Fannie Mae

News & Analysis as of

Fannie Mae Updates Property Eligibility And Appraisal Requirements, Other Selling Policies

On April 15, Fannie Mae issued Selling Guide Announcement SEL 2014-03, which includes numerous selling policy updates. Based on a comprehensive review of its current requirements, the announcement provides a series of new or...more

FHFA, City Of Chicago Resolve Dispute Over Vacant Property Ordinance

On April 3, the U.S. District Court for the Northern District of Illinois approved an order of dismissal and memorandum of understanding jointly entered by the FHFA and the City of Chicago to end more than two years of...more

Fannie Mae Updates Modification Policies

On March 28, Fannie Mae issued Servicing Guide Announcement SVC-2014-05, which provides, as recently promised, updated guidance regarding standard and streamlined modification programs. The announcement informs servicers...more

Fannie Mae To Begin Assessing Fees For Late, Inaccurate Reporting

On March 28, Fannie Mae notified servicers that, effective May 1, 2014, it will begin issuing warning letters and assessing compensatory fees to servicers that fail to submit Fannie Mae investor reporting system reports on a...more

Federal Preemption Does Not Preclude State Law Claim Based on Alleged HAMP Violations, Minnesota Supreme Court Holds

The Supreme Court of Minnesota last week reversed the dismissal of a borrower’s action against a loan servicer arising out of the servicer’s alleged breach of its Servicer Participation Agreement (SPA) with Fannie Mae under...more

Bank of America Settles RMBS Securities Claims for US$9.3 Billion

On March 26, Bank of America and the Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, announced a settlement of FHFA’s RMBS-related suits against the Bank. The Bank has agreed to pay...more

Fannie Mae, Freddie Mac Clarify Rural Property Appraisal Requirements

On April 1, Freddie Mac issued Bulletin 2014-05, and on March 25, Fannie Mae issued Lender Letter LL-2014-02, in response to directives from the FHFA to clarify certain requirements related to appraisals for properties...more

Minnesota Supreme Court Recognizes New Private Right Of Action Against Residential Mortgage Loan Servicers

On April 2, 2014, the Minnesota Supreme Court in Gretsch v. Vantium Capital, Inc. recognized a new private right of action against residential mortgage loan servicers who breach their servicer participation agreements with...more

Senate Banking Leaders Release Draft Housing Finance Reform Bill

On March 16, Senate Banking Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) released long-awaited draft legislation to end the government’s conservatorship of Fannie Mae and Freddie Mac and reform the housing...more

Dodd-Frank News - March 2014: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases January Through March 2014 ..Dodd-Frank Amendments to RESPA ..Dodd-Frank Prohibition on Arbitration Clauses ..Whistleblower Protection Under Dodd-Frank - News &...more

Georgia District Court Offers New Authority On Issue Of "Full Authority" Under O.C.G.A. § 44-14-162.2

In the latest chapter of the Georgia courts' attempts to interpret Georgia's foreclosure notice statute, O.C.G.A § 44-14-162.2, the U.S. District Court for the Northern District of Georgia issued an opinion on February 25,...more

Fannie Mae Launches Online Selling Guide

This week, Fannie Mae began providing access to an online version of its single-family Selling Guide through its corporate website. Fannie Mae believes this online version will be easier to navigate and will allow for...more

Fannie Mae Delays Modification Policy Updates, Substitutes ARM Loan Indices

On March 12, Fannie Mae issued a notice postponing the April 1, 2014 implementation deadline for changes to its standard and streamlined modification programs announced in SVC-2013-28. Those changes expanded the programs to...more

Fannie Mae, Freddie Mac Publish Uniform Closing Dataset Mapping Document

On March 11, Fannie Mae and Freddie Mac published the Uniform Closing Dataset’s (UCD) MISMO-mapping document, Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model, which provides a common dataset to...more

Court Endorses Use of Predictive Coding (New York)

Fed. Hous. Fin. Agency v. HSBC, 2014 WL 584300 (S.D.N.Y. Feb. 14, 2014). In this housing case, the plaintiff, which regulates Fannie Mae and Freddie Mac, sued 18 banks, over misrepresenting the quality of mortgage...more

New Bill Poised to Revamp Fannie Mae, Freddie Mac

Following months of negotiations that involved collaboration between Republicans and Democrats, Senators Tim Johnson (D-SD) and Mike Crapo (R-ID) announced Tuesday that the Senate Banking Committee had reached an agreement on...more

Senate Banking Committee Leaders Reach Agreement on Housing Finance Reform

Yesterday, Senate Banking Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) announced that they have reached a broad agreement to overhaul the housing finance market and wind down Fannie Mae and...more

Protect Your Mortgage Insurance Rights Now Before It Is Too Late

The Federal Housing Finance Agency (FHFA) recently announced changes to mortgage insurance (MI) master policy requirements. The FHFA has worked with the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, to...more

Fannie Mae Updates Servicing Policies

On February 26, Fannie Mae issued Servicing Guide Announcement SVC-2014-04, which states that a servicer must retain in the mortgage loan servicing file all supporting documentation for all expense reimbursement claims, in...more

FHFA Appoints New Chairman of Fannie Mae Board of Directors

On February 25, FHFA announced that Philip A. Laskawy will step down from the chairmanship of Fannie Mae effective March 31, 2014, and will be succeeded by the current board member Egbert L. J. Perry....more

Orrick's Financial Industry Week in Review - March 3, 2014

UCITS 5 Political Agreement Reached - On February 25, the European Parliament published a press release announcing that political agreement has been reached with the Council of the EU on the proposed UCITS V Directive....more

FinCEN Finalizes AML Rules For Fannie Mae, Freddie Mac

On February 20, FinCEN finalized a rule that will require Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (the GSEs) to develop AML programs and to file SARs directly with FinCEN. Under the current system, the GSEs...more

FHFA OIG Recommends Increased Oversight Of Repurchase Late Fees

On February 12, the FHFA Office of Inspector General (OIG) issued a report on the FHFA’s oversight of Fannie Mae’s and Freddie Mac’s handling of aged repurchase demands. The OIG found that (i) the FHFA’s published guidance...more

Human or Technology Assisted: Imperfect Review Can Still be Defensible (SDNY)

It’s a common refrain that, while courts have allowed the use of technology assisted review, no court has yet blessed the outcome of an imperfect technology assisted review process over the objection of another party. But...more

Activist Investing Gains Momentum: The Top Ten For 2013

Some have called this the ‘golden age of activist investing.' Others have described the current climate in a less flattering light, as ‘Investor Activism Gone Wild.’ Pitched battles have played out on a very public stage as...more

198 Results
|
View per page
Page: of 8