A U.S. district court judge in North Carolina has ordered Fannie Mae to forfeit $6.5 million in funds the secondary-market agency received from a convicted mortgage lender who defrauded Ginnie Mae of nearly $30 million.As part of the criminal proceeding against James McLean, investigators from the Department of Housing and Urban Development's Office of Inspector General traced the "criminally derived" funds to Fannie Mae. When Fannie directed Mr. McLean, who owned First Beneficial Mortgage Corp. in Charlotte, N.C., to repurchase some bad loans (which had been originated using straw borrowers), Mr. McLean sold the same false notes to Ginnie Mae to repay Fannie. As reported by The Wall Street Journal, Fannie did not inform regulators about the fraudulent loans. "They were not being a good corporate citizen by keeping that information to themselves," a HUD IG official said. Fannie recently received a 60-day extension to comply with the judge's order. "We will be reviewing the facts and, once we have completed the review, we will be working with the U.S. attorney's office to resolve any issues," Fannie spokesman Brian Faith said.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18