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Keyword: fhfa

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  • New federal database will track Americans' credit ratings, other financial information

    05/30/2014 5:48:55 AM PDT · by Chickensoup · 60 replies
    Washington Examiner ^ | 5/30/2014 | Richard Pollock
    As many as 227 million Americans may be compelled to disclose intimate details of their families and financial lives -- including their Social Security numbers -- in a new national database being assembled by two federal agencies. The Federal Housing Finance Agency and the Consumer Financial Protection Bureau posted an April 16 Federal Register notice of an expansion of their joint National Mortgage Database Program to include personally identifiable information that reveals actual users, a reversal of previously stated policy. Sign Up for the Watchdog newsletter! FHFA will manage the database and share it with CFPB. A CFPB internal planning...
  • Consumer bureau data-mining hundreds of millions of consumer credit card accounts, mortgages

    01/29/2014 10:15:43 AM PST · by Errant · 35 replies
    Washington Examiner ^ | 29 January 2014 | Richard Pollock
    Officials at the Consumer Financial Protection Bureau are conducting a massive, NSA-esque data-mining project collecting account information on an estimated 991 million American credit card accounts. It was also learned at a Congressional hearing Tuesday that CFPB officials are working with the Federal Housing Finance Agency on a second data-mining effort, this one focused on the 53 million residential mortgages taken out by Americans since 1998.
  • Mel Watt becomes new chief overseeing Fannie, Freddie

    01/09/2014 10:41:37 AM PST · by Olog-hai · 11 replies
    Charlotte Observer ^ | Monday, Jan. 06, 2014 | Franco Ordonez
    Mel Watt was sworn into a top housing finance post Monday afternoon while simultaneously bringing to an end a career in Congress spanning more than two decades. The now-former representative from North Carolina was given the oath to lead the Federal Housing Finance Agency by former Charlotte mayor and current Transportation Secretary Anthony Foxx. Watt’s path to his new position was cleared last month after a drawn-out debate that included a controversial rule change allowing him to be confirmed with a 57-41 Senate vote. …
  • FHFA Raises Guarantee Fees For Fannie Mae and Freddie Mac (DeMarco's Last Stand)

    12/09/2013 3:45:34 PM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 12/09/2013 | Anthony B. Sanders
    Today, FHFA directed Freddie Mac and Fannie Mae to raise guarantee fees in three components: • The base g-fee (or ongoing g-fee) for all mortgages will increase by 10 basis points; • The up-front g-fee grid will be updated to better align pricing with the credit risk characteristics of the borrower; and • The up-front 25 basis point adverse market fee that has been assessed on all mortgages purchased by Freddie Mac and Fannie Mae since 2008 is being eliminated except in the four states whose foreclosure carrying costs are more than two standard deviations greater than the national average....
  • FHA To Drop Loan Limits (Lowering The Brad Pitt Mortgage Limit), Hawaii Still The Highest

    12/08/2013 11:51:10 AM PST · by whitedog57 · 2 replies
    Confounded Interest ^ | 12/08/2013 | Anthony B. Sanders
    According to Nick Timiraos at the Wall Street Journal, Housing Agency (FHA) Will Reduce Mortgage-Loan Limits next month. The maximum for single-family homes in certain “high-cost” housing markets including Los Angeles, San Francisco and New York will fall to $625,500, from the current level of $729,750. This is an attempt to bring the FHA back in line with their original mission of supporting first time homebuyers, not the Brad Pitts of the world. Why does the Federal government insure mortgages in expensive cities that are far more costly than middle America? Ask your Congressman. Example. Honolulu leads the nation in...
  • Fallout From Senate's Nuclear Option: Mel Watt Likely To Be Confirmed As FHFA Director

    11/23/2013 3:28:32 AM PST · by whitedog57 · 7 replies
    Confounded Interest ^ | 11/23/2013 | Anthony B. Sanders
    There is already fallout from Harry Reid (D-NV) and The Democrats use of the “nuclear option” to change confirmation hearings to a simple majority vote. Of course, this means that the Democrats can force horrible choices on America without the possibility of a filibuster. While most people have focused on the judicial appointments, one person in the housing finance arena stands to benefits: Mel Watt (D-NC). Watt would be a disastrous choice as Federal Housing Finance Agency (FHFA) Director. He has NO regulatory experience, did not know what Tier 1 capital was (the lack of which sank Fannie Mae and...
  • Treasury To Sell Remaining GM Shares - Whither Fannie Mae and Freddie Mac??

    11/21/2013 12:13:22 PM PST · by whitedog57 · 1 replies
    Anthony B. Sanders ^ | 11/21/2013 | Anthony B. Sanders
    The U.S. Treasury Department said it expected to sell its remaining shares of General Motors by the end of the year, a plan that may leave taxpayers with a shortfall of about $10 billion on the automaker’s 2009 bailout. It must be nice to be bailed out by Uncle Sam. Most companies go through the bankruptcy process without the Federal government interfering with the proceedings. But what about Fannie Mae and Freddie Mac, the beleaguered mortgage giants held in conservatorship by the Federal Housing Finance Agency (FHFA)? More to the point, why didn’t the failed giants go into bankruptcy instead?...
  • Transformation: Freddie Mac Does Another Risk-sharing Deal, Citi Sells Servicing Rights

    10/25/2013 7:30:21 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 10/25/2013 | Anthony B. Sanders
    The mortgage market is undergoing a transformation. Fannie Mae and Freddie Mac are doing more credit risk-sharing deals (a sign of things to come) while Citi decides to sells its mortgage servicing portfolio. Oct. 25 (Bloomberg) By Jody Shenn — Freddie Mac “expects to complete another” sale of risk-sharing securities “shortly,” FHFA acting director Ed DeMarco said in speech yesterday afternoon. • NOTE: Freddie spokeswoman said last month it hopes to complete another deal this year; Fannie Mae execs said this month no more deals in 2013, working on one for early next year • FHFA plans for “scope and...
  • Activist Regulator: FHFA Campaigning For Negative Equity Borrowers To Refinance Their Mortgage

    09/23/2013 7:15:37 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 09/23/2013 | Anthony B. Sanders
    Now, this is a switch. During the housing bubble, regulators were criticized for being asleep at the wheel. Now at least one regulator is assuming the role of consumer activist for mortgage refinancings. A U.S. regulator is starting a campaign to encourage as many as 2 million borrowers with mortgages backed by Fannie Mae and Freddie Mac to refinance with a government program for properties that have lost value. Officials at the Federal Housing Finance Agency convened focus groups this year to find out why borrowers paying interest rates as high as 7 percent hadn’t yet tried to lower their...
  • Huh? FHFA Purchase Only House Price Index Rises 0.7% In May, Richmond Fed Prints at -11

    07/23/2013 7:21:49 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 07/23/2013 | Anthony B. Sanders
    The Federal Housing Finance Agency (FHFA) released their purchase only house price index this morning. It rose 0.7% in May. fhfa072313 The Pacific, West South Central, New England and Middle Atlantic continue to rise. East South Central? Not so much. fhfaregion072313 States in Each Census Division Pacific Census Division: Hawaii, Alaska, Washington, Oregon, California Mountain Census Division: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico West North Central: North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas, Missouri West South Central: Oklahoma, Arkansas, Texas, Louisiana East North Central: Michigan, Wisconsin, Illinois, Indiana, Ohio East South Central: Kentucky, Tennessee, Mississippi, Alabama...
  • FHFA Limiting Fannie Mae and Freddie Mac Loan Purchases to “Qualified Mortgages”

    05/06/2013 1:41:13 PM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 05/06/2013 | Anthony B. Sanders
    The Federal Housing Finance Agency (FHFA) announced today that it is directing Fannie Mae and Freddie Mac to limit their future mortgage acquisitions to loans that meet the requirements for a qualified mortgage, including those that meet the special or temporary qualified mortgage definition, and loans that are exempt from the “ability to repay” requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). In January, the Consumer Financial Protection Bureau (CFPB) issued a final rule implementing the “ability to repay” provisions of Dodd-Frank, including certain protections from liability for loans that meet the criteria of a qualified...
  • Obama nominee:Most whites won’t vote for a black;should be excluded from ‘democratic process’

    05/01/2013 6:01:53 PM PDT · by massmike · 53 replies
    http://dailycaller.com/ ^ | 05/01/2013 | n/a
    Obama’s pick to head the Federal Housing Finance Agency once said that a “majority of white voters” would never vote for a black candidate and that they should be excluded from “the democratic process.” The White House announced Wednesday that Obama will nominate Democratic North Carolina Congressman Mel Watt to take over the FHFA, which regulates Fannie Mae and Freddie Mac, the country’s government sponsored mortgage companies. Watt, the former chairman of the Congressional Black Caucus, has in the past accused white Americans of racism. “There would be a substantial majority of white voters who would say that under no...
  • Goin’ Down: Mortgage Purchase Applications, Treasury Rates, Construction Spending Decline

    05/01/2013 9:34:58 AM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 05/01/2013 | Anthony B. Sanders
    While we await The Fed’s FOMC rate decision at 2pm (as if it will change!), we had some good news and bad news today. First, the good news. The Mortgage Bankers Association (MBA) released their weekly mortgage applications indices this morning. Applications rose 1.8% from the previous week. Unfortunately, mortgage purchase applications fell 1.37% while refinancing applications rose 2.80% and is at its highest level since the week ending January 18, 2013. The HARP share of refinance applications increased from 32 percent last week to 34 percent this week, the highest level since MBA began tracking HARP applications in February...
  • Obama to name Melvin Watt, NC congressman, to top housing finance post

    05/01/2013 4:52:22 AM PDT · by haffast · 11 replies
    Associated Press ^ | Updated: Wednesday, May 1, 12:13 AM | AP
    WASHINGTON — President Barack Obama intends to nominate Rep. Melvin Watt to head the Federal Housing Finance Agency, the government regulator that oversees lending giants Fannie Mae and Freddie Mac, a White House official said Tuesday. If confirmed by the Senate, Watt, D-N.C., a 20-year veteran of the House, would replace Edward DeMarco, an appointee of President George W. Bush who has been a target of housing advocates, liberal groups and Democratic lawmakers. snip The president was expected to name Watt on Wednesday, according to the official, who spoke on condition of anonymity ahead of the announcement. Watt’s nomination comes...
  • Obama Administration Seeks To Replace FHFA Director With Moody’s Mark Zandi

    04/13/2013 1:55:21 PM PDT · by whitedog57
    Confounded Interest ^ | 04/13/2013 | Anthony B. Sanders
    The title of the WSJ’s Nick Timiraos article couldn’t be more ironic: “Economist Eyed for Fannie Watchdog.” It is ironic in a couple of ways. First, Zandi has no regulatory experience (as far as I know). Second, he is on record touting every government loan modification and principal reduction program. See, for example, his New York Times editorial with Joseph Stiglitz. The current FHFA Acting Director, Edward DeMarco, has been a champion of shrinking Fannie Mae and Freddie Mac’s footprint in the market and consolidating their operations. According to Timiraos: Without clear direction from the White House or Congress, Mr....
  • Fannie/Freddie Could See $51 Billion Profit … IF They Remain Under Gov’t Control For 10 Years

    04/11/2013 11:21:45 AM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 04/11/2013 | Anthony B. Sanders
    Jon Prior at Politico reports that according to budget projections released Wednesday, taxpayers could see “a $51 billion profit on the $187 billion in federal funds that have been pumped into” Fannie Mae and Freddie Mac “since they were taken over by the government in 2008.” The catch? Fannie and Freddie would have to remain under government control for another 10 years. Wait a minute. If taxpayers spend $187 to bailout Fannie and Freddie, a $51 billion profit over ten years still leaves taxpayers in the hole for $136 billion. Politico is making it sound like a tremendous return on...
  • Here We Go Again! Obama Pushing For Banks To Make MORE Risky Loans At Taxpayer Expense

    04/03/2013 3:35:09 PM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 04/03/2013 | Anthony B. Sanders
    This morning, the Mortgage Bankers Association (MBA) released their weekly mortgage application indices. Mortgage purchase applications rose 1.74% NSA from the preceding week. You can see the rise since the turn of the year. If we look at Seasonally Adjusted applications over a longer time frame, mortgage purchase applications were the highest since June 2010 and are back to June 1997 levels. Mortgage refinancing applications, on the other hand, fell 5.58% NSA from the previous week. They remain slightly below the average for the past 12 months. “Total purchase applications increased last week, due to an almost 7 percent increase...
  • Obama Pushing For Banks To Make MORE Risky Loans At Taxpayer Expense

    04/03/2013 7:55:32 AM PDT · by whitedog57 · 8 replies
    Confounded Interest ^ | 04/03/2013 | Anthony B. Sanders
    Administration Encouraging Banks To Approve Riskier Mortgages Here we go again. This is reminiscent of Clinton/Cisneros/Cuomo’s National Homeownership Strategy that help almost destroy the banking system and left millions of households in foreclosure: nhsdream2 According to the Washington Post (4/2, Goldfarb, 489K),the Administration “is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.” The Post adds that “administration officials say they...
  • Yet Another Government Mortgage Modification Program, This One From FHFA (Spreads Still High)

    03/27/2013 8:27:30 AM PDT · by whitedog57 · 8 replies
    Confounded Interest ^ | 03/27/2013 | Anthony B. Sanders
    Yes, we have yet another government mortgage modification program. This makes the 15th government mortgage modification program to go along with HAMP, HARP, the Attorneys General Settlement and their various contortions. The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac will offer a new, simplified loan modification initiative to minimize losses and to help troubled borrowers avoid foreclosure and stay in their homes. Beginning July 1, servicers will be required to offer eligible borrowers who are at least 90 days delinquent on their mortgage an easy way to lower their monthly payments and modify their...
  • Fannie and Freddie Use Their “Get Out Of Jail Free” Card for Some Borrowers

    01/28/2013 6:34:00 AM PST · by whitedog57 · 5 replies
    Confounded Interest ^ | 01/28/2013 | Anthony B. Sanders
    Fannie Mae and Freddie Mac, the mortgage giants in conservatorship, played their “Get out of jail free” card and are letting some borrowers wipe out negative equity on their homes. Fannie Mae and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money. Non-delinquent borrowers with illness, job changes or other reasons they need to move will become eligible in March to apply for a so-called...
  • Regulator rejects plan from White House to forgive mortgage debt

    07/31/2012 1:04:29 PM PDT · by jazusamo · 15 replies
    The Hill ^ | July 31, 2012 | Vicki Needham
    A top housing regulator on Tuesday spurned a proposal from President Obama and Democrats to let homeowners write down the principal on their mortgages. Edward DeMarco, the acting director of the federal agency that oversees Fannie Mae and Freddie Mac, said the risk to taxpayers from the mortgage aid would far outweigh the benefits. “We concluded the potential benefit was too small and uncertain relative to unknown costs and risks,” DeMarco, the head of the Federal Housing Finance Agency (FHFA), said in a letter to Congress. DeMarco's move drew a swift rebuke from the Treasury Department, which had pushed FHFA...
  • PERRIS: Fannie Mae Abandoned Horse, Records Show

    07/25/2012 2:32:34 PM PDT · by DogByte6RER · 5 replies
    The Press Enterprise ^ | July 23, 2012 | Peter Surowski
    PERRIS: Fannie Mae abandoned horse, records show A horse that was found blind, starving and nearly crippled at a foreclosed home in Perris may have been a victim of Fannie Mae. I reported on the horse’s rescue last week by a couple of local good Samaritans, but I didn’t know who owned the property. I do now. It was Fannie Mae. That’s what the County Assessor’s records show, anyway. I had a feeling this was the case, based on an unreliable tip that was blurted at me by the real estate agent in charge of the property. When I called...
  • New Marx Brothers Film: "A Day in Washington D.C. - Mortgage Write-downs"

    04/16/2012 12:09:28 PM PDT · by whitedog57 · 6 replies
    Confounded Interest ^ | 04/16/2012 | Anthony B. Sanders
    The never-ending tale of the Administration and Congress pressuring FHFA Ed DeMarco to write down principal on residential mortgages is reminiscent of the Marx Brothers zany, non-nonsensical films like “Duck Soup,” “A Day at the Races,” and “A Night at the Opera.” Even worse, DeMarco seems to be wilting like a month-old celery stalk in the frig. Vicki Needham at The Hill has a nice review of the latest Marx Brothers zany comedy. Frank Keating, president and chief executive of the American Bankers Association: “Principal reductions create an incentive for a huge group of borrowers who have continued making their...
  • IMF’s Lagarde Calls for DeMarco to Perform Principal Reductions – “Escargot Endrun”

    04/13/2012 8:09:15 AM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 04/13/2012 | Anthony B. Sanders
    At a speech at the Brookings Institute in Washington D.C., IMF’s head Christine Lagarde called for the U.S. to perform principal reductions for residential mortgages. ... the IMF said U.S. steps to tackle the problem have had limited effect. The agency recommended wider efforts to reduce the value of mortgages rather than rescheduling or refinancing them. “Fannie and Freddie have to be part of the equation,” Lagarde said, wading into a vigorous U.S. policy debate. “U.S. households have to be able to unload a bit.” As I mentioned at the Brookings Institute on earlier this week, there is no evidence...
  • FHFA's DeMarco: Decision on GSE Principal Reductions This Month

    04/05/2012 5:29:58 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 04/05/2012 | Anthony B. Sanders
    At a speech in Boston yesterday, FHFA's Acting Director Ed DeMarco once again brought up the topic of principal reductions for homeowners. In the speech, he discussed FHFA's reasoning for their preference of forbearance over principal reductions as a tool to help distressed homeowners. The fundamental point of a loan modification is to adjust the borrower’s monthly payment to an affordable level. We have seen repeatedly that what matters most in successfully helping borrowers is a meaningful reduction in the monthly payment to an amount that helps stabilize the family’s finances. Indeed, we have found that payment reduction, not loan-to-value,...
  • NPR: Freddie Mac Betting Against Struggling Homeowners (DeMarco’s Dual Mandate Problem)

    01/30/2012 8:45:04 AM PST · by whitedog57 · 4 replies
    Confounded Interest ^ | 1/30/2012 | Anthony B. Sanders
    Chris Arnold at National Public Radio (NRP) posted this story today: “Freddie Mac Betting Against Struggling Homeowners.” The article quotes Chris Mayer from Columbia University, one of the authors of the Boyce, Hubbard and Mayer (MHM) streamlined mortgage refi plan. Streamlined mortgage refis come at a cost to Fannie Mae, Freddie Mac, pension funds and foreign investors who trusted the U.S. to play be the rules. I don’t really care if the benefits outweigh the costs since I am opposed to massive government intervention into the free market. It never works as expected and usually generates unintended consequences. Why isn’t...
  • Investors eagerly eye U.S. foreclosure rental plan

    01/24/2012 10:40:19 AM PST · by Ernest_at_the_Beach · 42 replies
    MarketWatch ^ | Jan. 24, 2012, 7:00 a.m. EST | Ronald D. Orol, MarketWatch
    WASHINGTON (MarketWatch) — Matt Martin, CEO of Matt Martin Real Estate Management, is eagerly awaiting the introduction of a program that the Obama administration hopes will transform foreclosed properties into rehabilitated rental units and kick-start the economy. He says he’s not alone. “There is a large chunk of capital, billions of dollars, sitting on the sidelines waiting to see what kind of program the government comes up with,” Martin said. At issue is a Federal Housing Finance Agency push to develop a program that is expected to use government financing or guarantees to attract investors to buy up big regional...
  • Freddie Mac CEO to step down

    10/26/2011 8:23:47 PM PDT · by rabscuttle385 · 28 replies · 2+ views
    The Hill, Washington, DC ^ | 2011-10-26 | Peter Schroeder
    Charles E. "Ed" Haldeman, Jr., has announced his plans to step down as chief executive officer of mortgage giant Freddie Mac sometime in the next year. The Federal Housing Finance Agency (FHFA), which regulates Freddie and its counterpart Fannie Mae, announced Wednesday that Haldeman is looking to leave the government-sponsored enterprise some time next year.
  • Obama to announce actions on housing, student loans (Dictator bypasses Congress)

    10/24/2011 5:47:12 AM PDT · by Evil Slayer · 36 replies
    Reuters ^ | 10/24/11
    (Reuters) - President Barack Obama this week will announce a series of actions to help the economy that will not require congressional approval, including an initiative to make it easier for homeowners to refinance their mortgages, according to a White House official. The actions come as Obama is facing resistance from Republicans to a $447 billion jobs package he has urged Congress to pass. The first of the initiatives will be unveiled during Obama's three-day trip to western states beginning Monday. He will discuss the changes in mortgage rules at a stop in Nevada, which has one of the hardest-hit...
  • Obama and Insiders Honcho Private-Government Real Estate Sales

    09/27/2011 9:10:41 AM PDT · by Kaslin · 7 replies
    Townhall.com ^ | September 26, 2011 | Kathy Fettke
    Who’s the largest owner of REO (bank-owned) inventory in the country? The taxpayers! That’s right. You and me. Mortgage giants Fannie Mae and Freddie Mac, along with the Federal Housing Administration (FHA), are currently holding approximately 250,000 foreclosed homes. That’s roughly half of all unsold, repossessed properties. Plus, these government-backed agencies may soon be forced to repossess 830,000 more homes currently in some stage of foreclosure. What’s a government to do with so many distressed properties? Unloading them into the market would only further depress values, while damaging the fragile U.S. economy that depends on real estate stability. Holding the...
  • ACORN Secretly Wrote 1992 Law That Set Fannie, Freddie 'On the Road to the Mortgage Meltdown'

    09/06/2011 6:12:34 AM PDT · by WashingtonSource · 30 replies
    MInd Over Market ^ | August 21, 2011 | Robert England
    The Association of Community Organizations for Reform Now (ACORN) was a key architect of a law passed in 1992 that set Fannie Mae and Freddie Mac on the road to ruin, according to a new book by Robert Stowe England to be released September 30 by Praeger. The book, Black Box Casino, uncovers the myriad factors that led to the financial crisis of 2008, the worst financial implosion of modern times. This story is one of many threads woven into the book's narrative. ACORN was a key leader in clandestine negotiations among housing activists to shape new legislation that would...
  • Settlement Said to Be Near for Fannie and Freddie [Government Struggles With: Define Subprime]

    09/09/2011 6:15:37 AM PDT · by fight_truth_decay · 6 replies
    NYT DealB%k ^ | September 8, 2011, 10:00 pm | BEN PROTESS ,AZAM AHMED
    Regulators are nearing a settlement with Fannie Mae and Freddie Mac over whether the mortgage finance giants adequately disclosed their exposure to risky subprime loans, bringing to a close a three-year investigation. The proposed agreement with the Securities and Exchange Commission, under the terms being discussed, would include no monetary penalty or admission of fraud, according to several people briefed on the case. But a settlement would represent the most significant acknowledgement
  • Banks Likely To Pursue "Total War" In Fight Against The FHFA (Will go after Fannie & Freddie)

    09/06/2011 6:41:28 AM PDT · by SeekAndFind · 41 replies
    Business Insider ^ | 09/06/2011 | Joe Weisenthal
    Intriguing note from POLITICO's Ben White today regarding the FHFA lawsuits against 17 of America's biggest banks. [Morning Money] hears that instead of contemplating settlements of the FHFA mortgage-backed securities lawsuits, big banks and their attorneys are more likely to pursue what insiders describe as an all out war strategy in which they go after Fannie Mae and Freddie Mac (and by default their Democratic supporters) in a scorched earth strategy to show the GSE’s took an active role in creating the very securities they are now suing the banks over.
  • New plan: Let’s sue all the banks! (in response to the damage they did to Fannie and Freddie)

    09/02/2011 7:53:33 AM PDT · by SeekAndFind · 38 replies
    Hotair ^ | 09/02/2011 | Jazz Shaw
    Dear Banks, Remember all of that bailout money you received? Sure hope you saved some of it. US authorities are preparing to sue more than a dozen big banks over claims they misrepresented the quality of mortgages sold during the 2006-7 housing bubble.The US Federal Housing Finance Agency (FHFA), which is overseeing the remains of failed mortgage giants Fannie Mae and Freddie Mac, is reportedly planning to argue that America’s biggest banks failed to check the health of mortgages before they sold them on to investors. The collapse of hundreds of thousands of sub-prime mortgages triggered the 2008 credit crisis...
  • U.S. to sue big banks for billions over mortgage crisis

    09/02/2011 2:28:25 AM PDT · by markomalley · 33 replies
    The Telegraph ^ | 02 Sep 2011
    Bank of America, JPMorgan Chase, Deutsche Bank and Goldman Sachs are among those expected to be named in the lawsuit. The agency that oversees U.S. mortgage markets is preparing to file suit against more than a dozen big banks, accusing them of misrepresenting the quality of mortgages they packaged and sold during the housing bubble, The New York Times reported on Thursday. The Federal Housing Finance Agency, which oversees mortgage giants Fannie Mae and Freddie Mac, is expected to file suit against Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among other banks, the Times reported, citing three...
  • U.S. Set To Sue Big Banks Over Bad Mortgages

    09/01/2011 9:23:39 PM PDT · by Steelfish · 23 replies
    MSNBC ^ | September 01, 2011 | NELSON D. SCHWARTZ
    U.S. Set To Sue Big Banks Over Bad Mortgages Agency says B of A, JPMorgan Chase, Goldman Sachs, others misrepresented securities By NELSON D. SCHWARTZ The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation. The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank...
  • US Preparing To Sue Banks For Billions Over Misrepresenting Safety Of Mortgage Securities

    09/01/2011 8:31:48 PM PDT · by blam · 55 replies
    TBI ^ | 9-1-2011 | Zeke Miller
    US Preparing To Sue Banks For Billions Over Misrepresenting Safety Of Mortgage Securities Zeke Miller Sep. 1, 2011, 10:37 PM The New York Times scoops that the federal government is preparing to file suit against a dozen major banks in the coming days for their roles in 2008 financial crisis. The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, is alleging that the banks misrepresented the quality of mortgages bundled together as securities — billing subprime loans as secure investments. Among the banks set to be slapped with lawsuits according to the Times are: Bank of America,...
  • U.S. Is Set to Sue a Dozen Big Banks Over Mortgages

    09/01/2011 7:50:27 PM PDT · by Free ThinkerNY · 55 replies
    NY Times ^ | Sept. 1, 2011 | NELSON D. SCHWARTZ
    The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation. The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter. The suits stem from subpoenas the...
  • Obama's Fannie, Freddie plan may boost mortgage rates

    02/11/2011 6:00:15 AM PST · by GlockThe Vote · 14 replies
    Washington Post ^ | February 11, 2011 | Zach Goldfarb
    The Obama administration proposed raising fees for borrowers and requiring large down payments for home loans as part of a long-term effort to reduce the government's outsized footprint in the housing market, but warned that these moves could increase mortgage rates and potentially reduce the availability of the 30-year fixed rate mortgage, a mainstay of American housing for decades. In a long-awaited white paper, the administration said that it intends to wind down Fannie Mae and Freddie Mac, which together with the Federal Housing Administration provide more than 90 percent of housing finance, but said the process could take five...
  • Obama Administration Denies Public Access to Fannie and Freddie Documents

    02/20/2010 4:39:36 AM PST · by RightSideNews · 37 replies · 1,363+ views
    Right Side News ^ | February 18, 2010 | Tom Fittion
    Just last month the Federal Housing Finance Agency (FHFA), the agency responsible for Fannie Mae and Freddie Mac, responded to our FOIA lawsuit by telling us that all of the documents we seek are not "FOIA-able"! Here's the exact language the Obama agency used in its recent court filing: "...Any records created by or held in the custody of the Enterprises reflecting their political campaign contributions or policies, stipulations and requirements concerning campaign contributions necessarily are private corporate documents. They are not 'agency records' subject to disclosure under FOIA."
  • Treasury Moves Raise Questions about Expanded Role for Fannie Mae and Freddie Mac

    12/28/2009 7:22:35 AM PST · by WashingtonSource · 2 replies · 282+ views
    Mind Over Market ^ | December 26, 2009 | Robert Stowe England
    A Treasury announcement Christmas Eve raises a lot of questions about the future of Fannie Mae and Freddie Mac. •Is the Administration planning a future where the two companies become permanent government agencies? •Is the Administration laying the groundwork to expand the capacity of the two agencies to retain more mortgages and buy more mortgage-backed securities? •Is the administration planning to ramp up loan modifications involving principal reductions, which would mean more near-term lossess for Fan and Fred? Those are some of the questions posed by mortgage industry consultant Ed Pinto.
  • Lockhart To Resign From FHFA

    08/05/2009 11:42:42 AM PDT · by Dutchguy · 377+ views
    Lockhart To Resign From FHFA ^ | Aug 5, 2009 | Dow Jones Newswires
    James Lockhart, the director of the Federal Housing Finance Agency, is expected to announce his resignation very soon, the American Banker reported Wednesday, citing several sources.