REFinBlog

Editor: David Reiss
Brooklyn Law School

July 13, 2017

Thursday’s Advocacy & Think Tank Roundup

By Jamila Moore

  • Fannie Mae helped current homeowners by lowering their interest rates for its standard mortgage modifications. Instead of the 4.125% rate used earlier by Fannie Mae, they now offer a 4% mortgage modification interest rate. Earlier this year, Fannie Mae decided to increase modification rates to 4.25%, so one must consider what is the true reason behind such a sudden shift after an initial increase.
  • The Federal Housing Finance Agency (FHFA) finally received its relief for the Royal Bank of Scotland Group’s violation of federal and state securities law. Royal Bank of Scotland Group (RBSG) paid over 4 billion dollars to Freddie Mac and close to one billion to Fannie Mae as part of their settlement agreement. The settlement between the RBSG and the FHFA stem from Royal Bank of Scotland Group’s activities with mortgage-backed securities during the financial crisis in the early 2000’s.
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