According to a report from the FHFA Office of Inspector General (OIG), Freddie Mac and eight of its largest servicers, which service 70 percent of the GSE's mortgages, received over 34,000 complaints that became escalated cases during a 14-month time period ending November 30, 2012. In examining those cases, FHFAOIG says it found a failure to implement guidelines for escalated complaints. For example, seven out of the eight servicers did not resolve all escalated cases within the 30-day requirement.
Read More »FHFA: Prices Rise 0.6% from December to January
The Federal Housing Finance Agency's (FHFA) Home Price Index rose 0.6 percent in January, the agency reported. The monthly increase recorded in January is just slightly above December's downwardly-revised increase of 0.5 percent. While prices continue their upward trend nationally, one-third of the nine U.S. Census Divisions recorded price declines in January--the East South Central Division, the New England Division, and the Middle Atlantic Division.
Read More »Freddie Mac Sues Dozens over Rate-Rigging Losses
The story of the London Interbank Offered Rate (Libor) scandal added another chapter in March as Freddie Mac brought suit against Barclays, Bank of America, Citibank, and several other institutions for investment losses related to alleged rate-rigging practices.
Read More »Attorneys General Call for DeMarco’s Replacement
In a letter addressed to the president as well as the Senate majority and minority leaders, a group of attorneys general representing nine states refer to Edward DeMarco, acting head of the Federal Housing Finance Agency, as a "direct impediment to our economic recovery" and called for his replacement. The attorneys' general complaint stems from DeMarco's refusal to allow the GSEs to engage in principal reductions for struggling and underwater homeowners.
Read More »HARP Volume Surpasses FHFA Expectations in 2012
The Federal Housing Finance Agency's December 2012 Refinance Report shows refinance volume under the Home Affordable Refinance Program (HARP) was 76,461 in the year's final month.
Read More »Fitch Notes Potential in FHFA Efforts to Restore Private Market
The goal of attracting private capital into the mortgage market is at the center of discussions throughout the industry and the government. Thus far, efforts by the Federal Housing Finance Administration (FHFA) and other federal agencies to provide incentives for the creation of a vibrant private mortgage securitization market have been largely unsuccessful, according to Fitch Ratings. However, the ratings agency does see some promise in a couple of FHFA's goals for this year.
Read More »FHFA Head Details Objectives for 2013
While Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA), anticipates the gradual reduction of the GSEs in the housing market, he does not believe either Fannie Mae or Freddie Mac will exit conservatorship and return to the private sector. As such, FHFA's goals for this year expand on last year's three main goals of building an infrastructure for the future of the secondary market, contracting the GSEs' role in the market, and maintaining the GSEs' foreclosure prevention and credit availability efforts.
Read More »FHFA Reports Continued Price Gains in Q4
Home prices rose 5.5 percent year-over-year in 2012's final quarter, the Federal Housing Finance Agency (FHFA) reported Tuesday. FHFA's seasonally adjusted purchase-only Home Price Index(HPI) increased 1.4 percent on a quarter-to-quarter basis in Q4. Month-over-month, December's index was 0.6 percent up from November, marking the 11th straight month of increases. The index rose in Q4 in 38 states and the District of Columbia, FHFA said.
Read More »Inspector: Better Guidance Needed from FHFA on Multifamily Loan Exams
FHFA's inspector general says in a new report that the agency needs to provide better guidance for investigators examining the GSEs' multifamily loan portfolios.
Read More »Total HARP Volume Surpasses 2M as of November
As of November 2012, Fannie Mae and Freddie Mac have refinanced more than 2 million loans through the Home Affordable Refinance Program (HARP), the Federal Housing Finance Agency (FHFA) reported Tuesday. According to FHFA, nearly 130,000 homeowners refinanced their mortgages through HARP in November alone, making it the second biggest month for HARP activity in 2012 (behind June's 137,000 HARP refinances). In addition, HARP volume represented 23 percent of total refinance volume in November.
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