In case you missed the story broken by National Mortgage News on Monday here's the summary: FHFA's Office of Inspector General is looking for a firm to evaluate mortgage servicing rights. It won't give a reason but industry advisors familiar with the issue say the IG's office is investigating Fannie's purchase of $74 billion of MSRs from Bank of America. (A spokeswoman for the FHFA IG had no comment.) For months we've been hearing gossip that some IG investigators carry guns – and that IG Steve Linick has said as much in meetings with senior executives of Fannie Mae and Freddie Mac. Then, yesterday in The Wall Street Journal we read this: “When Steve Linick first met senior managers at Fannie Mae and Freddie Mac early this year, he told them he would be no ordinary Washington regulator. His office has the power to make arrests, issue subpoenas and conduct searches, and some of his employees carry badges and guns.” Okay, they need to carry guns for what purpose? Have Fannie's employees been robbing the soda machine to make up for their lost pensions?
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
18m ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
1h ago -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
7h ago -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16 -
In a motion to dismiss UWM's suit, Ramon Walker argues the trademark infringement claim made by UWM is a "pretext to muzzle [his] criticism."
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
April 16