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FHFA, Treasury, HUD Seek Input on Disposition of Real Estate Owned Properties

FHFA, Treasury, HUD Seek Input on Disposition of Real Estate Owned Properties


For Immediate Release
August 10, 2011

FHFA, Treasury, HUD Seek Input on Disposition of Real Estate Owned Properties
Range of Ideas Sought, Including Transition to Rental

Washington, DC — The Federal Housing Finance Agency (FHFA), in consultation with the U.S. Department of the Treasury and Department of Housing and Urban Development (HUD), has announced a Request For Information (RFI), seeking input on new options for selling single-family real estate owned (REO) properties held by Fannie Mae and Freddie Mac (the Enterprises), and the Federal Housing Administration (FHA).

The RFI’s objective is to help address current and future REO inventory. It will explore alternatives for maximizing value to taxpayers and increasing private investment in the housing market, including approaches that support rental and affordable housing needs.

“While the Enterprises will continue to market individual REO properties for sale, FHFA and the Enterprises seek input on possible pooling of REO properties in situations where such pooling, combined with private management, may reduce Enterprise credit losses and help stabilize neighborhoods and home values,” said FHFA Acting Director Edward J. DeMarco. “Partnerships involving Enterprise properties may reduce taxpayer losses and meet the Enterprises’ responsibility to bring stability and liquidity to housing markets. We seek input on these important questions.”

“As we continue moving forward on housing finance reform, it’s critical that we support the process of repair and recovery in the housing market,” said Treasury Secretary Tim Geithner. “Exploring new options for selling these foreclosed properties will help expand access to affordable rental housing, promote private investment in local housing markets, and support neighborhood and home price stability.”

“Millions of families nationwide have seen their home values impacted as their neighbors’ homes fall into foreclosure or become abandoned,” said HUD Secretary Shaun Donovan. “At the same time, with half of all renters spending more than a third of their income on housing and a quarter spending more than half, we have to find and promote new ways to alleviate the strain on the affordable rental market. Taking steps to encourage private investment in REO properties and transition them into productive use will help stabilize neighborhoods and home values at a critical time for our economy.”

The RFI calls for approaches that achieve the following objectives:

  • reduce the REO portfolios of the Enterprises and FHA in a cost-effective manner;
  • reduce average loan loss severities to the Enterprises and FHA relative to individual distressed property sales;
  • address property repair and rehabilitation needs;
  • respond to economic and real estate conditions in specific geographies;
  • assist in neighborhood and home price stabilization efforts; and
  • suggest analytic approaches to determine the appropriate disposition strategy for individual properties, whether sale, rental, or, in certain instances, demolition.
  • FHFA, Treasury and HUD anticipate respondents may best address these objectives through REO to rental structures, but respondents are encouraged to propose strategies they believe best accomplish the RFI’s objectives. Proposed strategies, transactions, and venture structures may also include:
  • programs for previous homeowners to rent properties or for current renters to become owners (“lease-to-own”);
  • strategies through which REO assets could be used to support markets with a strong demand for rental units and a substantial volume of REO;
  • a mechanism for private owners of REO inventory to eventually participate in the transactions; and
  • support for affordable housing.

Link to RFI

###

Media Contacts:
FHFA Corinne Russell (202) 414-6921
HUD Tiffany Thomas Smith (202) 708-0980
TSY Matt Anderson (202) 622-0631

[ipaper docId=62014106 access_key=key-2h6ea3cu95obae1mmh6r height=600 width=600 /]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Fannie Mae Announces New Servicer Delinquency Management and Default Prevention Requirements

Fannie Mae Announces New Servicer Delinquency Management and Default Prevention Requirements


Introduction

Fannie Mae is announcing new servicer requirements to streamline and simplify servicing processes, help servicers to contact delinquent borrowers more effectively, determine eligibility and offer foreclosure prevention alternatives to struggling homeowners. These new requirements begin implementing the consistent mortgage loan servicing and delinquency management requirements described in FHFA’s April 28, 2011 directive to Fannie Mae and Freddie Mac, as well as other related delinquency management policy changes.

[ipaper docId=57257324 access_key=key-22c2476to3cx6pfcmfjv height=600 width=600 /]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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ANNOUNCEMENT | Fannie Mae Updates to Imminent Default Definition and Determining Market Value for Preforeclosures

ANNOUNCEMENT | Fannie Mae Updates to Imminent Default Definition and Determining Market Value for Preforeclosures


This Announcement describes updates to several servicing policies, including:

  • Updates to the imminent default definition for mortgage loan modifications
  • Determining property market value for preforeclosure sales and deeds-in-lieu of foreclosure

[ipaper docId=56562897 access_key=key-eqzq8bsxobgm8cqo4my height=600 width=600 /]

You can also google the following confidential manual via Freddie Mac by typing “freddie mac imminent default indicator manual”

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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BAC Settlement and Fannie’s Recent Announcement Prohibiting Servicers From Settling with Mortgage Insurers

BAC Settlement and Fannie’s Recent Announcement Prohibiting Servicers From Settling with Mortgage Insurers


Question:

Did Fannie Mae issue the recent announcement [see below] prohibiting servicers from settling reps and warranties claims with Mortgage insurers specifically because BAC /Countrywide just settled with one of their big insurers AND took back 80% of the loss.

From SeekingAlpha-

The cash settlement of $1.1 billion will be paid in full by March 31, 2012. The initial payment of $850 million was paid on April 14, 2011. In addition, Bank of America and Countrywide have agreed to a reinsurance arrangement that will reimburse Assured Guaranty for 80% of all paid losses on the 21 first lien RMBS transactions until aggregate collateral losses in those transactions exceed $6.6 billion. Cumulative collateral losses on these transactions were approximately $1.3 billion with no paid losses by Assured Guaranty as of December 31, 2010. As of December 31, 2010, Assured Guaranty’s gross economic loss on these RMBS transactions, which assumes cumulative projected collateral losses of $4.6 billion, was $490 million. The total estimated value of the settlement is expected to be accretive to shareholders’ equity and adjusted book value, a non-GAAP financial measure.

Now lets see… Could BAC possibly pass the losses on to the govt. for the Fannie and Freddie guaranteed securities and is this why Fannie is trying to put her foot down with this letter below and say that the servicers do NOT have the authority to make such deals with the insurers, causing the GSE’s to eat the losses that the servicers are blithely bargaining away.

Meanwhile the deal has already been struck and partially paid. Will taxpayers be on the hook for yet another disastrous toxic originating love story?

Did BAC breach any fiduciary responsibilities with Fannie?

[ipaper docId=53095767 access_key=key-1wd6kmoow89ycd06lprq height=600 width=600 /]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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ANNOUNCEMENT | Fannie Mae Prohibits Loss Sharing, Indemnification, and Settlement Agreements Between Servicers and Mortgage Insurers

ANNOUNCEMENT | Fannie Mae Prohibits Loss Sharing, Indemnification, and Settlement Agreements Between Servicers and Mortgage Insurers


Effective immediately, Fannie Mae is prohibiting servicers from entering into any agreement that modifies the terms of an approved mortgage insurance master policy on loans delivered to Fannie Mae. Prohibited agreements include, but are not limited to, agreements that directly or indirectly

  • modify master policy provisions for settling of claims,
  • limit the right of a mortgage insurer to conduct file reviews or investigate claims,
  • limit the right of a mortgage insurer to rescind coverage,
  • rescind or modify coverage, or
  • restrict notice to Fannie Mae of changes in coverage status.

Further, Fannie Mae prohibits loss sharing, indemnification, settlement or similar agreements of any kind between servicers and mortgage insurance companies that affect Fannie Mae’s interest in its mortgage loans.

[ipaper docId=53095767 access_key=key-1wd6kmoow89ycd06lprq height=600 width=600 /]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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