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Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA) has responded to an announcement from the House Financial Services Committee regarding HR 1221, The Equity in Government Compensation Act of 2011 . The bill would strip compensation packages of senior executives at Freddie...
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At the same time the Acting Director of the FHFA is considering loosening guidelines or reducing fees in conjunction with an expanded HARP offering, he’s likely to raise certain fees in 2012. Speaking at The American Mortgage Conference in Raleigh, NC, Edward Demarco gave some additional clarity...
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UBS Americas Inc., several of its subsidiaries, and four former executive officers were sued Wednesday morning in U.S. District court for the Southern District of New York. The Federal Housing Finance Agency (FHFA) brought suit charging violations of securities laws in the sale of private label residential...
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This article was originally published in the May issue of Asset Securitization Report (www.sourcemedia.com) As part of a joint initiative , the FHFA and HUD recently released a presentation outlining potential revisions to the current system of servicer compensation. The initiative’s stated goals...
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The Federal Housing Finance Agency (FHFA) has directed Freddie Mac and Fannie Mae to establish consistent mortgage loan servicing and delinquency management requirements for the companies servicing the two government sponsored enterprises' (GSEs) delinquent mortgages. The updated framework will establish...
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Fannie Mae has announced a new program to measure and evaluate the performance of its servicers' actions toward helping homeowners avoid foreclosure. The Servicer Total Achievement and Rewards Program or "STAR" is designed to directly link servicer performance in assisting homeowners to the customer...
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Despite the current political focus on reforming the housing finance market, the Acting Director of the Federal Housing Finance Agency (FHFA) told an audience that his agency remains committed to meeting the existing goals of the government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae for...
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The Federal Housing Finance Agency (FHFA) announced Tuesday that it has instructed Fannie Mae and Freddie Mac to study possible alternatives to the current servicing and compensation structure that they employ for their single-family mortgage loans. The initiative will seek to improve service for borrowers...
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The Federal Housing Finance Agency (FHFA) has approved agreements reached by Freddie Mac and Fannie Mae (the Enterprises) with two of the enterprises' counterparties, Bank of America (BofA) and Ally Financial Capital, LLC . The agreement with Ally also resolves a dispute between Fannie Mae and GMAC with...
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Last week the Federal Home Finance Administration issued an Advanced Notice of Proposed Rulemaking (ANPR) which outlines proposed changes in membership requirements for Federal Home Loan Banks (Banks). The 12 Banks, regionally dispersed throughout the United States, were originally organized in 1932...
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The Federal Home Finance Agency FHFA) has issued the final rules for the three financial entities it oversees and an advance notice of proposed rulemaking for the Federal Home Loan Banks (Banks.) The three final rules, all of which have been through a period of public comment, concern GSE portfolio holdings...
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The Federal Housing Finance Agency (FHFA) has released projections showing possible future financial performances of Fannie Mae and Freddie Mac and the potential draws from the U.S. Treasury under terms of the Preferred Stock Purchase Agreements (PSPAs). To date Fannie Mae and Freddie Mac have drawn...
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The first Conservator's Report on the Enterprises' Financial Performance issued by the Federal Housing Finance Agency on Thursday makes an argument that the Government Sponsored Enterprises' role in the housing market was and still is vital. It also paints a picture of their fall prior to...
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Saying it would enhance the uniformity and depth of collateral, borrower, and loan data, the Federal Housing Finance Agency (FHFA) is gearing up for a new program to improve Freddie Mac and Fannie Mae's data collection standards and processes. The Uniform Mortgage Data Program will be phased in over...
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The central goal of the Federal Housing Finance Agency (FHFA) in managing its conservatorship of Freddie Mac and Fannie Mae is and conserving the assets of the corporations by minimizing their credit losses from delinquent mortgages. This goal and others were outlined in a letter earlier this month from...