In 2014, lawmakers and the Obama administration will no longer be able to avoid confronting claims by GSE shareholders seeking recovery, says an expert. This week, while attending a Financial Services Roundtable Housing Policy Council forum on GSE reform, financial industry consultant Bert Ely quizzed Sens. Bob Corker, R-TN, and Mark Warner, D-VA, about GSE securities.
In what has become a familiar ritual, a coalition of nine industry groups dispatched a letter Wednesday to congressional leaders reiterating their opposition to the use of GSE guaranty fees to offset other budget provisions. This time, Congress is considering tapping GSE g-fees as lawmakers look toward an extension of unemployment benefits, which expired on Dec. 31.
Fannie Mae and Freddie Mac rushed to wrap up their legacy loan issues as 2013 wound to a close with multiple announcements of buyback settlements tied to loans originated prior to 2009. On Dec. 30, Fannie announced a $591 million agreement with Wells Fargo to resolve repurchase requests on certain loans originated prior to 2009.
Some GSE watchers fear that new Federal Housing Finance Agency director Mel Watt might slow GSE risk sharing deals but those concerns may be unwarranted.
Fannie, Freddie and their regulator have been dogged in their pursuit of claims against banks that sold defective mortgages to the GSEs prior the financial crisis.
When it comes to doing business with Fannie Mae, Wells Fargo's volume is almost three-times that of its closest competitor, Chase Home Finance, IMF found.
In a letter sent to new agency Director Mel Watt, GOP Congressmen Scott Garrett, Randy Neugebauer and John Campbell note that the 10 basis point increase proposed by Watts predecessor is not the only fee adjustment up for grabs.
This time around, Congress is considering tapping Fannie/Freddie g-fees as lawmakers look toward an extension of unemployment benefits, which expired on December 31.
Transactions submitted with consumer-paid compensation more than 50 bps below [the] brokers lender-paid tier will be rejected permanently and will not be eligible for re-submission, Fifth Third Bank is warning.