Housing Affairs Letter


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High Court Rebuffs GSE Investors

Fannie Mae and Freddie Mac investors will not have their complaints revived. The U.S. Supreme Court dealt hedge funds and other large investors a setback by refusing to revive parts of their lawsuits charging the Obama administration of capturing billions of dollars in

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New Taxpayer Bailout For Fannie Mae

Continuing raids by the federal treasury on Fannie Mae profits to bolster federal spending takes its toll on the government-sponsored enterprise. Failure to set aside enough money to cover troubled mortgages prompts Fannie Mae to seek a $3.7 billion bailout after losing $6.5 billion in

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Treasury Bolsters GSE Reserves

Faced with a Dec. 31 expiration that would have left Fannie Mae and Freddie Mac without any capital reserves to cover losses during an economic downturn, the Treasury Department steps in at the last minute to allow the government-sponsored enterprises a limited capital buffer.

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Fannie, Freddie Form New Company

Following up on a suggestion from their joint regulator, Fannie Mae and Freddie Mac establish a firm called Common Securitization Solutions (CSS) to craft a single mortgage security bond through a common securitization platform.

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Regulator Wants Single MBS Structure

Fannie Mae and Freddie Mac would relinquish their independent authorities as government-sponsored enterprises to issue mortgage-backed securities (MBS) and issue a single MBS backed by mortgages held in both firms’ portfolios under a proposal from their regulator.

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Taxpayers May Foot Fannie Mae Bill

A decision by Fannie Mae and its former auditor to settle a lawsuit filed by a group of Ohio pension funds could require taxpayers to pay Fannie’s share of the $153 million settlement. The agreement comes after nearly a decade of legal skirmishing over Fannie’s culpability in losses to the pension funds resulting from the firm’s manipulation of its earnings.

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GSE Top Tier Pay Needs Close Watching

Federal Housing Finance Agency officials should monitor the salaries of top Fannie Mae and Freddie Mac senior professionals more closely to help improve the bottom limes of both government-sponsored enterprises, the FHFA inspector general tells Congress in a new report.

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Deal Reached To Thwart Foreclosures

Fannie Mae and Freddie Mac reach an accord with nine mortgage insurers to accelerate short sales and deed-in-lieu of foreclosures without seeking approval from the insurers. The move is initiated to allow homeowners to avoid foreclosure and preserve some of their credit rating.

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Drugs Made In Foreclosed Home

An Oregon couple who bought a foreclosed house from Freddie Mac are out in the cold after discovering their home is poisoned by residues from methamphetamine manufacturing. The Freddie broker who sold the house was unaware of meth contamination and the buyers waived the right to a property inspection

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No GSE Reform Any Time Soon

Lingering economic issues likely will forestall any reform of government-sponsored enterprises Fannie Mae and Freddie Mac until 2014 at the earliest. That’s the conclusion of economists and housing market experts at a housing summit sponsored by the American Forum and the

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