FHFA

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

Federal Housing Finance Agency Proposes New Rules on Lender-Placed Insurance

by Robert Wallan | Pillsbury Winthrop Shaw Pittman LLP on 5/16/2013

On March 29, the Federal Housing Finance Agency (FHFA) proposed consideration of new regulation on lender-placed insurance. The FHFA specifically requested public input concerning sales commissions and reinsurance activities,...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

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

President Obama Nominates New FHFA Director

by BuckleySandler LLP on 5/10/2013

On May 1, President Obama announced the nomination of Representative Mel Watt (D-NC) to serve as Director of the FHFA. Mr. Watt has represented portions of Charlotte and other North Carolina communities since 1993 and...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

FHFA Common Securitization Infrastructure

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

On April 30, the FHFA issued its progress report on the steps being taken to establish a common securitization infrastructure for MBS. The FHFA is encouraging interested parties to provide written input on the progress...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

Orrick's Financial Industry Week in Review - May 6, 2013

by Orrick, Herrington & Sutcliffe LLP on 5/6/2013

On April 30, the FHFA issued its progress report on the steps being taken to establish a common securitization infrastructure for MBS. The FHFA is encouraging interested parties to provide written input on the progress...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

Capital Thinking Update - April 15, 2013

by Amy Davenport, Tanya DeRivi, Alexis Early, Jared Fleisher, Mara Giorgio, Karen Kudelko, Erin McGrain, Jessica Monahan, Amy Budner Smith, Stacy Swanson, Joseph Urso, Sarah Vilms, more +Dana Weekes, Pam Welsh | Patton Boggs LLP on 4/24/2013

In This Issue: - General Legislative - Agriculture & Food - Budget, Appropriations and Sequestration - Cybersecurity - Defense - Education - Energy - Environment - Financial Services -...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

Financial Services Legislative and Regulatory Update -- April 22, 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 4/22/2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - It was another incredibly busy week, but obviously our thoughts and...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

FHFA HARP Extension

by Orrick - Structured Finance Group on 4/17/2013

On April 11, the FHFA announced that Fannie Mae and Freddie Mac will extend the Home Affordable Refinance Program (HARP) by two years until December 31, 2015. ...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

Orrick's Financial Industry Week in Review - April 15, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/15/2013

Fed Proposal on Annual Assessments - On April 15, the Fed requested comment on a proposed rule to establish an annual assessment for bank holding companies and savings and loan companies with $50 billion or greater in total...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

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

Court Denies in Part Motions to Dismiss FHFA’s Claims Against Countrywide and Various Underwriters

by Orrick - Structured Finance Group on 4/5/2013

On March 15, Judge Mariana Pfaelzer of the United States District Court for the Central District of California denied in part motions to dismiss brought by Countrywide, various individuals and various underwriters in...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

FHFA Announces Streamlined Modification Initiative

by BuckleySandler LLP on 4/2/2013

On March 27, the FHFA announced that Fannie Mae and Freddie Mac will begin a new loan modification initiative on July 1, 2013. As described in more detail in Fannie Mae Servicing Guide Announcement SVC-2013-05 and Freddie Mac...more

Orrick's Financial Industry Week In Review - April 2, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/2/2013

In This Issue: *Financial Industry Developments - CFTC No-Action Relief for Commodity Trader Advisor Registration - CFTC Regulations on Associated Persons of Swap Dealers and Major Swap Participants -...more

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