From: IMFnews
By Charles Wisniowski
The
Federal Housing Finance Agency declared that by yearend Fannie Mae and
Freddie Mac will complete all their repurchase requests on
pre-conservatorship mortgage acquisitions, ending a huge uncertainty for
seller/servicers.
“It is time for us to wrap up all our open
issues dealing with that period and move on,” said FHFA Acting
Director Edward DeMarco. “I look forward to a speedy resolution of
remaining claims in the coming months.” The two GSEs became wards
of the federal government in September 2008.
Speaking before the
annual convention of the Mortgage Bankers Association, DeMarco promised
that, “For the future, we will continue to refine and improve upon
the rep and warranty framework. In particular, I anticipate improved
data systems and technological developments to contribute to faster and
more reliable loan reviews that can lead to further rep and warrant
relief in the future.”
For years, lenders have complained
vociferously about buybacks. According to figures compiled by Inside
Mortgage Finance, the GSEs took in $16 billion from buybacks during
the first six months of 2013. At the same time, lenders succeeded in
getting $7 billion in repurchase requests withdrawn. However, $5 billion
in demands are still outstanding. For more on the story, see the
Thursday edition of Inside
Mortgage Finance.
Other areas of interest:
Originations,
Secondary/MBS,
Regulatory,
Fannie,
Freddie,
GSEs
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