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With Chairman Hensarling's plan to overhaul the mortgage finance market stuck in limbo, several Democrats have begun work on alternative proposals that could further divide support for the GOP bill.
October 25 -
Edward DeMarco, acting director of the Federal Housing Finance Agency, said Thursday that the agency has no immediate plans to lower the size of the loans the government-sponsored enterprises can buy, though he left the door open for future reductions.
October 24 -
JPMorgan Chase's record $13 billion settlement has significant implications for the financial industry, but they may not be what casual observers expect. Following is a guide to the key takeaways from the deal.
October 20 -
Bank of America, JPMorgan Chase, Citigroup and Wells Fargo got credit for providing $15.4 billion relief to roughly 420,000 underwater borrowers last year, according to the settlement monitor.
October 16
JPMorgan Chase (JPM) has agreed to pay $5.1 billion in settlements to the Federal Housing Finance Agency, Fannie Mae and Freddie Mac, federal officials said Friday.
The $2.5 trillion-asset firm will pay $4 billion to the Federal Housing Finance Agency as conservator for Freddie Mac and Fannie Mae to resolve litigation related to mortgages sold to the companies between 2005 and 2007. In a separate settlement, JPMorgan will pay $1.1 billion to Fannie and Freddie to resolve claims related to single-family mortgages purchases from 2000 to 2008.
The two deals are part of what is expected to be a $13 billion, mortgage-related settlement between JPMorgan and federal agencies including the Justice Department.
"The satisfactory resolution of the private-label securities litigation with JPMorgan Chase provides greater certainty in the marketplace and is in line with our responsibility for preserving and conserving Fannie Mae's and Freddie Mac's assets on behalf of taxpayers," FHFA Acting Director Edward DeMarco said in a
"This is a significant step as the government and JPMorgan Chase move to address outstanding mortgage-related issues," DeMarco said. "Further, I am pleased that a resolution of single-family, whole-loan representation and warranty claims could be achieved at the same time. This, too, will have a beneficial impact for taxpayers and the housing finance market."
