News & Analysis as of

GSE

Federal Housing Finance Agency Proposes GSE Goals

by Ballard Spahr LLP on

The Federal Housing Finance Agency (“FHFA”) has proposed new single-family and multifamily housing goals for Fannie Mae and Freddie Mac (collectively, the “GSEs”) for 2018-2020....more

Nevada HOA Super-Priority Litigation Update: Nevada Supreme Court Rules in Favor of Lenders on Standing Issue

The Government-Sponsored Enterprises (GSEs) and their servicers scored a significant victory last week in the Nevada Supreme Court. In Nationstar Mortgage, LLC v. SFR Investments Pool 1, LLC (Case No. 69400), the court held...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards - On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance...more

Ninth Circuit Holds that Fannie Mae and Freddie Mac Are Not Agents of the Government Under the False Claims Act

by Ropes & Gray LLP on

In United States ex rel. Adams v. Aurora Loan Servs., 813 F.3d 1259 (9th Cir. 2016), the Ninth Circuit affirmed the district court’s dismissal of Relators False Claims Act (“FCA”) complaint, holding that the Federal National...more

I Meant it at the Time: Second Circuit Reverses $1.2BN FIRREA Judgment

by Burr & Forman on

It’s hornbook law that a later intentional breach of contract, alone, doesn’t equal promissory fraud. Holding it therefore cannot establish mail or wire fraud, the Second Circuit reversed the Government’s $1.2 Billion FIRREA...more

Your daily dose of financial news The Brief – 5.23.16

by Robins Kaplan LLP on

We’ve got numbers for Bayer’s unsolicited bid to buy Monsanto—a cash offer of $62 billion, representing a 37% premium on Monsanto’s May 9 closing price...more

A Contrarian View on the Single-Family Rental Market

by Dechert LLP on

More than two years after the first single-family rental securitization, the single-family rental market continues to evolve and grow. The rise of single-family rentals reflects both a demographic shift among the American...more

CFPB Director Offers Cold Comfort on TRID

by Carlton Fields on

The Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure (TRID) Rule took effect October 3, 2015. The TRID Rule requires two new forms – the Loan Estimate and Closing Disclosure – in connection with...more

Financial Services Weekly News - April 2016 #3

by Goodwin on

Regulatory Developments - FHFA Announces Principal Reduction Program for Struggling Underwater Homeowners - On April 14, the Federal Housing Finance Agency (FHFA) announced a new Principal Reduction Modification...more

Fannie and Freddie Adopt IDR Policy for Repurchases

by Bilzin Sumberg on

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

CREFC and MBA/CREF: A Hitchhiker’s Guide to Alternate Universes

by Dechert LLP on

That whole alternate universe thing, the conceit of so many sci-fi novels, is clearly not merely the product of fevered minds. It’s real. Or, at least it seemed awfully real after having been at the CREFC meeting in Miami...more

Nevada State Court Ruling on Application of HERA to HOA Foreclosure Sales Holds Promise for Lenders and GSEs

The first Nevada state court ruling on the federal Housing and Economic Recovery Act (HERA) holds that a deed of trust owned by a GSE cannot be extinguished by a homeowners’ association’s (HOA) foreclosure sale, a promising...more

CrunchedCredit.com’s 6th Annual Golden Turkey Awards

by Dechert LLP on

As is our tradition here at Crunched Credit, each year, about this time, we award our Golden Turkey Awards. Once again, I must say that we are blessed, blessed with so many worthy candidates. Our government, our courts, the...more

Transitional period and initial supervisory practice over TRID

by Ballard Spahr LLP on

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the Federal Financial Institutions Examination Council (FFIEC) member agencies during the initial months following the implementation...more

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

by K&L Gates LLP on

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

Regulators Demand “Good Faith Efforts” for TRID Implementation

Why it matters - Federal regulators said they don’t expect perfection from banks trying to comply with the new mortgage disclosure requirements but will not turn a blind eye with regard to enforcement. In letters to...more

Transitional period and initial supervisory practice over TRID

by Ballard Spahr LLP on

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the FFIEC member agencies during the initial months following the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule...more

How Nevada SB 306 and Court Rulings Have Changed the Foreclosure Landscape - Counsel's Corner with Jon Patterson

What changes were brought about to the HOA foreclosure sale landscape by the passage of SB 306 in Nevada? SB 306 contained a number of important revisions to Nevada’s super-priority lien statute that will provide...more

Nevada HOA Super-Priority Lien Statute Preempted by Federal Law, Holds U.S. District Court

On Monday, the U.S. District Court for Nevada issued significant decisions in three cases, holding that a foreclosure on a Nevada HOA’s super-priority lien could not extinguish a deed of trust securing a debt owned by a...more

Nevada HOA Foreclosures Cannot Extinguish Deeds of Trust Held by Fannie Mae, Holds U.S. District Court

Yesterday, the U.S. District Court for the District of Nevada issued an important ruling concerning the litigation over whether homeowners’ association foreclosures under Nevada’s super-priority lien statute (NRS 116.3116)...more

Mid-2015 Mortgage Crisis Update – The Repurchase Demands Continue

by Bilzin Sumberg on

In the aftermath of the financial crisis, Fannie Mae and Freddie Mac aggressively demanded Wall Street and big bank aggregators (“aggregators”) repurchase millions of defaulted and distressed loans, due to purported breaches...more

Consumer Finance Update: Fannie and Freddie Issue Updates to Seller/Servicer Eligibility Requirements, and to Servicing Standards...

by Dentons on

On May 20, 2015, both Fannie Mae and Freddie Mac issued updates (Fannie Mae Servicing Guide Announcement SVC-2015-08 and Freddie Mac Bulletin 2015-8, respectively) regarding the Eligibility Requirements for Seller/Servicers...more

CrunchedCredit.com’s 5th Annual Golden Turkey Awards

by Dechert LLP on

This is our fifth annual Golden Turkey Awards at CrunchedCredit. It just gets easier and easier. There are simply so many worthy contenders for an award this year. You know, we don’t stop and take a moment often enough to...more

The 2014 Election: A Critical Juncture in Financial Services Legislation, Regulation, and Oversight

by K&L Gates LLP on

As November draws closer, the financial services industry is staking out a front row seat in tracking the outcomes of the 2014 midterm elections. The 114th Congress’ legislative agenda in this area will be shaped in large...more

CFPB’s Rulemaking Process Gets Good Report Card from OIG Report with Only Minor Criticisms

by Ballard Spahr LLP on

A September 29, 2014 Report of the Joint Federal Reserve/CFPB Office of the Inspector General (OIG) concluded that the CFPB’s rulemaking process generally complies with the requirements of Section 1100G of the Dodd-Frank...more

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