Washington, DC - The Federal Housing Finance Agency (FHFA), in its capacity as conservator of Fannie Mae and Freddie Mac (the Enterprises), today filed an Appearance and Conditional Objection regarding the proposed settlement between Bank of America and a consortium of 22 investors being considered by a court in New York.
This pleading was filed to obtain any additional pertinent information developed in the matter. The conservator is aware of no basis upon which it would raise a substantive objection to the proposed settlement at this time. News Release
Meanwhile... [Excerpt: Article by Nelson Schwartz, New York Times]
NYC, NY - On Tuesday, several homeowners filed suit in the Federal District Court in Manhattan seeking to block a proposed $8.5 billion settlement between Bank of America and major mortgage investors including BlackRock, Pimco and the Federal Reserve Bank of New York. The suit claims that the deal fails to address widespread servicing problems and would actually speed up foreclosures.
"There is growing realization that this settlement needs more scrutiny," said Keith Fleischman, the lawyer for the four homeowners in the suit. "It needs to address the housing crisis itself." Full Article: Homeowners Seek to Bloc BOA Settlement
Stay tuned.
