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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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Freddie Mac will again draw on its Treasury line of credit following its third quarter results. The government sponsored enterprise (GSE) released those financial statements on Thursday. To balance its books, the company will request an infusion of $6 billion under its Senior Preferred Stock Agreement...
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Written By: Brideen Gallagher Vice President, The Collingwood Group Brian O’Reilly raised some very intriguing propositions on dealing with the ever growing issue of borrower income/wealth trapped in deflated, under-water home values. While these ideas address each constituency impacted—borrower...
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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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The House Subcommittee on Capital Markets and Government Sponsored Enterprises took its microphones to New York City on Wednesday for a field hearing on " Facilitating Continued Investor Demand in the U.S. Mortgage Market without a Government Guarantee ." The representatives heard testimony from four...
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The New York Times is reporting that the government is seriously contemplating a broad-based refinancing of mortgages guaranteed by the two GSEs , Fannie Mae and Freddie Mac, in an effort to reduce payments by those borrowers who currently cannot refinance either due to negative equity in their homes...
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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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The Chairman of the Federal Reserve today told Congress in his Semiannual Monetary Policy Review that "Households report that they have little confidence in the durability of the recovery and about their own income prospects. Moreover, the ongoing weakness in home values is holding down household wealth...
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[I am away from the computer on a daily basis, and my access to e-mail is sporadic and not timely. In my place are daily commentaries from a series of very knowledgeable mortgage industry people with different backgrounds, and they have been given very little direction about what to write about - the...
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The House Subcommittee on Capital Markets and Government Sponsored Enterprises has approved eight bills to end what it calls the bailout of Freddie Mac and Fannie Mae, the two government sponsored enterprises (GSEs) which have been in government conservatorship since August 2008. Seven of those bills...
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Realtors® attending the National Association of Realtors (NAR) mid-year legislative meetings and trade expo in Washington heard a panel of housing experts lay out the several solutions for housing finance reform. The six panelists discussing Fannie Mae & Freddie Mac: Obama Options and Beyond...
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Yesterday Freddie Mac announced net income of $676 million for the quarter ended March 31, 2011, compared to a net loss of $113 million for the quarter ended December 31, 2010. The company release states Freddie had a positive net worth of $1.2 billion on March 31, 2011. As a result, no additional funding...
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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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Treasury Secretary Timothy F. Geithner told the House Committee on Financial Services today that Congress must tackle reforming Freddie Mac and Fannie Mae or the government sponsored enterprises (Enterprises) will merely return to their old form. Geithner's prepared testimony before the committee was...