Items Tagged with 'HERA'


  • Federal court tosses #Fanniegate suit seeking to inspect Freddie Mac's records

    Tim Pagliara, leader of Investors Unite, wanted a look at Freddie's books
    In what is already being called a "blow to shareholders," a federal court in Virginia ruled Tuesday that a Freddie Mac shareholder does not have the right to inspect the government-sponsored enterprise's financial records, thanks to the conservatorship agreements that went into effect when the government took over Freddie Mac and Fannie Mae.
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  • Leaked Treasury memo on Fannie, Freddie fuels fire for sweep critics

    Why wasn’t key document turned over in federal lawsuit?
    A 2011 Treasury memo has just emerged that wasn't included in the documents Treasury was supposed to turn over in a Fannie, Freddie shareholder lawsuit, and which critics say is damning evidence of intentional and knowing violation of the HERA statute. Was it, and what does it mean going forward for GSE reform?
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  • Expiration of Higher Lending Limits Under Review

    Unless Congress acts to extend or revise the temporary lending limits for Federal Housing Administration (FHA) loans, the current lending limits will revert back to those determined by the Housing and Economic Recovery Act (HERA), passed in July 2008.   Under HERA, the Federal Housing Finance Administration (FHFA) established the national conforming mortgage limit at $417,000.  HECM lending limits were set at the national conforming limit until the American Recovery and Reinvestment Act (ARRA) increased the HECM limit to $625,500 in 2009, officially established by Mortgagee Letter 2009-50.   The current limits are set to expire on October 1, 2011.
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  • Treasury Plans to Sell Down MBS Portfolio

    The U.S. Department of the Treasury announced plans to begin the "orderly" wind down of its $142 billion portfolio of agency-guaranteed mortgage-backed securities (MBS).  Under the plan, the Treasury will sell up to $10 billion MBS per month, subject to market conditions.   “We’re continuing to wind down the emergency programs that were put in place in 2008 and 2009 to help restore market stability, and the sale of these securities is consistent with that effort,” said Mary J. Miller, Assistant Secretary for Financial Markets. “We will exit this investment at a gradual and orderly pace to maximize the
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