Items Tagged with 'FHFA'


Why we should quit wasting money on consumer education

Here are 3 better ideas for the $128 million in the CFPB's civil penalty fund
In the first part of September, the CFPB collected $100 million from Wells Fargo after it was revealed that the bank’s employees had opened 2 million fake accounts that customers didn’t know about. By law, the CFPB has only two ways to spend that money: compensating victims harmed by financial institutions and educating consumers. If you have hundreds of millions of dollars that can only be spent on consumer education, it’s easy to imagine how that goal could take on a life of its own, spawning a bloated consumer education complex overnight. Here are some better ideas.
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Fannie Mae announces sweeping program for mortgage lender "freedom" from penalties

Using Fannie Mae tools for underwriting, appraisals shields lenders from buybacks
Fannie Mae announced that lenders using its Desktop Underwriter and Collateral Underwriter tools will be shielded from buyback risk from the GSE under certain conditions. Fannie Mae's "Day 1 Certainty" program helps lenders address risk up front in underwriting and property appraisal and inspection so that they can lend with confidence, Timothy Mayopoulos, president and CEO of Fannie Mae, said at the Mortgage Bankers Association conference. 
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FHFA pivots to affordable housing, single-family rentals

Renewed focus on those left behind in recovery
At the Mortgage Banking Association's annual conference, FHFA Director Mel Watt recounted a number of items the agency accomplished in the wake of the financial crisis before signaling the agency's focus for the next year: expanding affordable housing, including single-family rentals.
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Moody's: Bond investors will also benefit from FHFA HARP replacement

Refi replacement will bolster GSE risk-sharing deals
The Federal Housing Finance Agency shook up the mortgage world recently when it announced not only that it planned to extend the Home Affordable Refinance Program for nine additional months, but also that it planned to replace HARP with a new mortgage refinance program. A new report from Moody’s suggests that the new refinance program is also beneficial to the investors that buy up some of the credit risk tied to the mortgages.
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FHFA: Mortgage interest rates continued falling in July

Multiple indices show drop in interest rates
As readers of HousingWire well know, mortgage interest rates trended lower over the last few months, especially in the wake of the United Kingdom’s vote to leave the European Union. A new report from the Federal Housing Finance Agency provides more evidence of the decline in mortgage interest rates, as several indices reviewed by the FHFA show that mortgage rates fell in July.
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HARP extended into 2017; FHFA plans new refinance program

More than 300,000 homeowners still eligible for HARP
It's not over. Homeowners are yet again getting another chance from the Federal Housing Finance Agency to take advantage of the Home Affordable Refinance Program. The new deadline is now Sept. 30, 2017. But this time around, things are different.
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Barclays triumphs in toxic mortgage bond row with U.S. Bank, FHFA

Court rules U.S. Bank, FHFA waited too long to file claims
Barclays Bank and a defunct subprime lending unit of the company are off the hook for allegedly misrepresenting the quality of the mortgages that made up a $619 million mortgage bond after the Supreme Court of the state of New York ruled that U.S. Bank and the Federal Housing Finance Agency waited too long to file a lawsuit against Barclays.
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