After years of court maneuvers, the most prominent of the Fannie Mae/Freddie Mac shareholder lawsuits finally went to trial. Now it’s in the hands of a jury.
Not a total surprise, but the central bank hiked short-term rates by 75 basis points this week. Mortgage rates hardly budged but residential finance professionals are worried about the quarters ahead. Meanwhile, more lenders are heading for the exits.
Fannie, Freddie and Ginnie saw a modest 4% increase in purchase-mortgage business during the third quarter, not nearly enough to offset the ongoing collapse in refinance activity. (Includes two data charts.)
In what is likely to be the last legal wranglings in Fairholme v. FHFA before its long-awaited jury trial begins, Judge Lamberth dealt Fannie/Freddie shareholders a modest defeat.
The private pow-wow revealed broad agreement between government, industry and advocacy groups on how to deal with the nation’s affordable housing shortage.
It will be the 11th issuance of its type by loanDepot.
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