Start Fannie servicing liquidating plan

Fannie servicing liquidating plan

For instance, if this presentation came from an unsolicited pitch, as Treasury claims, then why wasn't it with FHFA?

Instead of a 10% annual dividend on all the bailout funds drawn—a dividend that came to $4.7 billion per quarter—the dividend was now to be set at 100% of each GSE’s net worth. The sudden change was called the “third amendment,” an innocuous-sounding designation that belies its momentous consequences.

Morgan Chase (jpm) and Wells Fargo (wfc) (recipients of $25 billion each in taxpayer largesse), for instance, and for Citigroup (c) and Bank of America (bac) ($45 billion each), and even for the derivative-plagued insurance giant AIG (aig) ($182 billion).

Powerhouse Republican attorney Chuck Cooper represents Fairholme Funds in its battle with the government.

Note: This does not apply if the prior mortgage loan modification was If the borrower converts from a Trial Period Plan to an Unemployment Forbearance plan, the borrower may subsequently be eligible for a Fannie Mae standard modification upon successful completion of the Unemployment Forbearance plan and, if eligible, must be placed in a new Trial Period Plan.

The servicer must obtain an updated complete BRP if the previous documentation submitted is greater than 90 days old, with the exception of an Note: See D2-3.2-09, Fannie Mae Streamlined Modification Post Disaster Forbearance and D2-3.2-10, Fannie Mae Cap and Extend Modification for Disaster Relieffor eligibility for providing assistance to eligible borrowers impacted by a disaster.

While servicers can now offer Flex Modifications, they are not required to do so until October 1, 2017. Servicers Must Unilaterally Offer Modifications on Delinquent Loans Servicers are required to send all eligible borrowers a Flex Modification trial plan offer between 90 and 105 days of a delinquency.

As a result, during 2017, one is likely to see servicers of Fannie and Freddie loans offer a variety of modification programs, including HAMP modifications where applications were submitted by December 30, 2016. The servicer will need no information from the consumer to determine eligibility and the new monthly payment amount.

Was Treasury calling the shots, and not the FHFA, which is actually the entity prescribed by HERA statute as the official conservator of the GSEs?