Archive for Bank of America
Loan Buyback Saga Far From Over. Blame Cannot Be Localized
Posted by: | CommentsPosted To: MND NewsWire
Of course news that Bank of America had settled GSE repurchase claims on loans written by Countrywide ( for pennies on the dollar ) brought out a chorus of back door bailout boo birds. But I must remind, the fun part isn’t over yet! Al Yoon and Tom Hals write on the mess that has yet to be cleaned up…. I called attention to a few specific comments because they highlighted the confusion that arises when private investors attempt to prove a blatant breach of reps and warrants against an originator. Clearly the deck is stacked against those who are looking for retribution. The same can be said about the GSEs in this situation, which may or may not shine some light on why they were so willing to resolve repurchase claims with BoA even if they only recovered pennies on the dollar (bad for tax…(read more)
Posted To: Pipeline Press
What do attorneys read about all day? Stuff like this: Woman dies from suspected freak neck massager accident There is no word on whether or not the victim was in the mortgage business, but my bet is that attorneys will be involved either way. Is your company ready to submit its quarterly “NMLS Mortgage Call Report ?” Hopefully you didn’t answer, “Huh? What call report?” like I did. In compliance with the SAFE Act, each state law requires companies to submit NMLS Mortgage Call Reports. The SAFE Act specifically requires, “Mortgage licensees to submit reports of condition to the Nationwide Mortgage Licensing System and Registry in such form and containing such information as (it) may require.” The NMLS Mortgage Call Report (quarterly) is intended to be completed by all state-licensed companies…(read more)
BofA Settles GSE Buyback Requests for Pennies on the Dollar
Posted by: | CommentsPosted To: MND NewsWire
The Federal Housing Finance Agency (FHFA) has approved agreements reached by Freddie Mac and Fannie Mae (the Enterprises) with two of the enterprises’ counterparties, Bank of America (BofA) and Ally Financial Capital, LLC . The agreement with Ally also resolves a dispute between Fannie Mae and GMAC with respect to GMAC-issued private-label securities purchased by Fannie Mae. GMAC subsequently became a subsidiary of Ally under the name ResCap. The agreements were reached between the Enterprises and their respective counterparties. FHFA, as conservator of the Enterprises, reviewed and approved the agreements late last week. According to information from Ally Financial, the GMAC agreement resolves potential repurchase exposure for loans serviced by GMAC Mortgage on behalf of Fannie Mae prior to…(read more)