The Federal Housing Finance Agency (FHFA) announced a $9.3 billion settlement with Bank of America following a 2011 suit tied to the bank’s role in selling faulty mortgage-backed securities to Fannie Mae and Freddie Mac.
Peter Schoeder reports on a $9.3 billion settlement between the Bank of America and the Federal Housing Finance Agency (FHFA). The settlement is the latest in a group of 18 suits pursued by the FHFA since 2011 against some of the nation’s largest banks. The current settlement also resolves issues with Countrywide Financial and Merrill Lynch, which were later bought by the Bank of America.
“The housing regulator filed 18 different suits in 2011, alleging banks misled housing giants Fannie Mae and Freddie Mac when they sold them mortgage-backed securities loaded with risky mortgages.” Of those 18 suits, seven remain outstanding, but the FHFA said this week that it remains committed to “resolving those actions.”
A separate article by Reuters reports that Bank of America is claiming to have resolved about 88 percent of its exposure to securities connected in mortgage bond litigation. Bank of America still faces a lawsuit with the U.S. Department of Justice regarding mortgage-backed securities it sold during the housing boom that ended in 2008.
Read the full story: Bank of America strikes $9.3 billion deal with housing regulator
The Underappreciated Role of Freddie Mac and Fannie Mae in Access to Affordable Housing
A housing researcher formerly with the Obama administration's Treasury Department explains the role of government-sponsored enterprises in opening the housing market with more affordable options.
After $10.2 Billion Treasury Deposit—What Next for Fannie and Freddie?
Fannie Mae and Freddie Mac will deliver $10.2 billion in dividends to the U.S. Treasury next month, but Congress could soon "wind down" the companies by approving the significant Johnson-Crapo bill.
Letting Fannie and Freddie Off the Hook
Although they played a part in the ensuing financial panic, noted economist Mark Zandi argues why Fannie Mae and Freddie Mac don't deserve to be blamed for the housing bubble.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
California plans to bury El Niño’s downpour
If the state plays its cards right, it may be able to store a billion acre-feet of El Niño’s water in aquifers.
Desperate measures: Advocates weigh draining Lake Powell to fill Colorado River
Draining the reservoir could reduce evaporation losses by a couple hundred thousand acre-feet.
Chicago voters approve permanent festival grounds, penalty for vacant property owners
Currently, major summer and fall festivals take over public parks for weeks at a time, drawing criticism from nearby residents
NYC votes to cut outdoor dining red tape, speed up permitting
New York City also voted to allow the Department of Transportation to begin work on urgent projects before notifying elected officials.
California appears to reject Prop. 45
The proposition would have expanded the projects that qualify for a streamlined environmental review, effectively paring down the California Environmental Quality Act.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
City of Rosemead
Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
Hunter College, City University of New York (CUNY)
The Architects Foundation
University of Cincinnati Online
City of Cambridge
Montrose County
The Pocatello Development Authority