The Supreme Court's decision sends the defendant banks back to federal district court where they will be able to appeal at a later date should an adverse ruling directly affect them.
What if the U.S. government actually defaults on its debt – what would that do to the value of MBS and Treasuries held on the balance sheet of banks? You may not want to know the answer.
In light of the court decision in the overtime pay case, the government must either appeal to the U.S. Supreme Court or start a formal rulemaking process to withdraw the 2006 opinion.
Starting in 2014, the FHLB will purchase conventional, conforming fixed-rate mortgages and FHA/VA products from its members, but some of the product will be funneled to Fannie Mae via the MPF Xtra program.
The Mortgage Bankers Association and other industry trade groups fear that the shutdown will have a growing impact on the housing market, including FHA endorsements.
The U.S. homeownership rate fell to 63.9 percent in 2012, according to figures compiled by the Census Bureau through its “American Community Survey.” In case you’re keeping tabs, it’s the fifth year in a row that the rate has gone south.