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  • WASHINGTON, July 24- New U.S. single-family home sales fell in June to their lowest level in seven months and May's sales were revised sharply lower, in what appeared to be a minor setback for the housing market recovery. New home sales dropped 6.8 percent to a seasonally adjusted annual rate of 482,000 units, the lowest level since last November, the Commerce...

  • NEW YORK, July 16- The Federal Housing Finance Agency disclosed on Thursday that it paid two law firms over $373 million since 2010 to pursue litigation against several banks over mortgage-backed securities sold to Fannie Mae and Freddie Mac before the financial crisis. Stefanie Johnson, an FHFA spokeswoman, said its hiring of private law firms "has been a...

  • COLUMN-When will Millennials get tired of sharing? Tuesday, 14 Jul 2015 | 9:29 AM ET

    NEW YORK, July 14- What does the Millennial generation's culture of sharing mean for the future of the U.S. economy? They share cars, thanks to Uber Pool and hourly car rental services like Zipcar. In fact, a recent Pew Research Center analysis showed that as of the first quarter of 2015, Millennials were the largest generation in the American workforce.

  • U.S. new home sales rise to seven-year high in May Tuesday, 23 Jun 2015 | 10:00 AM ET

    WASHINGTON, June 23- New U.S. single-family home sales increased in May to a more than seven-year high, further brightening the outlook for the housing market and the broader economy. The Commerce Department said on Tuesday sales rose 2.2 percent to a seasonally adjusted annual rate of 546,000 units, the highest level since February 2008. Housing is being buoyed...

  • NEW YORK, June 4- Abacus Federal Savings Bank, which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty on Thursday of all charges related to the sale of allegedly fraudulent mortgages to Fannie Mae. A jury in New York state court in Manhattan acquitted the bank of mortgage fraud and falsifying business records...

  • NEW YORK, June 4- Abacus Federal Savings Bank, which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty on Thursday of all charges related to the sale of allegedly fraudulent mortgages to Fannie Mae, prosecutors and defense counsel said. A jury in New York state court in Manhattan acquitted the bank of mortgage...

  • NEW YORK, June 3- Abacus Federal Savings Bank, which caters to the Chinese-American community in New York, New Jersey and Pennsylvania, was found not guilty of grand larceny and conspiracy on Wednesday after a three-month trial for the alleged sale of hundreds of millions of dollars worth of fraudulent mortgages to Fannie Mae, lawyers involved in the case said.

  • NEW YORK, May 29- A federal judge has dismissed a class action lawsuit accusing Ocwen Financial Corp of fraudulently billing hundreds of thousands of homeowners for needless property inspections, saying the case amounts to no more than a breach of contract claim. It accused Ocwen of ignoring Fannie Mae guidelines that call for assessing individual...

  • Non-bank lenders and loan servicers will need to do so as of Dec. 31 to work with Fannie Mae and Freddie Mac, which provide the capital for most new U.S. mortgages. Taxpayers bailed out Fannie Mae and Freddie Mac in 2008 during a severe recession and housing market implosion, and the new rules aim to limit the companies' exposure to under-capitalized counterparties.

  • NEW YORK, May 15- A U.S. judge on Friday ordered Nomura Holdings Inc and Royal Bank of Scotland Group Plc to pay a collective $806 million for making false statements in selling mortgage-backed securities to Fannie Mae and Freddie Mac. Under the order, Fannie Mae will receive $26.6 million while Freddie Mac will be paid $779.4 million by the two firms.

  • NEW YORK, May 15- A U.S. judge on Friday ordered Nomura Holdings Inc and Royal Bank of Scotland Group Plc to pay a collective $806 million for making false statements in selling mortgage-backed securities to Fannie Mae and Freddie Mac.

  • Senate Banking Committee chairman Richard Shelby of Alabama published long-awaited details of the Financial Regulatory Improvement Act of 2015, listing proposals that would lighten compliance burdens for small financial firms and enforce more transparency at the central bank and the financial stability council. But the committee's top Democrat,...

  • NEW YORK, May 12- A U.S. judge's ruling that Nomura Holdings Inc and Royal Bank of Scotland Group Plc made false statements selling mortgage-backed securities to Fannie Mae and Freddie Mac could result in a judgment exceeding $805 million, a U.S. regulator's lawyer said on Tuesday. Philippe Selendy, a lawyer for the Federal Housing Finance Agency, gave his...

  • WASHINGTON, May 12- A draft Republican bill in the U.S. Senate takes aim at bank rules and insurance regulations, also limiting restrictions on mortgage requirements and proposes restructuring the Federal Reserve and other financial regulators. The 216- page, eight section report released on Tuesday was crafted by the staff of Senator Richard Shelby of...

  • NEW YORK, May 11- A U.S. judge on Monday ruled that Nomura Holdings Inc made false statements in selling mortgage-backed securities to Fannie Mae and Freddie Mac ahead of the 2008 financial crisis. District Judge Denise Cote in Manhattan ruled for the Federal Housing Finance Agency, the conservator for Fannie Mae and Freddie Mac, in a ruling that could allow the...

  • NEW YORK, May 11- A federal judge on Monday ruled that Nomura Holdings Inc misled Fannie Mae and Freddie Mac by making false statements about the quality of mortgages that backed securities it sold. District Judge Denise Cote in Manhattan ruled in favor of the Federal Housing Finance Agency, the conservator for Fannie Mae and Freddie Mac, following a non-jury...

  • WASHINGTON, May 8- Fannie Mae and Freddie Mac's regulator on Friday extended for another year the mortgage finance firms' participation in the U.S. government's main foreclosure prevention programs. The decision, announced by Federal Housing Finance Agency Director Mel Watt, extends the Home Affordable Mortgage Program and the Home Affordable Refinance...

  • May 7- Government-controlled mortgage financier Fannie Mae said on Thursday it will pay a dividend of $1.8 billion to the U.S. While the payment will push taxpayers further into the black on their bailout of the firm, it will be Fannie Mae's smallest dividend payment since the first quarter of 2010, when it was required to cut a check even as it was drawing bailout...

  • May 5- Government-controlled mortgage financier Freddie Mac said on Tuesday it would pay a dividend of $746 million to the U.S. After the payment, Freddie Mac will have returned $92.6 billion in dividends to the Treasury in return for the $71.3 billion in bailout funds it drew. Freddie Mac and its sister company Fannie Mae, which has yet to report first quarter...

  • WASHINGTON, May 5- Government-controlled mortgage finance firm Freddie Mac on Tuesday said it will cut a check to the U.S. Freddie Mac reported a first quarter profit of $524 million, up from $227 million in the fourth quarter. In the meantime, executives at Freddie Mac are testing funding mechanisms that could inform the debate on how to reduce the role of the...