Ginnie Mae announced that it guaranteed $22.93 billion in mortgage-backed securities (MBS) in January 2014. More than $21.18 billion in Ginnie Mae II securities were issued in January, while issuance of Ginnie Mae I securities totaled $1.41 billion. In addition, Ginnie Mae guaranteed $1.41 billion in multifamily securities in January. Click to continue
Ginnie Mae has announced that it has guaranteed $22.31 billion in mortgage-backed securities (MBS) in December 2013. In addition, the value of Ginnie Mae I multifamily pools increased from $1.16 billion to $1.58 billion.Click to continue
As a result of an investigation by the office of Massachusetts Attorney General Martha Coakley, the state's pension fund will receive $11.3 million as part of a settlement with Countrywide Securities Corporation (CSC). This case is part of the AG’s industrywide review of residential mortgage securitization practices in Massachusetts.Click to continue
On the heels of an $8 million-plus settlement with Flagstar Banks, Fannie Mae has reached another agreement, this time with Wells Fargo & Company, that resolves substantially all repurchase liabilities related to loans sold to Fannie Mae that were originated prior to Jan. 1, 2009.
The $591 million agreement was adjusted for credits related to certain prior repurchases, resulting in a one-time cash payment to Fannie Mae of approximately $541 million. At Sept. 30 2013, Wells Fargo had fully accrued for the cost of the agreement.
Flagstar Bancorp Inc. has announced that it has entered into an agreement with Freddie Mac to resolve substantially all of the repurchase requests and obligations associated with loans originated between Jan. 1, 2000 and Dec. 31, 2008 and sold to Freddie Mac. The total resolution amount is $10.8 million, but after paid claim credits and other adjustments, the bank will pay $8.9 million to Freddie Mac. The amount of Flagstar's current representation and warranty reserve specific to the loans covered by the agreement is sufficient to cover the payment amount.Click to continue
The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, announced that it has reached a settlement with Deutsche Bank AG, related companies and specifically named individuals for $1.925 billion to resolve claims in FHFA v. Deutsche Bank AG, et al., as well as certain other matters. The settlement addresses claims alleging violations of federal and state securities laws in connection with private-label mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac between 2005 and 2007.Click to continue
U.S. Bancorp has announced that it had entered into an agreement with Freddie Mac that resolves substantially all repurchase obligations related to representations and warranties made on loans sold to Freddie Mac between 2000 and 2008.
After adjusting for credits related to prior repurchases, U.S. Bancorp will make a one-time $53 million cash payment to Freddie Mac. At Sept. 30, 2013, U.S. Bancorp had fully reserved for the cost of the agreement.
Walter Investment Management Corporation has announced that it has entered into a definitive agreement with a large national depository to acquire a pool of mortgage servicing rights (MSRs) backed by Fannie Mae with an aggregate unpaid principal balance of approximately $30 billion.Click to continue
The PNC Financial Services Group Inc. announced that its affiliate, PNC Bank, National Association, has reached an agreement in principle with Freddie Mac to resolve substantially all indemnification and repurchase obligations related to loans sold to Freddie Mac between 2000 and 2008.Click to continue
The new issuance private-label U.S. residential mortgage-backed securities (RMBS) market will slowly restart in 2014, and credit quality implications will vary given the different forces at play, according to a new report from Moody’s Investors Service, 2014 Outlook - U.S. RMBS and Servicer Quality. New transactions in 2014 will be of lower credit quality because originators will have trouble maintaining volume in loan pools as refinancing activity decreases.Click to continue