 2016, the Federal Housing Finance Agency ("FHFA") announced an additional increase...more

Fannie Mae and Freddie Mac Publish Redesigned Uniform Residential Loan Application Form and Dataset

Fannie Mae and Freddie Mac have announced that they have published redesigned versions of their Uniform Residential Loan Application Form (URLA), the first substantial revision to the form in more than 20 years. The update to...more

FHFA Further Adjusts Multifamily Lending Caps for Fannie Mae and Freddie Mac

On August 18, 2016, the Federal Housing Finance Agency (“FHFA”) announced an additional increase to the 2016 multifamily lending caps for both Fannie Mae and Freddie Mac. ...more

Your daily dose of financial news - The Brief – 8.30.16

And after all the sturm und drang surrounding the Hershey Trust and the Mondelez buyout offer over these past few months . . .  it’s over.  Mondelez announced yesterday that it’s no longer seeking to acquire the Hershey...more

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