Freddie Mac

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

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

Freddie Mac Announces Numerous Servicing Policy Updates

by BuckleySandler LLP on 4/26/2013

On April 15, Freddie Mac issued Bulletin Number 2013-6, which announces numerous revisions to servicing requirements. The bulletin updates the allowable amounts for attorney fees for default-related legal services and details...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

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - April 19, 2013

by BuckleySandler LLP on 4/22/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - Excerpt from Consumer...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

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

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

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

Fannie Mae And Freddie Mac Stress Importance Of Lender Data Accuracy

by BuckleySandler LLP on 4/2/2013

On March 26, Fannie Mae and Freddie Mac reminded lenders of the importance of data accuracy to improve the overall quality of loan delivery data submitted to each entity and ensure that it is complete and fully reflective of...more

Freddie Mac Releases Additional Loan-Level Data

by BuckleySandler LLP on 4/1/2013

On March 21, Freddie Mac released historical loan-level credit performance data on a portion of the fully amortizing 30-year, fixed-rate single-family mortgages it purchased during the past 13 years. The data-set is comprised...more

House, Senate Committees Hold Separate Hearings On Housing Finance Reform

by BuckleySandler LLP on 3/28/2013

On March 19, the Senate Banking Committee and the House Financial Services Committee each held a hearing to review issues related to housing finance post-federal conservatorship of Fannie Mae and Freddie Mac. The House...more

Dodd-Frank News - March 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Monthly Update

by Rachel Cash, David Elliott, Kristin Peters, Jordan Teague | Burr & Forman on 3/27/2013

In This Issue: - Recent Cases ..CFTC Jurisdiction Under the Commodity Exchange Act ..Dodd-Frank Amendment to the TILA ..Preemption ..Say-On-Pay Voting ..Pre-Dispute Arbitration Agreements ...more

Freddie Mac Files Suit Over Losses Due To Alleged LIBOR Manipulation

by BuckleySandler LLP on 3/27/2013

On March 14, Freddie Mac sued 15 banks and the British Bankers’ Association (BBA), claiming that the institutions manipulated the London Interbank Offered Rate (LIBOR) and caused substantial losses to Freddie Mac on...more

FHFA OIG Issues Report On Servicers’ Borrower Complaint Handling

by BuckleySandler LLP on 3/25/2013

Today, the FHFA Office of Inspector General (OIG) issued a report on servicers’ handling of borrower complaints, following an audit to assess FHFA’s oversight of Freddie Mac’s controls over servicers’ handling of escalated...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 22, 2013

by BuckleySandler LLP on 3/25/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - E-COMMERCE -...more

FHFA Files $165 Million Suit Against HSBC and Decision One

by Orrick - Structured Finance Group on 3/20/2013

On March 8, the Federal Housing Finance Agency (FHFA), acting as conservator for the Federal Home Loan Mortgage Corporation (Freddie Mac) commenced litigation in the Supreme Court of the State of New York against Decision One...more

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