Federal Housing Finance Agency Action Regarding Court Consideration of Proposed Bank of America $8.5 Billion Settlement

Federal Housing Finance Agency Action Regarding Court Consideration of Proposed Bank of America Settlement

The Federal Housing Finance Agency (FHFA), in its capacity as conservator of Fannie Mae and Freddie Mac (the Enterprises), today filed an Appearance and Conditional Objection regarding the proposed settlement between Bank of America and a consortium of 22 investors being considered by a court in New York. This pleading was filed to obtain any additional pertinent information developed in the matter. The conservator is aware of no basis upon which it would raise a substantive objection to the proposed settlement at this time. In fact, FHFA considers it positive that the proposed settlement includes subservicing requirements, specific terms for the servicing of troubled mortgages and the curing of certain document deficiencies. Additionally, FHFA is encouraged that a number of significant market participants support the proposed settlement.

Due to its duty to preserve and conserve Enterprise assets, the conservator believes it prudent not only to receive additional information as it continues its due diligence of the proposed settlement, but also to reserve its capability to voice a substantive objection in the unlikely event that necessity should arise.

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. mortgage markets and financial institutions.

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Federal Housing Finance Agency Action Regarding Court Consideration of Proposed Bank of America Settlement

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Comments
9 Responses to “Federal Housing Finance Agency Action Regarding Court Consideration of Proposed Bank of America $8.5 Billion Settlement”
  1. talktotennessee says:

    OCC and FHFA mere rubber stamps posturing to say they are ‘on board’ with settlement that protects the banksters. Nothing more or less here. I filed a complaint with OCC, they wrote it up, all formal, and assigned an investigation number, etc. That was the last I heard from them, nada, nothing, with weeks and weeks going by. Then I filed suit whereupon OCC promptly sent a letter saying they were ‘bowing out’ of an investigation since I had filed a legal action. Another one of those agencies that exists for their own self serving purposes, their own jobs, income and to protect those they are designed to monitor.

  2. Wayne says:

    Could someone here tell me in plain english what this actually means. I will save this post so I may read the responses ….. but from what I have read and understand … we the fighters of the good fight have just been kicked in the balls ……….. am I right one this??????

  3. leapfrog says:

    Ok, I was just out to the FHFA website to blast these assholes a new one. On the website there is a paragraph:

    “To report evidence of waste, fraud, or abuse:
    See Office of Inspector General (webpage) for detailed information”

    So I clicked on that and went here: http://www.fhfaoig.gov/ReportFraud

    Let’s ALL report the FRAUD, WASTE and AB– USE of this agency! Let’s DEMAND the firing of the “decision-makers”. I’ve done so with the NY Fed for Katherine Wylde, several times for OCC John Walsh and SEC Mary Shapiro. I can’t rave alone though. It definitely feels good to vent!

  4. housemanrob says:

    More smoke and mirrors…always the crooks trying to make these deals. If Obama gave a shit …………he would have Wall Street cleaned up…..WITH ALL NEW REGULATORS WITH ZERO BANK CONNECTIONS!

  5. Michael Olenick says:

    Maybe they should add these lines:

    The Conservator should note that the department is run by an individual appointed by President Bush, because Republicans have abused the filibuster process to appoint a different person and President Obama is too much of a wimp and sellout to exercise his recess appointment authority. Further, even as an appointee of a widely despised President, the Conservator should also point out his fiduciary responsibility forces him to pretend Fannie and Freddie are private companies. He does not even believe that they have not been nationalized (a position he has put in writing), and that wasting billions a month to keep them alive is just fine with this “conservative” appointee. The Conservator understands Fannie and Freddie are the primary source of fraud, waste, and abuse in the housing and foreclosure crisis, more than any other entity; but the Conservator just doesn’t care.

    Oh yeah .. it’s almost a new month — allowance time — so the spoiled brat Conservator would like a few billion more taxpayer dollars lest he have to slowdown foreclosures and fix the housing market; as usual, no strings attached.

  6. leapfrog says:

    “The conservator is aware of no basis upon which it would raise a substantive objection to the proposed settlement at this time. In fact, FHFA considers it positive that the proposed settlement includes subservicing requirements, specific terms for the servicing of troubled mortgages and the curing of certain document deficiencies.”

    IDIOTS!!!!! These are the types of out-of-touch (or just plain corrupt?) morons we have in the “regulator’s” chairs. Good grief. No wonder this country is a mess. These conservators are so inept, they are in dire need of conservators to make decisions for THEM.

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