H.R. 1694 Passes: Fannie and Freddie Open Records Act of 2017

Oh boy!

Livinglies's Weblog

Homeowners start preparing your Fannie and Freddie FOIA requests.  A brief window to submit your request may occur prior to the GSEs being privatized again.

Last week H.R. 1694  passed in the House of Representatives.

This bill will make Fannie Mae and Freddie Mac subject to the requirements of the Freedom of Information Act, which would make their records available to the public on request.

The Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) are government-sponsored enterprises (private corporations with federal charters that confer special privileges) that buy mortgages from lenders and either hold those mortgages in their portfolios or package the loans into mortgage-backed securities that may be sold.

To stabilize the housing market in the aftershock of the financial crisis, the Federal Housing Finance Agency (FHFA) used its authority in 2008 to place Fannie Mae and Freddie Mac into its conservatorship…

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Massachusetts sues Ocwen for “abusive” mortgage servicing practices

Justice League

Ocwen fought back against Massachusetts’ regulations, asking a court to restrain the state’s cease and desist order because it would “cause significant harm” to its customers in the state.

But, the Division of Banks isn’t the only Massachusetts governmental entity that is now targeting Ocwen.

Recently, Massachusetts Attorney General Maura Healey announced that the state is suing Ocwen for widespread “abusive” mortgage servicing practices.

According to Healey’s office, Massachusetts’ lawsuit claims that Ocwen charged homeowners in the state for “unnecessary and expensive force-placed insurance policies, imposed excessive fees on delinquent borrowers, and failed to properly process escrow and insurance payments.”

Massachusetts’ complaint also claims that Ocwen failed to respond to borrower disputes about their accounts and to correct account errors.

Healey’s office alleges that Ocwen’s “servicing failures” increased Massachusetts’ borrowers’ mortgage and insurance payments, put borrowers at risk via lapses in insurance, and pushed borrowers into delinquency and foreclosure.

According…

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The city of Philadelphia just gave Wells Fargo its walking papers

Whoa! Hold them horses!

Justice League

  • Wells Fargo has lost the contract it held for Philadelphia’s $2 billion payroll account.
  • The bank’s public standing continues to suffer even as it has sought to correct problems tied to the fake-account scandal.

Efforts by Wells Fargo to move beyond its bogus accounts scandal have been set back by the loss of a big government contract.

The Philadelphia City Council voted Monday to change handlers of its $2 billion payroll account, according to published reports. Instead of continuing the arrangement with Wells, the city chose to hire Citizens Bank for the next fiscal year starting in July.

Read on.

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Mnuchin: GSEs Won’t Stay ‘As-is’ for Long

Let’s tell the rest of the story. While President Obama was saving his “legacy” by sweeping GSE profits – he was Making America Homeless. http://www.audio.deadlyclear.com/foreclosurehour04302017.mp3

Livinglies's Weblog

  http://www.themreport.com/daily-dose/05-01-2017/mnuchin-gses-wont-stay-long

Fannie Mae and Freddie Mac should prepare for change—and sooner rather than later. According to Steven Mnuchin, the Trump administration won’t keep the status quo for long.

Mnuchin discussed the GSEs and housing reform in general as part of an interview with reporter Maria Bartiromo on Fox Business’ “Mornings with Maria” on Monday. Though he didn’t go into too much detail, he did say that privatizing the two Enterprises wasn’t necessarily the plan.

“I haven’t said they’d be privatized,” Mnuchin said. “What I have said is I’m committed to housing reform. We’re committed to not leaving them as-is for the next four years.”

The main goal of reforming the system? Mnuchin said its to keep housing affordable without putting American taxpayers in harm’s way.

“We want to make sure that there is ample credit for housing,” Mnuchin told Bartiromo. “It’s a very, very important…

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