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Washington
Inside Washington (02/29/2012)
  • WASHINGTON (3/1/12)--Fannie Mae Wednesday released its fourth-quarter and full-year 2011 financial results, which included a full-year net loss of $16.9 billion, compared with a loss of $14 billion for 2010. The increase was attributed mainly to a $6.1 billion increase in net fair value losses in 2011. For the fourth quarter, Fannie reported a net loss of $2.4 billion, compared with a net loss of $5.1 billion in the third quarter of the year. The company's fourth-quarter net loss was reflected in $5.5 billion in credit-related expenses, "the substantial majority of which were related to its legacy (pre-2009) book of business and due largely to a decline in home prices" …
  • WASHINGTON (3/1/12)--Although federal and state officials have yet to release the final terms of the national mortgage servicing settlement, Wells Fargo provided some details in its annual report, filed with the Securities and Exchange Commission Tuesday. Servicers will be released from several servicing and origination claims, Wells Fargo said. The releases given by the states and the federal agencies primarily apply to "covered servicing conduct" and "covered origination conduct." The federal release for covered origination depends on which agency and which law is involved, Wells Fargo said. The Department of Justice (DOJ) and the Treasury are releasing claims under federal consumer credit laws governing loan origination. DOJ has offered limited release for possible claims of intentional fraud under the Financial Institutions Reform, Recovery and Enforcement Act. The Federal Trade Commission is releasing claims relating to origination conduct. The Department of Housing and Urban Development's (HUD) release of claims relating to origination conduct is limited to claims based on false annual certifications of compliance that are submitted to the agency. HUD retains the right to pursue individual loan-level violations of the Federal Housing Administration origination rules and regulations, Wells Fargo said …
  • WASHINGTON (3/1/12)--Two Obama administration housing officials offered assurances on the financial stability of the Federal Housing Administration (FHA) on Tuesday. During questioning from Republican senators about the FHA's finances in a Senate Banking Committee hearing, Shaun Donovan, secretary of the Department of Housing and Urban Development said he was confident that the agency was taking steps to protect the FHA fund while helping the housing market recover. On Monday, the FHA announced that on April 1 it will increase premiums on all single-family loans that it insures. The increase will cost homeowners an average of $5 per month, FHA Acting Commissioner Carol Galante said Tuesday in testimony before the House Financial Services Committee. Although the FHA has projected substantial losses on loans made from 2006 to 2008, loans made in the last two and a half years are performing well, Galante said …


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