Freddie Mac Fair Housing Finance Agency

News & Analysis as of

Orrick's Financial Industry Week in Review

FHFA Requests Input on Credit Risk Transfer Transactions - On June 29, 2016, the Federal Housing Finance Agency published a report outlining its perspective on the credit risk transfer programs of Fannie Mae and Freddie...more

FHFA Requests Input on Credit Risk Transfer Transactions

On June 29, 2016, the Federal Housing Finance Agency published a report outlining its perspective on the credit risk transfer programs of Fannie Mae and Freddie Mac as well as providing an overview of upfront CRT transaction...more

FHFA Releases 2015 Report to Congress

On June 15, 2016, the Federal Housing Finance Agency’s “Report to Congress” for 2015 was released.  The document, required under federal law, analyzes Fannie Mae, Freddie Mac and other entities under the Federal Housing...more

FHFA Increases 2016 Multifamily Lending Caps

On May 4, 2016, the Federal Housing Finance Agency announced that it increased its 2016 multifamily lending caps for Fannie Mae and Freddie Mac from $31 billion to $35 billion.  The increase is based on growing estimates of...more

FHFA Announces Home Modification Program

On April 14, 2016, the Federal Housing Finance Agency (“FHFA”) announced the launch of a principal reduction program for first-lien mortgages that are owned or guaranteed by Fannie Mae and Freddie Mac. According to the...more

FHFA Announces Program Changes to Aid Delinquent Borrowers

On April 14, 2016, the Federal Housing Finance Agency (FHFA) announced two changes concerning its policies affecting delinquent mortgage loans: first, it announced that Fannie Mae and Freddie Mac will offer mortgage...more

Ninth Circuit holds that Fannie Mae and Freddie Mac are not officers, employees, or agents of the United States under 31 U.S.C. §...

On February 22, the Ninth Circuit affirmed the dismissal of an FCA claim brought by relators alleging that various lenders and loan servicers made false certifications to Fannie Mae and Freddie Mac, concluding that claims...more

Freddie Mac and Fannie Mae Not Considered Government Agents Under the FCA

In United States ex rel. Adams v. Aurora Loan Servs., Inc., 2016 WL 697771, — F.3d —- (9th Cir. Feb. 22, 2016), the Ninth Circuit found that Fannie Mae and Freddie Mac were not government entities for purposes of the False...more

Fannie and Freddie Adopt IDR Policy for Repurchases

After years of litigation costing tens of millions of dollars, the Federal Housing Finance Agency has hit upon a way to expedite resolution of breach of representation and warranty claims that, if successful, could minimize...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - FHFA, Fannie Mae and Freddie Mac Announce Independent Dispute Resolution Program - On February 2, the Federal Housing Finance Agency (the "FHFA") announced that Fannie Mae and...more

Fannie And Freddie – Newly Implemented Independent Dispute Resolution

On February 2, 2016, Freddie Mac and Fannie Mae took another step towards helping sellers of loans manage risk more effectively, and in turn, strengthen the home lending system. Through concurrently released...more

FHFA, Fannie Mae and Freddie Mac Announce Independent Dispute Resolution Program

On February 2, the Federal Housing Finance Agency (the “FHFA”) announced that Fannie Mae and Freddie Mac have implemented an independent dispute resolution process for resolving repurchase disputes. The process would allow...more

FHFA Proposes Rule on Fannie Mae’s & Freddie Mac’s Duty to Serve Underserved Markets

Pursuant to the Housing and Economic Recovery Act of 2008, which amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, federal law requires the Federal National Mortgage Association (Fannie Mae)...more

FHFA Issues Proposed Rule on Fannie Mae and Freddie Mac Duty to Serve Underserved Markets

On December 15, 2015, the Federal Housing Finance Agency issued a proposed rule that would require Fannie Mae and Freddie Mac to provide specific services relating to manufactured housing, affordable housing preservation and...more

Fannie Mae’s Credit-Risk Transfer Initiatives Approach the Half-Trillion-Dollar-Mark, Reducing Taxpayers’ Exposure – But Some Are...

While the FHFA’s conservatorships of Fannie Mae and Freddie Mac are unlikely to end before 2017, the Enterprises continue to transfer more credit risk from their single-family residential mortgages to private insurers. Both...more

Orrick's Financial Industry Week in Review

Barclays and Wachovia Settle with NCUA - On October 19, 2015, Barclays PLC and Wachovia Capital Markets LLC agreed to pay $325 million and $53 million, respectively, to settle claims brought by the National Credit Union...more

FHFA Finalizes House Price Index Measure for Conforming Loan Limits for Fannie Mae and Freddie Mac

On October 19, 2015, the Federal Housing Finance Agency issued a Final Notice indicating that it will continue to use “expanded-data” House Price Index when establishing Freddie Mac and Fannie Mae’s maximum conforming loan...more

Mel Watt of FHFA Discusses the Common Securitization Platform and Credit Risk Transfers

In a recent speech, Federal Housing Finance Agency (FHFA) director Melvin Watt discussed key FHFA initiatives for 2016. Watt stated that the common Securitization Platform (CSP) and Single Security efforts will be launched in...more

GSEs Release Revised Framework for Origination Defects and Remedies — The Proof Will Be in the Execution

By recently releasing yet another revised representation and warranty framework, Fannie Mae and Freddie Mac continued their efforts to assuage the concerns of the lending industry that a default by a borrower poses an unfair...more

FHFA, Fannie and Freddie File Defensive Class Action in Nevada

In an effort to “avoid the cost and burden of piecemeal litigation” of hundreds of cases in the Nevada HOA foreclosure crisis, the Federal Housing Finance Agency (FHFA), Fannie Mae, and Freddie Mac (collectively,...more

FHFA Issues Update on the Common Securitization Platform

On September 15, the Federal Housing Finance Agency released An Update on the Common Securitization Platform. The Update includes details on the organizational structure of Common Securitization Solutions, LLC, the joint...more

Courts, States Continue to Wrestle with Homeowners Association Assessment Liens

The circumstances under which a condominium or homeowners association (HOA) lien for unpaid assessments may wipe out a lender’s mortgage lien continues to evolve across the country. As noted in our previous alerts regarding...more

Orrick's Financial Industry Week in Review

Federal Reserve Releases First Determination of Aggregate Consolidated Liabilities of all Financial Companies - On July 1, the Federal Reserve Board released its first determination of the aggregate consolidated...more

Fannie and Freddie Shareholders Sue FHFA and Treasury Department Over Payment of Profits to U.S. Government

On May 28, 2015, three Fannie Mae and Freddie Mac (the “Companies”) shareholders filed a complaint in the United States District Court for the Northern District of Iowa against the Federal Housing Finance Agency (“FHFA”), its...more

Credit Crunch Digest - May 2015

This issue of the Credit Crunch Digest focuses on the nearly $6 billion Forex settlement between the big banks and various regulatory agencies; a judgment against RBS and Nomura in a mortgage-backed securities lawsuit brought...more

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