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Washington
Inside Washington (11/27/2012)
  • NEW YORK (11/28/12)--Zurich-based UBS AG asked the U.S. Court of Appeals in Manhattan Monday to overturn a ruling that allows the Federal Housing Finance Agency (FHFA) to continue its suit against UBS and a dozen other banks over $6.4 million in losses from mortgage bonds sold to Fannie Mae and Freddie Mac. UBS argued that FHFA, which regulates the two mortgage-finance companies, failed to file the case within the three-year time period allowed under the statute of repose (Bloomberg Businessweek.com and American Banker Nov. 26). The suit centers on whether the 2008 law that created FHFA also extended the time it can file the claims. UBS maintains the agency sat on its claim. The FHFA maintains that if it is subject to time barriers, it would be severely constrained in recovering money for Fannie and Freddie and ultimately taxpayers would pay. The UBS action is one of 16 against mortgage underwriters that are pending before the U.S. District Court. The appeal focuses on distinctions between statutes of limitation and statutes of repose, legislative intent and more. The court's ruling has the potential to determine whether any of FHFA's cases can proceed, said the Banker
  • WASHINGTON (11/28/12)--A new Internal Revenue Service (IRS) rule that will take effect Jan. 7 is considered by some a boon for mortgage technology. IRS will begin accepting electronic signatures--specifically electronically signed 4506 T and 4506-EZ documents--to verify income. The forms are a part of nearly every mortgage and loan modification and will have a major impact on paper use and time, said the American Banker (Nov. 26). The forms are requests for transcripts of tax returns, which help lenders determine a borrower's ability to repay a loan. The new rule isn't expected to promote development of a new technology, but will allow existing signature technology to be used in income verification process. Several companies already are vying for lenders' attention as electronic signature providers …


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