The Real Deal New York

Posts Tagged ‘fhfa’

  • A backlog of foreclosure cases on Long Island has a number of overstretched borrowers living in fear of break-ins and looting — unpleasant but common occurrences as abandoned, foreclosed homes in towns like Brookhaven, Islip and Hempstead grow in number. [more]

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  • 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]

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  • Fannie Mae and Freddie Mac shareholders have filed a class action lawsuit against the U.S. government, alleging that the takeover of the government-sponsored enterprises was illegal and cost them billions, Bloomberg News reported. [more]

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  • Isaac Hendricks House (Source: StreetEasy)

    West Village 18th-century farmhouse listed for $6.9 million. Cushman & Wakefield hired as leasing agent for One Seaport Plaza. Hunter’s Point South waterfront park to open in July in Queens. Spire lifted atop WTC at poignant ceremony. Ludlow Street mainstay Max Fish eyeing Brooklyn move. Read these stories and more after the jump.

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  • Edward DeMarco

    The government-backed mortgage giants Fannie Mae and Freddie Mac are abandoning their separate systems for securitizing home loans and are forming a joint company that could be up and running as soon as next year, NBC News reported.

    The consolidation is intended to help reduce the government’s role in the mortgage market, according to its regulator, the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, and will regulate the new company as well. … [more]

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  • White House looking for new FHFA director

    December 10, 2012 01:00PM

    From left: FHFA head Edward DeMarco, the White House

    The White House is preparing to nominate a new director of the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, as early as next year, the Wall Street Journal reported.

    The FHFA’s current director, Edward DeMarco, was appointed more than three years ago in an interim capacity after the Obama Administration’s first nominee, Joseph Smith Jr., withdrew from consideration following opposition from Senate Republicans, the Journal said. The FHFA was created four-and-a-half years ago and has never had its own director confirmed by the Senate. The director of the FHFA is a key policymaker because of the agency’s role as the gatekeeper of Fannie Mae and Freddie Mac. [more]

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  • Ed DeMarco

    Does President Barack Obama’s reelection mean sweeping changes to the housing sector? Perhaps down the road, but not in the near future, according to a HousingWire report.

    Ed DeMarco, the acting head of the Federal Housing Finance Agency, is not likely to leave his post anytime soon, since there is no immediate replacement for him, and Obama is likely to keep him around to lessen the threat of a fiscal cliff early next year, HousingWire said, citing analysis from Compass Point Research & Trading, an investment research firm. [more]

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  • The general counsel for the Federal Housing Finance Agency has come out against a proposed plan to seize underwater mortgage by eminent domain, the Wall Street Journal reported. Alfred Pollard, who said he spoke for himself and not the FHFA, said the practice, proposed by municipalities and private investors would potentially erode the distinction between secured and unsecured lending. [more]

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  • Five sates with the most drawn out foreclosure process, including New York, would see government-backed mortgage fees increase under a new proposal by the Federal Housing Finance Agency, which oversees Freddie Mac and Fannie Mae.

    The proposal has home loan borrowers in those states paying a one-time fee of 0.15 percent to 0.3 percent for federally backed mortgages starting in 2013, Bloomberg News reported. [more]

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  • Edward DeMarco, acting head of the FHFA

    In the wake of the Federal Housing Finance Administration’s firm stance that it will not allow principal reductions for Fannie Mae and Freddie Mac borrowers, the Obama administration is now looking for new ways to encourage the use of unspent federal housing funds to ease borrowers’ financial pains, Bloomberg News reported.

    Some states are using money from the Hardest Hit Fund, a $7.6 billion national aid program which has so far only spent $351 million of its funds, Bloomberg News said, to give debt relief to Fannie and Freddie borrowers. The difference with the money provided by Hardest Hit is that it is provided at no cost to the government sponsored entities, according to Bloomberg. [more]

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  • Fannie names new CEO

    June 06, 2012 10:00AM

    Timothy Mayopoulos

    Fannie Mae has named Timothy Mayopoulos, its top lawyer and a former general counsel for Bank of America, its new chief executive, the New York Times reported. He replaces Michael Williams, who stepped down after 21 years at Fannie, including the last three as CEO.

    Mayopoulos has already taken a stance on one of the most controversial issues facing the government-sponsored enterprise. He sided with Federal Housing Finance Agency director Edward DeMarco in saying he doesn’t think Fannie Mae should accept billions in losses by granting troubled homeowner principal reductions on their underwater loans, though some have said it would actually save the agency money. [more]

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  • The national housing market is seeing the brightest spring since the crash, Reuters reported. The housing sector saw rising sales and prices in April, with a nearly 10 percent increase in sales year-over-year, according to data from the U.S. Department of Commerce. Data from the Federal Housing Finance Agency showed March home prices up 2.7 percent from the previous March, the largest jump in prices since November 2006. [more]

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  • If you’re one of the estimated 11 million homeowners burdened with an underwater mortgage, a new federal policy change could be good news: Starting in June, when you want to do a short sale to shed your mortgage debt load and avoid foreclosure, you may not have to wait for months to hear back from your bank when you submit an offer from a potential purchaser. [more]

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  • Mortgage writedowns, if approved by the Federal Housing Finance Agency, could save Fannie Mae and Freddie Mac up to $1.7 billion, Bloomberg News reported.

    Edward DeMarco, the FHFA head, said his agency would decide “in the next few weeks,” if it would allow Fannie and Freddie to perform the mortgage modifications. DeMarco is hesitating, because he does not want to create an incentive for lenders to default, he said in a speech yesterday at the non-profit the Brookings Institution. [more]

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  • From left: the White House and Edward DeMarco, head of the FHFA

    Democrats’ efforts to reduce mortgage principals for hundreds of thousands of borrowers are stymied by one man, ProPublica claimed: Edward DeMarco, head of the Federal Housing Finance Agency. [more]

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  • Though the federal government has repeatedly attempted to work its way out of the housing market, Federal Reserve Chairman Ben Bernanke yesterday called for more public support for the market, which he said was a critical component of a broader sustained economic recovery. Outlined in a 26-page paper the Fed sent to Congress, Bloomberg News reported that support could include cutting mortgage obligations for U.S. homeowners, making taxpayer-supported Freddie Mac and Fannie Mae more susceptible to losses. [more]

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  • Related subpoenaed in Fannie investigation

    November 07, 2011 12:22PM

    From left: FHFA Inspector General Steve Linick and Related Companies Chairman Stephen Ross

    The Related Companies has been served with a subpoena as part of a federal inspector general’s investigation of a transaction the company did with Fannie Mae that allowed Related to invest a stake in several apartment buildings that had been foreclosed upon by Fannie, according to the Wall Street Journal. Related retained Kenneth Breen, a New York-based litigator at international law firm Paul Hastings, in the case.

    As previously reported, the inspector general began a limited investigation into Fannie Mae in October; the agency responded by putting employees on leave until the investigation is completed.

    “The investigation is limited in scope and we are cooperating fully,” a Fannie spokesperson commented.
    [more]

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  • Fannie Mae staffers have taken leave as the Federal Housing Finance Agency’s inspector investigates an agency transaction believed to involve the Related Companies. The Wall Street Journal reported that the FHFA Office of the Inspector General began a limited investigation into Fannie Mae last Thursday, and that the agency responded by putting employees on leave until the investigation closes. … [more]

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  • Not only were the law firms hired by Fannie Mae and Freddie Mac to process foreclosures found to be negligent, but the government agencies’ reviews of those firms also went ignored, according to a Federal Housing Finance Agency watchdog report obtained by the Wall Street Journal.

    Last September, banks suspended foreclosures after many foreclosure lawyers were found to be “robo-signing” documents without dedicating enough time to work through all the necessary information and documentation to verify their legitimacy. Many of those lawyers were hired by Fannie Mae to handle foreclosures on mortgages backed by Fannie Mae and Freddie Mac. … [more]

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  • The government does not have enough staff to to properly oversee Fannie Mae and Freddie Mac, and the investigations of the two mortgage companies are therefore not as extensive as they should be, Bloomberg News reported. The Federal Housing Finance Agency has not met its hiring targets, and even once it does, it still will not have enough staff to do its tasks, according to a report by FHFA’s Office of Inspector General.

    Even though foreclosures have increased significantly, leading to large growth in Fannie Mae’s inventory, “FHFA has yet to conduct a targeted examination” of how the companies manage repossessed homes, known as real estate owned properties, or REOs, the report says. … [more]

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