Fannie Mae website:

Callie Dosberg

202-752-3117

WASHINGTON, DC – Fannie Mae (FNMA/OTC) and Freddie Mac (OTCQB: FMCC) today jointly announced that the first chief executive officer (CEO) has been named for Common Securitization Solutions, LLC (CSS), which was established by the companies to build and operate the Common Securitization Platform (CSP), a new secondary mortgage market infrastructure. Additionally, Fannie Mae and Freddie Mac each appointed two executives to the CSS Board of Managers and signed governance and operating agreements for CSS.

David M. Applegate, who led both GMAC Mortgage and GMAC Bank during a 17-year career at General Motors Acceptance Corporation, has been appointed chief executive officer of CSS. Applegate brings more than 20 years of mortgage and banking experience to his new leadership role at CSS.

Prior to joining CSS, Applegate was president, CEO and director of Homeward Residential, Inc., a Dallas-based mortgage lender and servicer with assets of…

Fannie Mae and Freddie Mac have taken another step in the development and day-to-day management of a single GSE bond by joining together in the formation of a new company.

The two companies established Common Securitization Solutions, a jointly owned limited liability company, with the goal of facilitating the design and eventual implementation of the single GSE bond through the Common Securitization Platform.

Common Securitization Solutions will operate the Common Securitization Platform once it is established, although there has been no acknowledgment of a specific timeline for the development of either the single GSE bond or the Common Securitization Platform to this point.

When the GSE’s conservator, the Federal Housing Finance Agency, released its proposal for the “Single Security” in August, the agency said that it would take “multiple years” to build the single security.

Read on.

Cashmere v Department of Revenue

For more information on foreclosure offense, expert witness consultations and foreclosure defense please call 954-495-9867 or 520-405-1688. We offer litigation support in all 50 states to attorneys. We refer new clients without a referral fee or co-counsel fee unless we are retained for litigation support. Bankruptcy lawyers take note: Don’t be too quick admit the loan exists nor that a default occurred and especially don’t admit the loan is secured. FREE INFORMATION, ARTICLES AND FORMS CAN BE FOUND ON LEFT SIDE OF THE BLOG. Consultations available by appointment in person, by Skype and by phone.

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Editor’s Introduction: The REAL truth behind securitization of so-called mortgage loans comes out in tax litigation. There a competent Judge who is familiar with the terms of art used in the world of finance makes judgements based upon real evidence and real comprehension of how each part affects another…

Remember this LIBOR class action case two years ago? From attorney John Walter Sharbrough law website:

Interest Rate Fixing
LIBOR Adjustable Rate Mortgage (ARM) Litigation

John W. Sharbrough, III, filed the first action on behalf of homeowners against the world’s largest banks for manipulating the London Interbank Offered Rate (“LIBOR”).  The LIBOR rate has been called the most important interest rate in the world.  The LIBOR index is used to set the interest rates on almost all adjustable rate mortgages and many other loans.

The banks charged with illegal manipulations include the following:

Bank of America Corporation
Barclays Bank, PLC
Citigroup Inc.
Citibank, N.A.
HSBC PLC
JPMorgan Chase & Co.
Chase Bank USA
Credit Suisse Group, AG
Deutsche Bank AG
Royal Bank of Canada
Royal Bank of Scotland
UBS AG

This case is pending in the United States District Court for the Southern District of New York.  The complaint…

The three-year-old U.S. consumer protection agency said it discovered that the largest mortgage servicers have been mishandling loan modifications and harming borrowers since new rules came into effect in January.

Consumer Financial Protection Bureau supervisors have made spot checks to examine the books and practices of bank and nonbank servicers, the agency said in a report yesterday, without naming the firms. Supervisors found “substantial delays” in modifying loans that resulted in “negative consequences,” such as higher mortgage payments and unjustified blemishes on borrowers’ credit reports, the report said.

“All borrowers should be treated fairly by loan servicers, and through our supervision program, we intend to hold them accountable,” Richard Cordray, the CFPB director, said in a statement.

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For further information, assistance, consultation, expert analysis, or litigation support please call 954-495-9867 or 520 405-1688.

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Bankers may yet face federal prosecution for their roles in the 2008 financial crisis, U.S. Attorney General Eric Holder said today.

“We have ongoing investigations that may perhaps produce individual prosecutions,” Holder said, defending the Justice Department’s handling of probes that have resulted in large financial settlements but few criminal prosecutions.

Holder announced his retirement last month, saying he would remain in the job until a new attorney general is nominated by President Barack Obama and confirmed by the Senate. He said he expects that process to take until the beginning of next year.

“My hope would be the Senate would take up that nomination the same way that mine was and, by early February, we have a new attorney general,” he said.

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Sperry Assoc. Fed. Credit Union v. US Bank Nat’l Ass’n (In re White), 514 B.R. 365 (Bankr. E.D.N.Y. 2014) –

A junior mortgagee sought to subordinate the senior mortgage loan based on an argument that modification of the senior loan impaired the junior mortgagee’s rights.