Fannie Mae

Freddie Mac Allows Early Streamlined Modifications; Fannie Mae Issues Streamlined Modification FAQs

by BuckleySandler LLP on 5/22/2013

On May 13, Freddie Mac announced in Bulletin Number 2013-7 that servicers can immediately begin offering modifications under the streamlined modifications initiative announced by the FHFA in March....more

FHFA Limit on Fannie and Freddie Loan Purchases to Qualified Mortgages

by Orrick - Structured Finance Group on 5/14/2013

On May 6, the FHFA announced that it is directing Fannie Mae and Freddie Mac to limit future mortgage acquisitions to loans that fall under the requirements for a qualified mortgage. Starting on January 10, 2014, Fannie and...more

Fannie Mae, Freddie Mac Directed To Purchase Only QM Loans

by BuckleySandler LLP on 5/14/2013

On May 6, the FHFA announced that Fannie Mae and Freddie Mac must limit their future mortgage acquisitions to loans that meet the requirements for qualified mortgages under the CFPB’s January 2013 ability-to-repay/qualified...more

Where There’s Smoke, There’s FIRREA

by Melissa J. Anderson, Lori Lynn Phillips, Frank Scaduto | Orrick - Securities Litigation and Regulatory... on 5/14/2013

Few can ignite a legal firestorm like U.S. District Judge Jed Rakoff of the Southern District of New York. Last week, in a mortgage fraud suit against Bank of America and Countrywide, Judge Rakoff refused to dismiss a novel...more

Orrick's Financial Industry Week in Review - May 13, 2013

by Orrick, Herrington & Sutcliffe LLP on 5/13/2013

In This Issue: FHFA Limit on Fannie and Freddie Loan Purchases to Qualified Mortgage; Rating Agency Developments; MBIA and Bank of America Settle MBS Litigation for $1.7 Billion: Assured and UBS Agree to Settle RMBS...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 10, 2013

by BuckleySandler LLP on 5/13/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY -...more

Fannie Mae Announces Miscellaneous Servicing Policy Changes

by BuckleySandler LLP on 5/9/2013

On May 1, Fannie Mae issued Servicing Guide Announcement SVC-2013-10, which includes numerous servicing policy changes. The announcement informs servicers that they must (i) conduct regular testing of compliance with...more

Fannie Mae Releases Loan Performance Data

by BuckleySandler LLP on 5/9/2013

On April 30, Fannie Mae released loan performance data on a portion of its single-family mortgage loans, which includes a subset of Fannie Mae’s 30-year, fully amortizing, full documentation, single-family, conventional...more

FHFA Updates Securitization Platform, Contractual And Disclosure Framework Progress

by BuckleySandler LLP on 5/9/2013

On April 30, the FHFA published a progress report on the current design principles and functions on the common securitization platform for residential mortgage-backed securities that it is building. The report explains that...more

FHFA GSE Viability Reports

by Orrick - Structured Finance Group on 5/8/2013

On May 3, the FHFA released reports prepared by Fannie Mae and Freddie Mac on their multifamily businesses which conclude that without government guarantees, the multifamily businesses of Fannie and Freddie have little...more

GSEs: Ability-to-Repay and Qualified Mortgages

by Jonathan Foxx on 5/7/2013

Yesterday, the Federal Housing Finance Agency (FHFA) announced that it is directing Fannie Mae ("Fannie") and Freddie Mac ("Freddie") to limit their future mortgage acquisitions to loans that meet the requirements for a...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 3, 2013

by BuckleySandler LLP on 5/6/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - CREDIT CARDS - E-COMMERCE - PRIVACY/DATA SECURITY -...more

Fannie Mae Revises Execution Of Legal Documents Policy, Changes Bidding Instructions Format

by BuckleySandler LLP on 4/25/2013

On April 17, Fannie Mae issued Servicing Guide Announcement SVC-2013-09, which revises Fannie Mae’s execution of legal documents policy related to (i) quitclaim deeds, (ii) limited power of attorney, (iii) execution of...more

FHFA Announces Two-Year HARP Extension

by BuckleySandler LLP on 4/22/2013

On April 11, the FHFA announced that Fannie Mae and Freddie Mac will extend the Home Affordable Refinance Program (HARP) to December 31, 2015. The program was set to expire at the end of 2013....more

Fannie Mae Updates Delinquency Status Reporting Policies

by BuckleySandler LLP on 4/19/2013

On April 10, Fannie Mae issued Servicing Guide Announcement SVC-2013-08, which introduces a delinquency status code hierarchy and updates delinquency status code definitions. The hierarchy requires servicers to report the...more

One Slur Enough to Bring Racial Harassment Case, Court Rules

by Aaron Kase | Lawyers.com on 4/19/2013

A recent decision by the U.S. Court of Appeals for the D.C. Circuit states that a plaintiff may bring a harassment claim against an employer for a single offensive slur, if the insult is egregious enough....more

Second Circuit Affirms Denial of UBS’s Motion to Dismiss FHFA Complaint

by Orrick - Structured Finance Group on 4/18/2013

On April 5, the United States Court of Appeals for the Second Circuit affirmed the decision of the district court denying UBS’s motion to dismiss the complaint brought by the FHFA. FHFA sued UBS as conservator of Fannie Mae...more

Fannie Mae Announces Numerous Selling Guide Updates

by BuckleySandler LLP on 4/17/2013

On April 9, Fannie Mae issued Selling Guide Announcement SEL-2013-03, which updates numerous guide sections. According to the announcement, effective immediately, all lenders that wish to deliver eMortgages must obtain...more

Second Circuit Allows FHFA MBS Suits To Proceed

by BuckleySandler LLP on 4/17/2013

On April 5, the U.S. Court of Appeals for the Second Circuit affirmed a district court’s partial denial of a financial institution’s motion to dismiss on standing and timeliness grounds a suit brought by the FHFA. Fed. Hous....more

New Loan Modification Program Announced! #LoanModAttorney

by Janet Spears | Rowley Chapman & Barney, Ltd. on 4/17/2013

The Federal Housing Finance Agency, the agency that oversees Fannie Mae and Freddie Mac, is launching a new loan modification program. The program is something quite different from HAMP and HARP. What is does is make the...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 12, 2013

by BuckleySandler LLP on 4/15/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY - CRIMINAL...more

Big Banks Fail 2012 Fannie Mae Star Program

by Philip R. Stein | Bilzin Sumberg Mortgage Repurchase Group on 4/12/2013

According to a report released Tuesday by Fannie Mae, the big banks who love to act like “injured innocents” when it comes to making mortgage repurchase and indemnification demands on loan originators had their own...more

FHFA OIG Calls For Oversight Of Counterparty Compliance With Consumer Protection Laws

by BuckleySandler LLP on 4/8/2013

On March 26, the FHFA Office of Inspector General (OIG) issued a report that concludes the FHFA has failed to actively oversee how Fannie Mae and Freddie Mac monitor counterparty compliance with federal and state consumer...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 5, 2013

by BuckleySandler LLP on 4/8/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PAYMENTS - Excerpt from Payments: CFPB...more

FHFA Streamlined Modification Initative

by Orrick - Structured Finance Group on 4/4/2013

On March 27, the FHFA announced that Fannie Mae and Freddie Mac will offer a new streamlined loan modification initiative. Beginning July 1, servicers of Fannie and Freddie mortgage loans will be required to offer...more

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Freddie Mac Allows Early Streamlined Modifications; Fannie Mae Issues Streamlined Modification FAQs

FHFA Limit on Fannie and Freddie Loan Purchases to Qualified Mortgages

Fannie Mae, Freddie Mac Directed To Purchase Only QM Loans

Where There’s Smoke, There’s FIRREA

Orrick's Financial Industry Week in Review - May 13, 2013

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 10, 2013

Fannie Mae Announces Miscellaneous Servicing Policy Changes

Fannie Mae Releases Loan Performance Data

FHFA Updates Securitization Platform, Contractual And Disclosure Framework Progress

FHFA GSE Viability Reports

GSEs: Ability-to-Repay and Qualified Mortgages

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 3, 2013

Fannie Mae Revises Execution Of Legal Documents Policy, Changes Bidding Instructions Format

FHFA Announces Two-Year HARP Extension

Fannie Mae Updates Delinquency Status Reporting Policies

One Slur Enough to Bring Racial Harassment Case, Court Rules

Second Circuit Affirms Denial of UBS’s Motion to Dismiss FHFA Complaint

Fannie Mae Announces Numerous Selling Guide Updates

Second Circuit Allows FHFA MBS Suits To Proceed

New Loan Modification Program Announced! #LoanModAttorney

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 12, 2013

Big Banks Fail 2012 Fannie Mae Star Program

FHFA OIG Calls For Oversight Of Counterparty Compliance With Consumer Protection Laws

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 5, 2013

FHFA Streamlined Modification Initative

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