Freddie Mac Fannie Mae

News & Analysis as of

Affordable, small, and manufactured housing loans prioritized as GSEs approach volume caps

The government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, have announced that they are quickly approaching their 2015 volume caps. In January of this year, the Federal Housing Finance Agency (FHFA), who...more

Securities Act Claims Limitations Clarified

Ruling in favor of Quinn Emanuel client the Federal Housing Finance Agency, Judge Denise Cote of the Southern District of New York recently shed new light on how courts should apply the statute of limitations to claims...more

Another step forward for the Housing Production Trust Fund

Last week, ?the Federal Housing Finance Agency (FHFA), the regulator for Fannie Mae and Freddie Mac (the GSEs), issued a final rule on the allocation of resources to the National Housing Production Trust Fund and the Capital...more

FHFA Report Details Progress on the 2014 Strategic Plan for Fannie Mae and Freddie Mac Conservatorships

On March 16, the  FHFA issued a Progress Report on the initiatives outlined in the 2014 Strategic Plan for the Conservatorships of Fannie Mae and Freddie Mac and the 2014 Conservatorship Scorecard. The Progress Report...more

Orrick's Financial Industry Week in Review

European Commission Unveils Tax Transparency Package - The European Commission has laid out its plans in a new Tax Transparency Package to clamp down on tax deals made between EU governments and multi-national...more

Orrick's Financial Industry Week in Review

FHFA Updates Requirements for Freddie and Fannie Sales of Non-Performing Loans - On March 2, FHFA announced changes to requirements for sales of non-performing loans (NPLs) by Freddie and Fannie to reduce the number of...more

FHFA Updates Requirements for Freddie and Fannie Sales of Non-Performing Loans

On March 2, FHFA announced changes to requirements for sales of non-performing loans (NPLs) by Freddie and Fannie to reduce the number of severely delinquent loans held in their inventories and to transfer risk to the private...more

Fraud Verdict Against Countrywide & BofA Upheld

BofA’s “hustling” attempt to overturn a $1.27 billion judgment against it and Countrywide—along with the individual defendant identified in the next paragraph, the “Defendants”—in the U.S. District Court for the Southern...more

FHFA Announces Minimum Capital and Liquidity Requirements for Non-Bank Servicers

On January 30, 2015, the Federal Housing Finance Agency (FHFA) proposed new minimum financial eligibility requirements for non-bank sellers and servicers of mortgage loans to Fannie Mae and Freddie Mac (the GSEs). The...more

Court Declines to Vacate Jury Verdict in Countrywide FIRREA Lawsuit

On February 3, Judge Jed S. Rakoff of the United States District Court of the Southern District of New York denied Bank of America Corporation’s and Rebecca Mairone’s motion for judgment as a matter of law, or, in the...more

Orrick's Financial Industry Week in Review

ECON Votes in Favor of the MIF Regulation - On January 27, the Economic and Monetary Affairs Committee ("ECON") released a press release stating that it had voted in favour of the proposed Regulation on multilateral...more

FHFA Proposes Minimum Financial Eligibility Requirements for Fannie and Freddie Seller/Servicers

On January 30, the Federal Housing Finance Agency (FHFA) today proposed new minimum financial eligibility requirements for Fannie Mae and Freddie Mac Seller/Servicers. The proposed minimum financial requirements include net...more

Lender-Placed Insurance Actions Continue to Simmer

Litigation and regulatory scrutiny surrounding lender-placed insurance (“LPI”) practices, initiated in large part on the heels of the mortgage crisis, continues to simmer. While the largest LPI class actions have settled,...more

FHFA Director Testifies on the Hill

On January 27, FHFA Director Mel Watt testified at a House Financial Services Committee hearing. In prepared remarks, Watt mentioned the strengthened balance sheet of...more

Orrick's Financial Industry Week in Review

CFTC Issues No-Action Relief to Certain Introducing Brokers - On January 23, 2015 the CFTC Division of Swap Dealer and Intermediary Oversight issued no-action relief to certain introducing brokers (IBs) with respect to...more

FHFA Director testifies in front of the U.S. House of Representative Committee on Financial Services

On January 27, 2015 the  FHFA Director, Melvin L. Watt, testified in front of the U.S. House of Representatives Committee on Financial Services. Director Watt’s testimony provided...more

Orrick's Financial Industry Week in Review

ESMA Publishes Final Technical advice on the MiFID II Directive and MiFIR - On December 19, 2014, the European Securities and Markets Authority (ESMA) published final technical advice (ESMA/2014/1569) to the European...more

FHFA Issues 2015 Scorecard for Fannie, Freddie and Common Securitization Solutions

On January 14, FHFA released the 2015 Scorecard? outlining specific priorities for Fannie Mae, Freddie Mac and their joint venture, Common Securitization Solutions, LLC. The Scorecard assesses Fannie and Freddie’s performance...more

When Being Ethical Pays Off – Countrywide Whistleblower Gets $56.7 Million Payout

A former executive at mortgage lender, Countrywide Financial, is about to become an extremely wealthy man. Edward O’Donnell is set to collect $57.6 million from Bank of America, for his role in exposing fraudulent activity...more

FHFA Orders Contributions to Housing Trust Fund

Earlier this month, the Federal Housing Finance Agency (“FHFA”) ordered Fannie Mae and Freddie Mac to begin making contributions to the Housing Trust Fund (“HTF”) and the Capital Magnet Fund (“CMF”). The HTF is a formula...more

Congressional Leaders Urge FHFA To Investigate Fannie and Freddie Contractors

On December 11, Representatives Cummings (D-MD), Waters (D-CA), and Moore (D-WI) led the effort to submit a letter to FHFA’s IG requesting that the agency conduct a comprehensive audit to determine if Fannie and Freddie “are...more

Fannie and Freddie Announce Low Down Payment Programs for First-Time Homebuyers

On December 8, Fannie Mae and Freddie Mac announced new loan programs allowing for a down payment as low as three percent intended to “remove barriers for creditworthy borrowers to get a mortgage” and provide them with “a...more

One small step for FHFA, one giant step for affordable housing and community reinvestment across the country

In what may be one of the longest tests of perseverance and intestinal fortitude in the history of legislative advocacy for affordable housing, supporters of the National Housing Trust Fund (NHTF) finally saw their proposal...more

FHFA Issues Advisory Bulletin, Tightens Oversight of Single-Family Servicers and Sellers

On December 1, the FHFA issued an advisory bulletin highlighting its supervisory expectation that Fannie and Freddie maintain the safety and soundness of their operations by closely assessing the risk profile of lenders and...more

FHFA Releases New Fannie Mae/Freddie Mac Instructions on Single-Family Seller/Servicer Oversight

On December 1, 2014, the Federal Housing Finance Agency (FHFA) released a new advisory bulletin with significant implications for “all entities that sell single-family mortgage loans to [Fannie Mae or Freddie Mac] or perform...more

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