Fannie Mae will release performance information for more than 18 million individual mortgages, joining rival Freddie Mac in taking the step as the government- controlled firms prepare to share risk with private investors.
Laurie Goodman, who says no analysts have been more critical of bank mortgage practices than her team at Amherst Securities Group LP, is siding with lenders when it comes to a flurry of new rules intended to protect homebuyers.
In 2002, an accountant in Boca Raton, Florida, named Joseph Lents was accused of securities-law violations by the U.S. Securities and Exchange Commission. Lents, who was chief executive officer of a now-defunct voice- recognition software company, had sold shares in the public company without filing the proper forms. Facing a little over $100,000 in fines and fees, and with his assets frozen by the SEC, Lents stopped making payments on his $1.5 million mortgage.
Bank of America Corp. ’s plan to sell the insurance unit it acquired with Countrywide Financial Corp. may result in it liquidating properties faster after homeowners stop paying on debt underlying mortgage bonds, according to Amherst Securities Group analyst Laurie Goodman .
Housing prices in the U.S. will fall a further 5 percent in the next year before the bottom as the government plans to sell foreclosed properties to investors, according to Laurie Goodman of Amherst Securities Group LP.
Bank of America Corp., Wells Fargo & Co. and three other banks that settled a nationwide probe of foreclosure practices this month will get a bonus from the deal: protection for $308 billion of home-equity loans they hold.