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New Report Critical of Fannie Mae and Freddie Mac Fee Collection

first_imgSubscribe Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News’ sister site. New Report Critical of Fannie Mae and Freddie Mac Fee Collection The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago A report released Wednesday by the Federal Housing Finance Agency (FHFA) Office of the Inspector General (OIG) was critical of Fannie Mae and Freddie Mac’s collection of late fees. The report criticized the two for poor management of late fee collection, noting fees were either not consistently collected or collected at all.Findings were outlined in FHFA Oversight of Enterprise Handling of Aged Repurchase Demands.The report notes that the FHFA ordered Fannie Mae and Freddie Mac to “develop consistent timelines and collection standards for fees and penalties and additional types of penalties and remedies.”The FHFA let each enterprise establish its own model for penalizing servicers and collecting late fees.As a result, Freddie Mac continued to employ its existing model for collecting late fees.”By inconsistently waiving, enforcing, and excepting late fees through 2012, the Enterprise missed assessing up to $284 million in late fees that are now unlikely to be collected–losses that taxpayers ultimately bore,” the report commented.Worse yet, Fannie Mae collected no late fees, citing a concern over the projected $5.4 million implementation cost to manage late fee collection. However, the OIG charges Fannie Mae did not consider the benefits—potentially $284 million from 2009 to 2012.The report also noted that Fannie Mae had a higher volume of unresolved repurchase demands than Freddie Mac, and could have potentially collected more than the estimated figure.Ultimately, the FHFAOIG recommended 3 suggestions going forward.First, quantify the benefit of implementing a repurchase late fee program at Fannie Mae to compare the cost versus benefits of the program.Second, direct Freddie Mac to develop a late fee report to be routinely sent to FHFA that expands on information related to late fees.Finally, direct Freddie Mac to provide FHFA with information on assessed but uncollected late fees associated with 2013 bulk settlements. The Inspector General wants the fees to be considered in the negotiations and documented in accordance with the Office of Conservatorship Operations (OCO)’s Settlement Policy.FHFA agreed with OIG’s recommendations. Share Save Home / Daily Dose / New Report Critical of Fannie Mae and Freddie Mac Fee Collection Tagged with: Fannie Mae FHFA Freddie Mac About Author: Colin Robins The Best Markets For Residential Property Investors 2 days ago Previous: Caliber Home Loans Welcomes New Regional VP Next: Housing Affordability Drops in California Sign up for DS News Daily center_img Related Articles in Daily Dose, Featured, Government, Headlines, News Fannie Mae FHFA Freddie Mac 2014-02-14 Colin Robins Governmental Measures Target Expanded Access to Affordable Housing 2 days ago February 14, 2014 663 Views The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

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Family First set to lose charity status

first_imgONE News 6 May 2013A charities board says it made a decision to remove Family First New Zealand from the national Charities Register because it no longer meets the requirements of a charity. Family First NZ said it had received notification that the independent Charities Registration Board (formerly known as the Charities Commission) intends to deregister the charity, citing Family First’s traditional view of marriage being one man and one woman as one of the reasons for the deregistration. The general manager of Charities Services, Brendon Ward said today that at a recent meeting of the board “the members determined that Family First’s purpose did not meet the charitable purpose recognised in New Zealand law and set out in the Charities Act 2005”. “The Board’s position is that Family First’s main purpose is to promote particular points of view about family life. Under the Act promotion of a controversial point of view is a political purpose.” He said in doing so “Family First does not advance religion or education, nor promote a benefit to all New Zealanders as determined by the Act“. “Family First maintains that it is beneficial to the public that it promotes debate and discussion of different points of view on family life. However, the current legal position is that promoting debate on particular points of view is not a charitable purpose.” Family First now has 20 working days to appeal the board’s decision to the High Courthttp://tvnz.co.nz/national-news/family-first-set-lose-charity-status-5429575last_img read more