National Mortgage News, June 29, 2016–Collins, Brian
The Federal Housing Finance Agency is soliciting industry input on how to improve Fannie Mae and Freddie Mac’s credit risk transfer transactions, for the first time considering front-end transactions rather than back-end deals.
National Mortgage News, June 29, 2016–Passy, Jacob
The Supreme Court agreed Tuesday to hear a case regarding a clause in Fannie Mae’s corporate charter that awards jurisdiction over every case involving the government-sponsored enterprise to federal courts.
HousingWire, June 29, 2016–Ramirez, Kelsey
Ohio passed legislation yesterday that seeks to prevent zombie homes, or vacant or abandoned residential property, by enacting a fast-track process for mortgage foreclosures.
HousingWire, June 30, 2016–Ramirez, Kelsey
The first nonperforming loan report from the Federal Housing Finance Agency, released today, shows Fannie Mae and Freddie Mac “resolved” just 24% of its total inventory of non-performing loans.
DSNews, June 30, 2016–Honea, Brian
Having fallen below its 2016 cap of $339.3 billion in March, Fannie Mae’s gross mortgage portfolio contracted further in both April and May, shrinking at an annual rate of 32.0 percent in May, according to Fannie Mae’s May 2016 Monthly Volume Summary.
HousingWire, June 30, 2016–Lane, Ben
Minnesota announced earlier this week that it is fining American Modern Insurance Group $1 million for overcharging Minnesota residents for force-placed insurance.
San Francisco Chronicle, July 1, 2016–Gutierrez, Melody
The bill would amend the California Homeowner Bill of Rights to include heirs of homeowners, requiring lenders to work with them to help save their homes from foreclosure. But Pat Zenzola, a lobbyist for the California Mortgage Bankers Association, said the bill is “ripe with the opportunity for additional litigation and potential for mischief.”
HousingWire, June 30, 2016–Lane, Ben
Amidst mounting public pressure to do more to keep struggling homeowners in their homes, HUD and the Federal Housing Administration announced a series of extensive changes to its non-performing loan sale program.
National Mortgage News, July 1, 2016–Collins, Brian
The Federal Housing Finance Agency’s first report on the sales of nonperforming loans owned by Fannie Mae and Freddie Mac may seem discouraging at first. Mike Fratantoni, the chief economist of the Mortgage Bankers Association, said Fannie and Freddie have achieved a number of positive results from these sales.
MReport, July 4, 2016–Honea, BrianHaving already fallen below the cap for 2016 only a third of the way through the year, Freddie Mac’s mortgage-related investments portfolio continued to shrink at the annual rate of 27 percent in May.
