Freddie Mac

News & Analysis as of

Inspector General Report Urges FHFA To Consider Lender-Placed Insurance Suits

On June 25, the FHFA Office of Inspector General (OIG) published a report that urges the FHFA to consider whether to pursue servicers and insurers for alleged lender-placed insurance (LPI) losses. The OIG cited prior...more

Fannie Mae, Freddie Mac Announce Targeted Modification Program

Recently, Fannie Mae (Servicing Guide Announcement SVC-2014-12) and Freddie Mac (Bulletin 2014-11) introduced a temporary modification option targeted to borrowers located in Detroit, Michigan as part of the FHFA-directed...more

Freddie Mac Updates MERS Requirements, Fraud Reporting, Other Selling And Servicing Policies

On June 19, Freddie Mac issued Bulletin 2014-12, which updates and revises numerous selling and servicing requirements. According to the Bulletin, Freddie Mac has determined that because sellers/servicers will have difficulty...more

OIG Urges FHFA To Sue Over Force-Placed Insurance

The Office of Inspector General (“OIG”) for the Federal Housing Finance Agency (“FHFA”) is urging the FHFA to sue its servicers and lender-placed insurance (“LPI”) providers because Fannie Mae and Freddie Mac have suffered...more

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

FHFA’S 2013 Report Shows Record Income for Fannie Mae and Freddie Mac, But Earnings Are Likely to Fall

On Friday, Federal Housing Finance Agency (FHFA) released its 2013 Report to Congress, revealing recent GSE milestones but anticipating future problems. The annual report is statutorily-required under the Federal Housing...more

Massachusetts AG Sues FHFA Over Foreclosure Policies

On June 2, Massachusetts Attorney General (AG) Martha Coakley filed a lawsuit against the FHFA, Fannie Mae, and Freddie Mac for allegedly violating the state’s 2012 foreclosure prevention law, which, among other things,...more

FHFA Requests Comments On Guarantee Fees

On June 5, the FHFA issued a request for input regarding its proposed increases to guarantee fees (g-fees) that Fannie Mae and Freddie Mac charge lenders. Earlier this year, FHFA Director Mel Watt halted g-fee changes...more

Massachusetts Sues Fannie and Freddie for Blocking Home Buybacks

Earlier this month, Massachusetts Attorney General Martha Coakley initiated an action against Fannie Mae, Freddie Mac and the Federal Housing Finance Agency for allegedly illegally impeding non-profit foreclosure buyback...more

Freddie Mac Announces Numerous Servicing Policy Updates

On June 3, Freddie Mac announced revisions to numerous servicing policies, including policies regarding, among other things, short sales and deeds-in-lieu of foreclosure (DILs), the CFPB’s mortgage servicing rules, and...more

Orrick's Financial Industry Week in Review

FMLC Publishes Response on Bail-in Powers - In response to a consultation by HM Treasury, the UK's Financial Markets Law Committee (FMLC) published a letter on June 4 relating to the bail-in powers introduced by the...more

FHFA Seeks Input on Fannie Mae and Freddie Mac Guarantee Fees

On June 5, FHFA announced it is requesting input on the guarantee fees charged by Fannie Mae and Freddie Mac to lenders. The request includes questions about the optimum level of fees and implications for mortgage credit...more

Fannie Mae, Freddie Mac Change Representations And Warranties Framework

On May 12, Fannie Mae and Freddie Mac announced numerous changes to the companies’ representations and warranties framework to expand repurchase relief for lenders....more

FHFA Director Outlines Strategic Plan

On May 13, FHFA Director Mel Watt presented a new strategic plan for the FHFA under his direction, which will focus on fulfilling the FHFA’s obligations under current law, and will shift away from efforts to position the...more

Senate Banking Committee Approves Housing Finance Reform Bill

On May 15, the Senate Banking Committee voted 13-9 to approve S. 1217, the Housing Finance Reform and Taxpayer Protection Act. A draft version of the bill, which generally would end the government’s conservatorship of Fannie...more

Banking & Financial Services E - Note - May 2014

In This Issue: - Fed Regulator Calls for End of Banks' Self-Grading of Risk - Regulator Won't Act on Loan Limits for Fannie Mae and Freddie Mac - Community Bankers Support Tiered Banking Regulatory System -...more

Freddie Mac Updates Foreclosure, Expense Reimbursement Requirements

On May 15, Freddie Mac issued Bulletin 2014-09, which updates foreclosure requirements to (i) permit servicers to begin utilizing the New York Foreclosure Inquest Program as an alternative foreclosure process to accelerate...more

Massachusetts AG Urges FHFA Action On REO Sale Restrictions And Principal Reduction Options

On May 14, Massachusetts Attorney General (AG) Martha Coakley sent a letter to FHFA Director Mel Watt threatening legal action if the FHFA does not direct Fannie Mae and Freddie Mac, when they sell a foreclosed property, to...more

FHFA Director Watt outlines 2014 strategic plan for Fannie Mae and Freddie Mac

House in GlobeOn May 13, 2014, Federal Housing Finance Agency (FHFA) Director Mel Watt gave his first major policy speech regarding the future of Fannie Mae and Freddie Mac since being sworn in on January 6, 2014. In his...more

FHFA Announces Reversal of Plans to Wind Down Fannie Mae and Freddie Mac

Early last week, recently-appointed director of the Federal Housing Finance Agency (FHFA) Melvin L. Watt, announced plans to keep GSEs Fannie Mae and Freddie Mac going strong. This new strategy is in stark contrast to the...more

Fannie Mae, Freddie Mac Direct Servicers To Comply With Chicago Vacant Property Settlement

This week, Fannie Mae (Lender Letter LL-2014-03) and Freddie Mac (Bulletin 2014-7) advised servicers of the memorandum of understanding the FHFA recently entered into to resolve litigation with the City of Chicago over a city...more

Can Fannie and Freddie Cope Under Pressure?

Last week, the Federal Housing Finance Agency (FHFA) put Freddie and Fannie to the test, and the results were grim. Dodd-Frank mandated “stress tests,” designed to evaluate a financial institution’s ability to withstand an...more

Freddie Mac Revises Miscellaneous Selling, Servicing Policies

On April 24, Freddie Mac issued Single-Family Seller/Servicer Guide Bulletin 2014-06, which notifies sellers and servicers of numerous miscellaneous policy updates. The Bulletin, among other things, (i) requires sellers and...more

Housing Finance Reform

Efforts to address housing finance reform are starting to heat up, although the finish line is still probably a long way off. Fannie Mae and Freddie Mac remain in conservatorship, even though they are making money, and the...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

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