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Federal Housing Finance Agency (FHFA)

FHFA Settles With BofA for $5.83 Billion Over Countrywide Legacy Loans

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The Federal Housing Finance Agency (FHFA) has announced it has reached a settlement in cases involving Bank of America, Countrywide Financial, Merrill Lynch, and certain named individuals totaling approximately $5.83 billion. Bank of America Corporation owns Countrywide and Merrill Lynch. The cases alleged violations of federal and state securities laws in connection with private-label, residential mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac between 2005 and 2007. Allegations of common law fraud were made in the Countrywide and Merrill Lynch cases.Click to continue

Average National Interest Rates Drop 0.07 Percent in February

Mortgage Rates/Credit: Comstock Images

National data shows interest rates on mortgages decreased in February. Contract mortgage interest rates decreased 0.07 percent from January to February, according to an index of new mortgage contracts.Click to continue

FHFA: U.S. Home Prices Rise 0.5 Percent in January

Home on Money/Credit: Comstock

U.S. house prices rose in January, with an increase of 0.5 percent on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency (FHFA) monthly House Price Index (HPI). The seasonally adjusted purchase-only index for the U.S. has shown increases for 23 of the last 24 months, beginning with February 2012. The November 2013 HPI was the exception, with a decrease of 0.1 percent. The previously reported 0.8 percent increase in December was revised downward to reflect a 0.7 percent increase.Click to continue

DeMarco to Depart FHFA at the End of April

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The Federal Housing Finance Agency (FHFA) today announced that Edward J. DeMarco will depart the agency at the end of April. DeMarco, who served as Acting Director of the Agency from 2009 until January, 2014, submitted a letter confirming his departure date to Federal Housing Finance Agency Director Melvin L. Watt. He has made no announcements about his future plans.Click to continue

FHFA Reaches $885 Million Agreement With Credit Suisse Over MBS

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The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, announced that it has reached a settlement with Credit Suisse, related companies and specifically named individuals for $885 million. The settlement resolves all claims in the lawsuit FHFA v. Credit Suisse, et al. as well as all claims against the Credit Suisse defendant in FHFA v. Ally Financial Inc., et al. alleging violations of federal and state securities laws in connection with private-label mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac during 2005-2007.Click to continue

Fannie Mae Board Member Perry to Succeed Laskawy at FHFA

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The Federal Housing Finance Agency (FHFA) announced that in light of the fact that Philip A. Laskawy will have reached the company’s mandatory retirement age, in accordance with FHFA’s corporate governance regulation and Fannie Mae’s corporate governance guidelines, he will step down from the board effective March 31, 2014. FHFA also announced that Laskawy will be succeeded by current Fannie Mae board member Egbert L. J. Perry.Click to continue

FHFA Reaches $122 Million Accord With Société Générale Over MBS

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The Federal Housing Finance Agency (FHFA) announced it has reached a settlement with Société Générale, related companies and specifically named individuals for $122 million. The settlement resolves claims in the lawsuit FHFA v. Société Générale, et al alleging violations of federal and state securities laws in connection with private-label mortgage-backed securities (MBS) purchased by Fannie Mae and Freddie Mac during 2006.Click to continue

FinCEN Announces Regulations Geared Towards Anti-Money Laundering

House Atop Money/Credit: Creatas

The Financial Crimes Enforcement Network (FinCEN) finalized anti-money laundering (AML) regulations that will require the housing government sponsored enterprises (Housing GSEs) to develop programs for the prevention of money laundering and to file suspicious activity reports (SARs) with FinCEN. This Final Rule adopts, without significant change, all of the regulatory provisions contained in FinCEN’s November 2011 Notice of Proposed Rulemaking.Click to continue