The Real Deal New York

Posts Tagged ‘fannie mae’

  • Clark-3333-Heritage-Eisenberg

    From left: Ric Clark, 3333 Broadway, the Heritage at 1295 Fifth Avenue and Philip Eisenberg

    The government-sponsored enterprise Fannie Mae holds a confidential, $60 million equity stake in the 3,962-unit apartment portfolio that Urban American and other partners bought for $938 million in 2007, several sources told The Real Deal. [more]

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  • From left: Fannie Mae, Credit Suisse and Freddie Mac

    From left: Fannie Mae, Credit Suisse and Freddie Mac

    Credit Suisse Group, one of 18 lenders sued by the Federal Housing Finance Agency in 2011 to recover losses on $200 billion in mortgage-backed securities, will shell out $885 million in a settlement over mortgages sold to Fannie Mae and Freddie Mac. [more]

  • From left: Fannie Mae, Freddie Mac

    From left: Fannie Mae, Freddie Mac

    Fannie Mae and Freddie Mac may soon cease to exist, should legislation introduced by the Senate banking committee Tuesday pass. [more]

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  • The legal tug-of-war over the more than $130 billion that mortgage giants Fannie Mae and Freddie Mac made last year, all of which was handed over to the Treasury Department, is looking grim for the government.  [more]

  • Morgan Stanley CEO James Gorman

    Morgan Stanley CEO James Gorman

    Morgan Stanley has agreed to pay $1.25 billion to settle a U.S. regulator’s claims that it sold toxic mortgage-backed securities to Fannie Mae and Freddie Mac that compounded their losses during the financial crisis.

    Morgan Stanley had disclosed in a November filing that the case revolved around the sale of about $11 billion worth of mortgage-backed securities, and said yesterday in a filing that it took a $150 million charge on its fourth-quarter earnings. [more]

  • The verdict was nearly unanimous at a recent hearing on Capitol Hill: The new federal “ability to repay” and “qualified mortgage” regulations that took effect Jan. 10 will make obtaining credit tougher, not easier, this year, and potentially force large numbers of credit-worthy homebuyers to defer or cancel their plans. [more]

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  • From left: Scott Garrett and Mel Watt

    From left: Scott Garrett and Mel Watt

    Three Republican lawmakers spoke out on Wednesday in defense of mortgage fee hikes that were announced by the Federal Housing Finance Agency last month but later delayed by the agency’s new director.

    In December, the agency said that fees for certain Fannie Mae and Freddie Mac-backed loans would rise sharply, a move that would result in higher mortgage rates for many borrowers. The fee increases, the agency said, would affect loans made to borrowers with spotty credit history or those not making sizeable down payments. [more]

  • wells-fargo

    Fannie Mae’s Timothy Mayopoulos and Wells Fargo’s John Stumpf

    Wells Fargo Bank, the biggest mortgage lender in the U.S., agreed yesterday to pay $541 million to Fannie Mae in order to settle allegations over troubled home loans.

    The settlement was for a total of $591 million, but has been reduced due to credit from previous loan buybacks by the banks. As part of the same set of deals with the government-sponsored entity, Citigroup agreed to pay $968 million and Bank of America $3.6 billion, earlier this year. [more]

  • An important resource for first-time and other homebuyers who find themselves in unfair competition with deep-pocket investors bearing cash just got better: The two biggest players in the mortgage market, Fannie Mae and Freddie Mac, are now giving non-investor shoppers 20-day exclusive rights to bid on and buy new listings they are selling. [more]

  • Deutsche Bank co-CEO Anshu JAin

    Deutsche Bank co-CEO Anshu Jain

    Deutsche Bank will pay $1.9 billion to settle claims that it didn’t provide sufficient information about mortgage-backed securities it sold to Fannie Mae and Freddie Mac.

    The agreement struck with the Federal Housing Finance Agency covers the period of 2005 to 2007 and resolves the bank’s largest mortgage-related litigation case, the bank said in a statement on its website today. [more]

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  • Prompted by regulator the Federal Housing Finance Agency, mortgage finance companies Fannie Mae and Freddie Mac are raising the fees they charge lenders in an attempt to make non-government-backed lending more competitive. [more]

  • edward-demarco

    Edward DeMarco

    Government-sponsored Fannie Mae and Freddie Mac said that they will increase fees charged to lenders by 0.1 percentage points — even though costs have already doubled in the past four years.

    The Federal Housing Finance Agency, which regulates both firms, hopes to balance out the rate hikes by cutting other fees that arose after the financial crisis. However, lenders in four states — New York, New Jersey, Connecticut and Florida – won’t be so lucky and will continue to have to pay both sets of fees. [more]

  • fha_tighter_lending_graphic_elert.jpg

    Mortgages insured by the Federal Housing Administration are often the only port of call for borrowers who can’t afford a hefty down payment, but critics say that the FHA mortgages come with high premiums that exploit these borrowers.

    If the economy were to slide back into a recession, said Edward Pinto, a fellow of the American Enterprise Institute, the majority of FHA loans would be at high risk of default. And since the FHA prices all the loans equally, borrowers have no barometer to gauge the relative riskiness of their loans. [more]

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  • ackman

    William Ackman

    Pershing Square Capital’s William Ackman is spearheading a push to keep some segments of Fannie Mae and Freddie Mac’s business a private, for profit enterprise in a risky, counter-intuitive move. The move also pits Ackman against the Obama administration, which has moved to “wind down” the government sponsored enterprises’ business.

    Pershing, Ackman’s $12 billion hedge fund, acquired a 9.98 percent stake in the common shares of Fannie Mae and a 9.77 percent stake in those of Freddie Mac last week. Now, Ackman hopes to begin talks with the government and shareholders to privatize the two GSEs, which began making a profit in 2012, despite needing a taxpayer bailout just two years earlier. [more]

  • Fannie Mae has filed suit against nine banks, including Bank of America and JPMorgan Chase, for working to suppress the London interbank offered rate, commonly known as LIBOR. [more]

  • Should you be concerned that the maximum loan amount buyers will be able to obtain through the biggest players in the mortgage industry — Fannie Mae and Freddie Mac — might be cut sometime next spring? You just might. [more]

  • Aqueduct Race Track

    Aqueduct Race Track

    From the October issue: In this month’s roundup of government-related real estate news, The Real Deal treks all the way out to Queens, where the New York Racing Association is mulling shutting down the financially troubled Aqueduct Race Track, which could also lead to the shuttering of the casino next door. TRD also looks at the Federal Housing Finance Agency, which is preparing to shrink the maximum size of home mortgages eligible for backing by Fannie and Freddie. Click here to see these items and more.

  • WellsFargo

    Wells Fargo illustration

    Wells Fargo will pay $780 million in cash to Freddie Mac to settle on liabilities on home loans it sold to Freddie before the 2009 market crash, the bank said on Monday. The total settlement – which was reached Friday – came to $869 million, but was then adjusted for credits related to previous loan repurchases. [more]

  • Pres. Obama

    Pres. Obama

    From the September issue: In this month’s roundup of government-related real estate news, The Real Deal looks at President Barack Obama’s endorsement of a plan to reduce government’s role in the housing market by “winding down” Fannie and Freddie. TRD also has an update on the Prevailing Wage Law, which required landlords that receive at least $1 million in city aid to pay workers a prevailing wage, that was struck down last month. Click here to see these stories and more.

  • For short-sellers, some good news

    September 06, 2013 01:30PM

    Policy changes by two of the biggest players in the mortgage market could open doors to home purchases this fall by thousands of people who were hard hit by the housing bust and who thought they’d have to wait for years before owning again. [more]