True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

Top CFPB official “hates” QM rules, jeopardizing safe harbor

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

Fraud risk factors at closing increased almost 90% last quarter

A variety of risk factors could be contributing to the drastic increase in wire and title fraud risk factors in mortgage and real estate closings – for example, compliance issues and an increase in transaction data errors.

Investments

Investors sue Treasury over Fannie, Freddie bailout

Preferred shareholders of Fannie Mae and Freddie Mac filed a class action lawsuit challenging the government’s appropriation of their dividend, liquidation and related distribution rights. 

This is one of a handful of cases filed this week by investors claiming the government is illegally seizing profits from the enterprises and simultaneously destroying shareholder holdings. 

Acting on behalf of several investments funds, Boies, Schiller & Flexner as well as Kessler Topaz filed a suit that challenges the 2012 Third Amendment to the government’s preferred stock purchase agreements that the U.S. Treasury and Federal Housing Finance Agency agreed upon. 

The firms allege that the government’s “unilateral amendment of the senior preferred stock agreements constitutes a ‘taking’ under the Fifth Amendment to the US Constitution requiring payment of just compensation.”

Deemed the “Sweep Amendment,” the Third Amendment changed the rules regarding the government’s investment in Fannie and Freddie. The firms want to stop the Treasury from enforcing the amendment to preferred stock purchase agreements, according to a release.

Most Popular Articles

Volume-hungry mortgage lenders loosen credit standards

Mortgage credit availability loosened up in April by 2.2%, per the MBA. The drivers were in conventional mortgages and GSE programs for ARMs and high-balance loans.

May 11, 2021 By

Latest Articles

Compass loses money, explores mortgage

Compass is exploring either building a mortgage arm, buying a mortgage company or following the lead of other resi brokerages and entering into a JV.

May 12, 2021 By
3d rendering of a row of luxury townhouses along a street

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