Replies to post #241891 on Fannie Mae (FNMA)

[navycmdr]

Short Takes: FHA Will Get How Much from that JPM Settlement? / The Incredibly Shrinking Fannie / VA Closing Goes Paperless / Happy Anniversary, Sweep

IN CASE YOU MISSED IT: August marked the two-year anniversary of the Treasury Department’s decision to enact its “Third Amendment Sweep” of all profits generated by Fannie Mae and Freddie Mac. The sweep is the focal point of several “takings” lawsuits filed by common and preferred shareholders against the government.

The Inspector General of the Department of Housing and Urban Development issued a statement Tuesday morning providing more details about its role in JPMorgan’s $614 million legal settlement unveiled earlier in the year. (JPM was accused of violating FHA underwriting standards.) According to the IG’s office, the case originally started as a “qui tam” filing by a Realtor. Using a qui tam filing, a citizen can allege violations of the False Claims Act on behalf of the government. In this case, the initial allegation was that JPM was not following agency guidelines on FHA production. The FHA insurance fund received $336 million of the $614 million…

In case you’re keeping track, Fannie Mae’s mortgage portfolio totaled $449 billion at the end of July, an 18 percent decline over the past 12 months…

VENDOR NEWS: DocMagic said it has partnered with Mountain America Credit Union to provide a paperless mortgage closing, this time on a loan insured by the Veteran's Administration. The software vendor said the closing is “one of the first VA loans” that has been closed electronically since the agency said it would begin accepting “eSigned” loan documents late last year.