Home Loans Mortgage: FHFA Sues UBS to Recover GSE Mortgage Losses

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Jul 27, 2011 5:01PM

FHFA Sues UBS to Recover GSE Mortgage Losses

UBS Americas Inc., several of its subsidiaries, and four former executive officers were sued Wednesday morning in U.S. District court for the Southern District of New York. The Federal Housing Finance Agency (FHFA) brought suit charging violations of securities laws in the sale of private label residential mortgage-backed securities (MBS) to government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae. FHFA sued as conservator of the GSEs and seeks a jury trial in an attempt to recover losses...

Jul 27, 2011 5:06PM

Mortgage Rates: Take Cover

Although the BestExecution quotes didn't change today, the borrowing costs associated with those rates rose enough to erase yesterday's improvements, plus more. Markets currently hang on every headline regarding the debt-ceiling debate (not exclusively, but disturbingly close). This makes the securities that govern home loan pricing especially volatile and unpredictable. Rather than change rate sheets with each rapid movement in the secondary market, it's not only easier on all parties involved,...

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Micro News

4:14 PM:	Thursday has Econ, Auction, Fed, but Debt-Debate Trumps All
3:25 PM:	Beige Book: Economic Wheel Spinning
1:43 PM:	FHFA Sues UBS to Recover Private Label MBS Losses
1:25 PM:	5yr Auction Nominally Weaker Than Yesterday's 2yr
10:06 AM:	Quarter Point Swings in Both Directions! MBS Back to Highs.
8:42 AM:	Fate of Boehner, Reid Debt Limit Plans Unclear
8:38 AM:	Downgrade Could Add $100bln to US Funding Costs
8:31 AM:	ECON: Durable Goods Orders Fall on Transportation

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Around the Web

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Video News

	FHFA Sues UBS
	Shiller Says Austerity Steps Not Promising for Housing
	Housing: The Good, Bad & Ugly

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Today's Comments

	""Ugh" is right. 3 years ago a friend of mine met with a company that manages foreclosures for large banks. He told me they said they were expecting..."
	"The choice extends far beyond the standard political speaking points of social safety nets and defense spending. The American consumer is taxed enough..."
	"If it was me, I would cut my eating out expenditures, maybe cancel my cable, and get a second job - or look to make more money immediately- not down the..."

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Today's Q&A

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Today's Forum Discussions

	"Loan Scenario View All Post A Scenario Loan State: Texas Loan County: --- Loan Type: Cash Out Refinance Loan Amount: $550,000 Property Value: $800,000..."
	"Hello All, I'm new here. For the past few days I have been waiting on when it is the best time to lock in a rate. As of yesterday the rates have dropped..."
	"I'm a Mortgage Broker looking for funding sources here in California. Do you accept or work with Brokered loan Packages? I generate conforming loans..."