Skip to main content

Flagstar to Pay Freddie Mac $8.9 Million for Mortgage Repurchase Obligations

NationalMortgageProfessional.com
Dec 30, 2013

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. "This agreement is another positive step for Flagstar in further reducing the company's risk profile while supporting improved performance," said Alessandro DiNello, Flagstar's president and CEO. "We believe that our accomplishments in 2013 have positioned Flagstar for sustainable long-term growth in 2014 and beyond."
Published
Dec 30, 2013
Fannie Mae Plans To Restart Credit Risk Transfers In 2021

Paused Since March 2020, New CRT Transactions To Begin In October

Regulation and Compliance
Sep 21, 2021
Biden Nominates McCargo To Lead Ginnie Mae

Currently Serves As Senior Advisor For Housing Finance At HUD

Regulation and Compliance
Sep 14, 2021
OCC Plans To Rescind 2020 CRA Rule

The OCC formally issued a proposal to rescind a controversial rule within the Community Reinvestment Act (CRA) that was published in June 2020.

Regulation and Compliance
Sep 10, 2021
CSBS Changes Servicer Liquidity Policy

CSBS And MBA Encourage States To Adopt Consistently

Regulation and Compliance
Sep 08, 2021
Flexibilities Move Forward

Pandemic Priorities Continue To Drive Industry Modernization

Regulation and Compliance
Sep 08, 2021
FHFA And The Enterprises Coordinate Action On Equitable Housing

Today the FHFA is announcing that Fannie Mae and Freddie Mac (the Enterprises) will submit Equitable Housing Finance Plans to the FHFA by the end of 2021.

Regulation and Compliance
Sep 08, 2021