Skip to main content

UBS Americas Reaches $885 Million MBS Settlement With FHFA

NationalMortgageProfessional.com
Jul 26, 2013

The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac announced it has reached a settlement with UBS Americas Inc. for $885 million. The settlement covers claims of alleged violations of federal and state securities laws in connection with private-label residential mortgage-backed securities (MBS) purchased by Fannie Mae and Freddie Mac. Under the terms of the agreement, UBS will pay approximately $415 million to Fannie Mae and $470 million to Freddie Mac to resolve certain claims related to securities sold to the companies between 2004 and 2007. “The satisfactory resolution of this matter provides greater clarity and certainty in the marketplace and is in line with our responsibility for preserving and conserving Fannie Mae’s and Freddie Mac’s assets on behalf of taxpayers,” said FHFA Acting Director Edward J. DeMarco. The settlement agreement covers claims between FHFA and UBS in the following cases: FHFA v. UBS Americas, Inc., et al., 11 Civ. 5201 (DLC) (S.D.N.Y.); FHFA v. Ally Financial Inc., et al., 11 Civ. 7010 (DLC) (S.D.N.Y.); FHFA v. Countrywide Financial Corp., et al., No. 12 Civ. 1059 (MRP) (C.D. Cal.); FHFA v. First Horizon National Corp., et al., No. 11 Civ. 6193 (DLC) (S.D.N.Y.). The settlement is between FHFA and UBS Americas, Inc., UBS Real Estate Securities Inc., UBS Securities LLC, Mortgage Asset Securitization Transactions Inc., and other named defendants. FHFA has now settled three of the 18 suits it filed in 2011, and remains committed to satisfactorily resolving the remaining suits as well.
Published
Jul 26, 2013
Feds Reviewing Appraisal Standards, Qualifications

Appraisal Subcommittee said requirements are being reviewed to determine whether they ensure and promote fairness, equity, objectivity, and diversity, in both appraisals and in the training and credentialing of appraisers.

Regulation and Compliance
Oct 20, 2021
​​​​​​​FHFA OK's Desktop Appraisals, Expands Refi Criteria

The Federal Housing Finance Agency (FHFA) said Monday it will take two steps to help make home ownership more affordable and sustainable for mortgage borrowers, especially for those in underserved communities. 

Regulation and Compliance
Oct 19, 2021
CFPB Names 4 To Key Senior Positions

The appointees include two who helped create the bureau and two who served on the CFPB staff during the Obama administration.

Regulation and Compliance
Oct 14, 2021
FHFA Raises Enterprises' Multifamily Loan Purchase Caps

The Federal Housing Finance Agency (FHFA) said the 2022 multifamily loan purchase caps will be $78 billion for each Enterprise, for a combined total of $156 billion to support the multifamily market.

Regulation and Compliance
Oct 13, 2021
CFPB Hits AAG With Complaint For Deceptive Marketing Of Reverse Mortgages

The Consumer Financial Protection Bureau filed a complaint and proposed consent order, which alleges that American Advisors Group (AAG) used inflated and deceptive home estimates to attract reverse mortgage consumers.

Regulation and Compliance
Oct 12, 2021
Waterstone Mortgage Names VP Of Compliance

Waterstone Mortgage Corporation named Kris Barros as the company's vice president of compliance.

Community
Oct 08, 2021