Mortgages Freddie Mac

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

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

Federal Mortgage Programs are Exempt from County Transfer Tax

In City of Spokane v. Fed. Nat. Mortgage Ass'n (December 30, 2014, No. 13–35655) ____ F.3d.___, the Ninth Circuit Court of Appeal recently affirmed that federal mortgage programs and administering entities, such as Fannie Mae...more

Four Key Voices in Washington’s Housing Finance Reform Debate

The 113th Congress adjourned on Dec. 16, 2014. Among its legislative shortcomings, including the last-minute failure to extend the Terrorism Risk Insurance Act (‘‘TRIA’’), was the inability to produce any meaningful reform to...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

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

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

FHFA OIG Assesses Risks From Smaller Lenders And Nonbank Mortgage Companies

On July 17, the FHFA Office of Inspector General (OIG) published a report on risks to Fannie Mae and Freddie Mac (the Enterprises) related to purchasing mortgages from smaller lenders and nonbank mortgage companies....more

Freddie Mac Updates Alternative To Foreclosure Requirements, Other Servicing Policies

On July 15, Freddie Mac issued Bulletin 2014-14, which announced a new automated settlement process for mortgage modification settlements. Effective December 1, 2014, servicers must submit the required settlement data for a...more

Mortgage Company Resolves HAMP-Related Criminal Allegations

On July 3, the DOJ announced the resolution of a multi-agency criminal investigation into the way a large mortgage company administered the federal Home Affordable Modification Program (HAMP). According to a Restitution and...more

FHFA Proposes Mortgage Insurer Eligibility Requirements

On July 10, the FHFA sought input on a proposal to establish new eligibility requirements for private mortgage insurers seeking to insure Fannie Mae and Freddie Mac (the Enterprises) mortgages. As described in an overview...more

Orrick's Financial Industry Week in Review

New York's Highest Court Will Review First Department Decision on RMBS Putback Statute of Limitations - On June 27, the Court of Appeals for the State of New York agreed to review the First Department's December 2013...more

Inspector General Report Urges FHFA To Consider Lender-Placed Insurance Suits

On June 25, the FHFA Office of Inspector General (OIG) published a report that urges the FHFA to consider whether to pursue servicers and insurers for alleged lender-placed insurance (LPI) losses. The OIG cited prior...more

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

Massachusetts Sues Fannie and Freddie for Blocking Home Buybacks

Earlier this month, Massachusetts Attorney General Martha Coakley initiated an action against Fannie Mae, Freddie Mac and the Federal Housing Finance Agency for allegedly illegally impeding non-profit foreclosure buyback...more

Freddie Mac Announces Numerous Servicing Policy Updates

On June 3, Freddie Mac announced revisions to numerous servicing policies, including policies regarding, among other things, short sales and deeds-in-lieu of foreclosure (DILs), the CFPB’s mortgage servicing rules, and...more

Freddie Mac Updates Foreclosure, Expense Reimbursement Requirements

On May 15, Freddie Mac issued Bulletin 2014-09, which updates foreclosure requirements to (i) permit servicers to begin utilizing the New York Foreclosure Inquest Program as an alternative foreclosure process to accelerate...more

Massachusetts AG Urges FHFA Action On REO Sale Restrictions And Principal Reduction Options

On May 14, Massachusetts Attorney General (AG) Martha Coakley sent a letter to FHFA Director Mel Watt threatening legal action if the FHFA does not direct Fannie Mae and Freddie Mac, when they sell a foreclosed property, to...more

FHFA Announces Reversal of Plans to Wind Down Fannie Mae and Freddie Mac

Early last week, recently-appointed director of the Federal Housing Finance Agency (FHFA) Melvin L. Watt, announced plans to keep GSEs Fannie Mae and Freddie Mac going strong. This new strategy is in stark contrast to the...more

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