Articles Tagged with ''Buybacks''

Freddie Mac: Mortgage repurchases down 95% from 2010 peak

2 major reasons for the drop off
Thanks to improvements made by lenders to their loan production process and updates to the government-sponsored enterprises’ representation and warranty policies, single-family loan repurchase requests are down 95% from their peak in 2010, according to Freddie Mac.
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Freddie Mac announces new program designed to make it easier for lenders to lend

Loan Advisor Suite aims to give clarification in appraisal process, reduce repurchase risk
As part of an effort to provide lenders with certainty, support and solutions, Freddie Mac announced a new program that should enable lenders to lend more confidently, armed with more knowledge about how Freddie Mac views the loans it purchases. Meet Freddie Mac's Loan Advisor Suite.
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Fannie Mae, Freddie Mac announce new mortgage buyback rules

New rules designed to provide more transparency, boost lending
Aiming to provide lenders with “more clarity and transparency” and encourage increased access to credit to worth borrowers, Fannie Mae and Freddie Mac announced a set of new policies pertaining to mortgage buybacks. The new rules, which take effect on Jan. 1, 2016, establish a list of potential alternatives to repurchase that either of the GSEs could offer to lenders in the event of underwriting defects.
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Is the Massachusetts AG's run for governor compromised by GSE buyback lawsuit?

Nonprofit CEO also co-chairs Coakley’s campaign finance committee
Massachusetts Attorney General Martha Coakley stands accused of failing to disclose close ties between her gubernatorial campaign and a nonprofit that’s at the center of the State of Massachusetts’ lawsuit against the Federal Housing Finance Agency, Fannie Mae and Freddie Mac over buyback programs.
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Massachusetts sues FHFA, Fannie and Freddie over foreclosure buybacks

Alleges GSEs violate state’s buyback rules
Several weeks ago, Massachusetts Attorney General Martha Coakley sent a letter to Mel Watt, the director of the Federal Housing Finance Agency, saying that her office was considering legal action against the FHFA over violations of state laws allowing nonprofits to buy foreclosures and return them to the evicted homeowner. And now, Coakley hopes actions will speak louder than words.
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Massachusetts AG threatens to sue FHFA over buyback law

GSEs in violation of law designed to keep homeowners in homes

“Our office is considering all available legal avenues, including litigation, to ensure compliance with Massachusetts law, should FHFA fail to promptly amend its policies to allow Fannie Mae and Freddie Mac to participate in credible buyback programs,” Massachusetts Attorney General Martha Coakley said in a letter to FHFA Director Mel Watt.


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PNC settles with Freddie Mac for $89M over repurchase obligations

Deal ends buyback requests tied to 2000-2008 originations
PNC Financial Services put to rest a series of repurchase obligations related to its sale of mortgages to Freddie Mac prior to the housing meltdown. The deal was finalized with the bank agreeing to pay the GSE $89M.
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