News & Analysis as of September 22, 2024

Mortgage-Backed Securities

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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 +

Fannie, Freddie release an updated Single-Family Social MBS Framework

Orrick, Herrington & Sutcliffe LLP on 1/29/2024

On January 23, Freddie Mac and Fannie Mae (the “Enterprises”) announced an updated Single-Family Social MBS and Corporate Debt Bonds Framework, and updates to mortgage-backed securities (“MBS”) disclosures. As part of the...more

FHFA Releases Fannie Mae and Freddie Mac Framework

Brownstein Hyatt Farber Schreck on 3/7/2023

On Thursday, Feb. 23, the Federal Housing Finance Agency (FHFA) announced a proposed rule to amend the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac (the Enterprises). FHFA indicated that the...more

Fannie, Freddie announce LIBOR transition plans

Orrick, Herrington & Sutcliffe LLP on 1/6/2023

On December 22, GSEs Fannie Mae and Freddie Mac announced replacement indices based on the Secured Overnight Financing Rate (SOFR) for their legacy LIBOR indexed loans and securities ...more

Fannie Mae and Freddie Mac Update all Uniform Legal Instruments

Cozen O'Connor on 7/23/2021

On July 7, 2021, Fannie Mae and Freddie Mac (the GSEs) introduced new uniform instruments (notes, security instruments, and riders) for use with loans to make them eligible for purchase by the GSEs. ...more

Fannie and Freddie to Relax Servicer Advance Requirements for Loans in Forbearance

Mayer Brown on 4/23/2020

This week, the Federal Housing Finance Agency (“FHFA”) announced an eagerly awaited policy allowing Fannie Mae and Freddie Mac (the “Agencies”) to address one aspect of the liquidity crisis for mortgage servicers facing...more

FHFA Issues New Prepayment Monitoring Report

Orrick - Finance 20/20 on 6/6/2018

On May 22, 2018, the Federal Housing Finance Agency (“FHFA“) issued a report through first quarter of 2018 in order to provide transparency and insight to market participants about how it monitors prepayment rates of Fannie...more

FHFA and Senate Proposals Bring GSE Reform Into Sharper Focus

K&L Gates LLP on 2/2/2018

On January 16, 2018, Federal Housing Finance Agency (“FHFA”) Director Melvin L. Watt sent a document to Senate Banking Committee Chairman Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) that describes the FHFA’s...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 3/24/2015

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

An Era of Transformation

Morrison & Foerster LLP on 9/24/2014

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

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

Orrick, Herrington & Sutcliffe LLP on 8/18/2014

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

Recently Unveiled “HOME Forward” Housing Act May Signal the End of Fannie and Freddie

Bilzin Sumberg on 4/9/2014

Momentum in housing-finance reformation picked up speed last month as the House Financial Services Committee unveiled the proposed Housing Opportunities Move the Economy (HOME) Forward Act of 2014. The proposed HOME Forward...more

Orrick's Financial Industry Week in Review - January 13, 2014

Orrick, Herrington & Sutcliffe LLP on 1/14/2014

European Parliament Committee Publishes Opinion on Money Laundering Directive 4 - On January 7, the European Parliament published an opinion, written by its Committee on Legal Affairs (or JURI) relating to the...more

FHFA’s $5.1 Billion Settlements With J.P. Morgan Chase

Bilzin Sumberg on 10/29/2013

On October 25, 2013, the Federal Housing Finance Agency (“FHFA”), as conservator of Fannie Mae and Freddie Mac, announced that it will receive settlement payments of $5.1 billion with J.P. Morgan Chase & Co. in connection...more

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