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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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Arsenal identify Emiliano Martinez replacement as Mikel Arteta sanctions sale of FA Cup hero

first_img Mikel Arteta discusses changes at ArsenalTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Play VideoLoaded: 0%0:00Progress: 0%PlayMuteCurrent Time 0:00/Duration Time 3:46FullscreenMikel Arteta discusses changes at Arsenalhttps://metro.co.uk/video/mikel-arteta-discusses-changes-arsenal-2238696/This is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.MORE: Michael Owen makes prediction for Arsenal v Liverpool Community Shield clashMORE: Mikel Arteta makes Willian and William Saliba promise to Arsenal fansFollow Metro Sport across our social channels, on Facebook, Twitter and Instagram. For more stories like this, check our sport page. Martinez wants to be the starting stopper (Picture: Getty)Arsenal are ready to cash in on Emiliano Martinez and have already identified a replacement, reports say.Martinez shone for Arsenal at the end of the season having stepped up to replace the injured Bernd Leno and lifted the FA Cup with his team-mates at Wembley at the start of the month.The Argentine is determined to be a No.1 goalkeeper and is prepared to pursue that aim away from Arsenal.The Athletic claim Mikel Arteta and his staff still consider German stopper Leno their starting goalkeeper and the head coach is prepared to offload Martinez.ADVERTISEMENTArsenal think the 25-year-old could fetch £20million in the transfer market, although Martinez is hopeful the Gunners’ asking price will not block his exit.AdvertisementAdvertisementMartinez would like Arsenal to take a hit on his transfer fee if needs be, considering he is the longest serving player at the club.Having signed a six-year deal in 2016 worth £20,000 a week, Martinez and his team have been pushing for a better contract. Coral BarryFriday 28 Aug 2020 5:14 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link2.2kShares Advertisement Commentcenter_img Arsenal identify Emiliano Martinez replacement as Mikel Arteta sanctions sale of FA Cup hero Martinez won the FA Cup with Arsenal last season (Picture: Getty)Martinez would expect Arsenal chiefs to follow through on their promise of a salary bump by handing over a bonus before he joins another club.While the future of Martinez is now unclear, Arteta is keen to sign Brentford’s David Raya as his replacement.Arsenal have been tracking the Spanish goalkeeper for some time and he has received glowing reviews from Gunners coach Inaki Cana, who worked with Raya at Brentford.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man CityRaya also qualifies as a homegrown player after coming through Blackburn Rovers’ youth ranks.Ahead of Arsenal’s Community Shield clash with Liverpool, Arteta was asked whether he thought he could keep Leno and Martinez happy. He said: ‘I don’t want to keep them both happy, I want the one that is not playing to be upset. ‘But upset and then challenge the next player to make him better, or if not, earn his place to do that. It’s not easy to do that.’ Advertisementlast_img read more