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government-sponsored enterprises (GSEs)

Massachusetts AG Warns GSEs to Abide by New State Loan Mod Law

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According to a letter sent by Massachusetts Attorney General Martha Coakley to the government-sponsored enterprises (GSEs)—Fannie Mae and Freddie Mac—the GSEs will be required to offer commercially reasonable loan modifications under Massachusetts’ recently passed loan modification statute. In the letter, Coakley also continued to urge the Federal Housing Finance Agency (FHFA) to reconsider its position and engage in principal reduction for struggling borrowers.Click to continue

FHFA Releases New Short Sale Guidance for GSEs

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The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac—the government-sponsored enterprises (GSEs)—are issuing new, clear guidelines to their mortgage servicers that will align and consolidate existing short sales programs into one standard short sale program. The streamlined program rules will enable lenders and servicers to quickly and easily qualify eligible borrowers for a short sale.Click to continue

Treasury Department Maps Course to Wind Down GSEs

Home Shadow/Credit: Comstock

The U.S. Department of the Treasury has announced a set of modifications to the Preferred Stock Purchase Agreements (PSPAs) between the Treasury Department and the Federal Housing Finance Agency (FHFA) as conservator of Fannie Mae and Freddie Mac—the government-sponsored enterprises (GSEs)—that will help expedite the wind down of the GSEs, make sure that every dollar of earnings each firm generates is used to benefit taxpayers, and support the continued flow of mortgage credit during a responsible transition to a reformed housing finance market.Click to continue

FHFA Set to Tackle the Eminent Domain Issue

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The Federal Housing Finance Agency (FHFA) has sent to the Federal Register a Notice indicating its concern with the proposed use of eminent domain to restructure performing home loans and inviting public input. As conservator of the government-sponsored enterprises (GSEs)—Fannie Mae and Freddie Mac and regulator of 12 Federal Home Loan Banks—the FHFA has concern about the use of eminent domain to revise existing financial contracts and the alteration of the value of the companies’ securities holdings.Click to continue

U.S. Home Prices Rise 0.8 Percent in May

For Sale/Credit: Stockbyte

U.S. house prices rose 0.8 percent on a seasonally adjusted basis from April to May, according to the Federal Housing Finance Agency’s monthly House Price Index (HPI). The previously reported 0.8 percent increase in April was revised downward to a 0.7 percent increase. For the 12 months ending in May of 2012, U.S. prices rose 3.7 percent. The U.S. index is 17 percent below its April 2007 peak and is roughly the same as the May 2004 index level.Click to continue

Wipro Gallagher Solutions Adopts ULDD Guidelines

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Wipro Gallagher Solutions (WGS) has announced its adoption of the uniform loan delivery dataset (ULDD) using the MISMO Version 3.0 reference model, which ensures prompt and compliant loan delivery data, thereby increasing transparency in loan transactions made between lenders and the government-sponsored enterprises (GSEs). With the implementation of ULDD standards, users of the WGS NetOxygen LOS are equipped to seamlessly interface with GSEs by the industry deadline of July 23rd.Click to continue

FinCEN Examines Title and Escrow Fraud

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Pressing forward in its efforts to address a wide range of criminal risks, the Financial Crimes Enforcement Network (FinCEN) has released its first targeted study analyzing reports indicating suspicious activities involving the real estate title and escrow industry. The study identified thousands of instances where financial institutions, particularly banks and Money Services Businesses (MSBs), filed suspicious activity reports (SARs) involving title and escrow companies, often in connection with mortgage fraud.Click to continue

California, Nevada and Florida Remain Hotbeds for Mortgage Fraud

Fraud_Map/Credit: Comstock

The Financial Crimes Enforcement Network (FinCEN) has released its First Quarter 2012 Update of mortgage loan fraud suspicious activity reports (MLF SARs) that shows California, Nevada, and Florida leading the nation in the number of MLF SAR subjects per capita. Of the 50 most populous Metropolitan Statistical Areas (MSAs) ranked by the number of MLF SAR subjects reported, the top nine are MSAs located in California, Nevada, and Florida, with the Los Angeles-Long Beach-Santa Ana of California area ranked first in the nation.Click to continue

FHFA: GSEs Deemed "Critical Supervisory Concerns"

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The Federal Housing Finance Agency (FHFA) has released its fourth annual Report to Congress, detailing the agency’s examinations of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie  Mac, the 12 Federal Home Loan Banks (FHLBanks), and the FHLBanks’ joint Office of Finance. FHFA has deemed that Fannie Mae and Freddie Mac were “critical supervisory concerns” for the year 2011. Continuing credit losses at Fannie Mae and Freddie Mac come primarily from loans originated during the years 2005 to 2007.Click to continue