Mortgages Fannie Mae

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
News & Analysis as of

DOJ Sentences Real Estate Developers to Prison for Involvement in Alleged Mortgage Fraud Scheme

On July 8, the DOJ announced the prison sentences of three real estate developers for their roles in an alleged mortgage fraud scheme that resulted in over $27 million dollars in losses. Convicted in November 2014 of wire...more

Verify Payment Records When Buying A Mortgage

If you purchase a mortgage, how can you prove the amount due in a subsequent foreclosure lawsuit? That is the question that is raised in a series of recent Florida court cases. Proving the amount due at trial is sometimes...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

Admissibility of Prior Servicer Business Records

In Sas v. Federal National Mortgage Ass’n., No. 2D14-1003, 2015 WL 3609508 (Fla. 2d DCA June 10, 2015) the appellate court was faced with the issue of whether there was a requirement that the records custodian of the current...more

Mid-2015 Mortgage Crisis Update – The Repurchase Demands Continue

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

FHFA Releases Fannie and Freddie’s New Eligibility Requirements for Seller/Servicers

On May 20, the FHFA announced that Fannie Mae and Freddie Mac released updates to their operational and financial eligibility requirements for single-family mortgage Seller/Servicers. Because of changes in the servicing...more

Borrowers Cannot Challenge Mortgage Assignments, Says Nebraska Joining Other States

Attacking sufficiency, accuracy, or validity of assignments of mortgages and deeds of trust has been among the most common strategies employed by borrowers to challenge foreclosures. Allegations regarding the status of MERS,...more

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

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

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

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

Money, Dirt & Steel: 2014-2015 NC Real Property Litigation Update

A snapshot of noteworthy cases from the past year related to lending practices, property rights and construction in North Carolina. Money - Lending: Comprehensive waiver language in loan workout...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

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

A Challenge to the New Congress: Pass Housing Finance Reform

Over six years ago, when the federal government placed Fannie Mae and Freddie Mac into conservatorship, experts from public, private, and academic worlds concurred: housing finance in the United States was mortally flawed....more

FHFA proposed rule on Enterprise housing goals is open for comments

Issued earlier this month, a proposed rule from the Federal Housing Finance Agency considers updates to the Agency’s Enterprise housing goals. The rule applies to mortgages purchased by Fannie Mae and Freddie Mac for housing...more

An Era of Transformation

The depth and impact of the 2007-08 financial crisis, rooted in residential finance, have been apparent for some time. There has never been doubt that its aftermath would transform the way mortgage lending operates in the...more

Fannie Mae Issues Fact Sheet on Prior Derogatory Credit Event Policies

On September 8, Fannie Mae published a fact sheet about borrower eligibility after a derogatory credit event. The fact sheet reviews Fannie Mae’s recently updated policy related to the minimum waiting periods following a...more

FHFA Proposes Affordable Housing Goals for GSEs

On August 29, the FHFA released proposed affordable housing goals for Fannie and Freddie that would leave in place the benchmark requiring the government-owned mortgage companies finance 23% of their mortgages in low-income...more

Fannie Mae Issues Lender Letter On Mortgage Loan Requirements

On August 25, Fannie Mae issued Lender Letter LL-2014-04, which reminds lenders that when a mortgage loan is selected by Fannie Mae for an anti-predatory and HOEPA compliance review, the lender must provide requested loan...more

Orrick's Financial Industry Week in Review - August 18, 2014

FHFA Seeks Input on Single Security Structure for Fannie Mae and Freddie Mac - On August 12, FHFA published a Request for Input on the proposed structure for a Single Security that would be issued and guaranteed by...more

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