Although Freddie Mac
obtained its amortizable basis in the favorable financing intangible under a specific DRA provision that subjected the institution to Federal income tax, the Tax Court's holding in this case will apply broadly to any purchaser of assets that assumes the seller's existing debt with a below-market interest rate.
Some factors, however, suggest that PMI companies may be more likely than Fannie Mae or Freddie Mac
to insure a higher proportion of mortgages extended to lower-income borrowers.
The Freddie Mac
agreement follows the previously announced agreement in principle that PNC reached with the Federal National Mortgage Association (Fannie Mae) to resolve repurchase demands with respect to loans sold between 2000 and 2008.
The terms offered by Freddie Mac
Fannie Mae and Freddie Mac
buy mainly conventional mortgage loans, convert them into securities, and sell the securities to investors such as pension and mutual funds.
Under the agreement, Bank of America will pay Freddie Mac
a total of USD404m (less credits of USD13m) to resolve all outstanding and potential mortgage repurchase and make-whole claims related to loans sold to Freddie Mac
from January 1, 2000, to December 31, 2009.
Delegated lenders first work on receiving initial underwriting authority for loans from Freddie Mac
The nation's home builders applauded House passage of legislation that would strengthen the regulation of government-sponsored enterprises Fannie Mae, Freddie Mac
and the Federal Home Loan Banks, while preserving their mission.
announces the pricing of the SB36 offering, a multifamily mortgage-backed securitization backed by small balance loans underwritten by Freddie Mac
and issued by a third-party trust.
Ohio's attorney general announced in January he has filed a multimillion-dollar lawsuit against Freddie Mac
, alleging the publicly traded GSE defrauded the state public employee pensioners by hiding billions in subprime mortgage lending losses.
announced that ARCS has been named a Freddie Mac
Program Plus[TM] Lender in the New York City metro area, to be administered through ARCS' Princeton office.