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Ginnie Mae Guarantees $21 Billion-Plus in MBS in February


Ginnie Mae announced that it guaranteed $21.25 billion in mortgage-backed securities (MBS) in February 2014. “Ginnie Mae continues to provide stability to the U.S. housing finance system, during both times of crisis and recovery,” said Ginnie Mae President Ted Tozer. “Our Issuers recognize that our product provides flexibility to respond to market change and consistency rooted in transparency, accountability and standardization.”Click to continue

Compliance Considerations for Managers of Non-Securitized Consumer Assets

House and Money Scale

Post-financial crisis regulatory changes have impacted the financial services industry in various and significant ways. But perhaps the sectors most affected are those that are consumer facing. Mortgage originators and servicers took much of the blame during the financial crisis as loan defaults skyrocketed. The backlash from regulators and politicians was immediate and material with a flood of new regulations and guidelines.Click to continue

Ginnie Mae Announces Reverse Mortgage Policy Changes


Ginnie Mae is announcing policy changes and clarifications to pooling requirements for its Home Equity Conversion Mortgage (HECM) Mortgage Backed Securities (HMBS) program. Specifically, as described below, Ginnie Mae will prohibit the inclusion of fixed rate HECM loans where the borrower may choose a payment plan option that provides for future loan advances against the principal limit to be disbursed to the borrower.Click to continue

U.S. CMBS Delinquency Rate Hits Four-Year Low

Commercial and Multifamily Property

Trepp LLC has released its March 2014 US CMBS Delinquency Report, finding that the rate for U.S. commercial real estate loans in CMBS fell 24 basis points in March to 6.54 percent. The last time the Trepp U.S. CMBS delinquency rate was below this level was over four years ago, in January of 2010. Today’s rate is 288 basis points lower than where it was a year ago.Click to continue

FHFA Reaches $885 Million Agreement With Credit Suisse Over MBS


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

Jefferies to Pay $25 Million in RBMS Trading Violation

Black Gavel Pic/Credit: Brand X Pictures

Christy Romero, Special Inspector General for the Troubled Asset Relief Program (SIGTARP); Deirdre M. Daly, United States Attorney for the District of Connecticut; and Patricia M. Ferrick, Special Agent in Charge of the New Haven, Conn., Division of the Federal Bureau of Investigation, today announced that New York-based investment bank and broker-dealer Jefferies LLC (Jefferies) and the U.S.Click to continue

Ginnie Mae Guarantees Nearly $23 Billion in MBS in January


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 Guarantees $22 Billion-Plus in MBS in December


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

Countrywide Securities Settles With Massachusetts on Sub-Prime Securitization Claims

Hands Shaking Pic

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

Wells Fargo and Fannie Mae Agree to $540 Million-Plus Repurchase Settlement

Handshake Pic Credit: Stockbyte

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.