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Mortgages › Mortgage-Backed Securities

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Orrick, Herrington & Sutcliffe LLP

Fed survey finds securities’ credit terms largely unchanged

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In March 2025, the Fed released the Senior Credit Officer Opinion Survey on Dealer Financing Terms, revealing that credit terms in securities financing and over-the-counter derivatives markets remained largely unchanged...more

Orrick, Herrington & Sutcliffe LLP

District Court rules in favor of Ginnie Mae in case involving extinguishment of liens

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On October 18, the U.S. District Court for the Northern District of Texas denied a motion for partial summary judgment filed by the plaintiff, a bank, against Ginnie Mae. The dispute centered on Ginnie Mae’s extinguishment of...more

Hogan Lovells

Beds and sheds – key financing considerations

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In this article, we consider the key considerations for a lender when financing particular asset classes. We have focused for these purposes on those asset classes which we consider to be the most topical at the moment:...more

Cadwalader, Wickersham & Taft LLP

Federal Regulators Publish Final Rule on Automated Valuation Models and AI That Imposes Obligations on Secondary Market Issuers,...

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On June 6, 2024 federal regulators published a final rule addressing Quality Control Standards for Automated Valuation Models. This was a collaborative rulemaking effort that included regulators from the Office of the...more

Orrick, Herrington & Sutcliffe LLP

Ginnie Mae outlines recovery planning requirements for issuers with over $50 billion

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On May 20, Ginnie Mae released “APM 24-08: Mandatory Recovery Planning Requirements for Certain Issuers,” which outlined Ginnie Mae’s introduction of recovery planning requirements for issuers whose portfolios exceed $50...more

Orrick, Herrington & Sutcliffe LLP

Ginnie Mae to explore a new reverse MBS

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On January 16, Ginnie Mae announced its plans to consider the development of a new securitization product in connection with broader efforts to expand its existing Home Equity Conversion Mortgage (HECM) mortgage-backed...more

Orrick, Herrington & Sutcliffe LLP

Fannie, Freddie release an updated Single-Family Social MBS Framework

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On January 23, Freddie Mac and Fannie Mae (the “Enterprises”) announced an updated Single-Family Social MBS and Corporate Debt Bonds Framework, and updates to mortgage-backed securities (“MBS”) disclosures. As part of the...more

Cadwalader, Wickersham & Taft LLP

Exchange Trust Certificates in REMIC Transactions Qualify as Stripped Bonds or Coupons

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On November 24, 2023, the IRS released PLR 202347001, ruling that certificates issued from an “exchange trust” qualify as stripped bonds or stripped coupons within the meaning of Code Section 1286. The taxpayer in the...more

Orrick, Herrington & Sutcliffe LLP

2nd Circuit addresses issue preclusion standard in dismissal of RMBS actions

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On April 26, the U.S. Court of Appeals for the Second Circuit upheld the dismissal of three residential mortgage-backed securities lawsuits tied to losses incurred during the 2008 financial crisis. The plaintiffs, issuers of...more

Brownstein Hyatt Farber Schreck

FHFA Releases Fannie Mae and Freddie Mac Framework

Brownstein Hyatt Farber Schreck on

On Thursday, Feb. 23, the Federal Housing Finance Agency (FHFA) announced a proposed rule to amend the Enterprise Regulatory Capital Framework (ERCF) for Fannie Mae and Freddie Mac (the Enterprises). FHFA indicated that the...more

Orrick, Herrington & Sutcliffe LLP

Fannie, Freddie announce LIBOR transition plans

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On December 22, GSEs Fannie Mae and Freddie Mac announced replacement indices based on the Secured Overnight Financing Rate (SOFR) for their legacy LIBOR indexed loans and securities ...more

David Shirk - Shirk Law

Ginnie Mae APM 21-06 restates interpretation of VA seasoning requirements

David Shirk - Shirk Law on

Ginnie Mae clarifies its MBS Guide with respect to seasoning of VA IRRRLs that are a “Refinance of a Modified Loan.” Issuers had challenged Ginnie Mae’s buy out demands that claimed insufficient seasoning when measured from...more

Cozen O'Connor

Fannie Mae and Freddie Mac Update all Uniform Legal Instruments

Cozen O'Connor on

On July 7, 2021, Fannie Mae and Freddie Mac (the GSEs) introduced new uniform instruments (notes, security instruments, and riders) for use with loans to make them eligible for purchase by the GSEs. ...more

Mayer Brown

Fannie and Freddie to Relax Servicer Advance Requirements for Loans in Forbearance

Mayer Brown on

This week, the Federal Housing Finance Agency (“FHFA”) announced an eagerly awaited policy allowing Fannie Mae and Freddie Mac (the “Agencies”) to address one aspect of the liquidity crisis for mortgage servicers facing...more

Bradley Arant Boult Cummings LLP

Ginnie Mae Announces PTAP Assistance for Issuers

Bradley Arant Boult Cummings LLP on

In an All Participants Memo dated April 10, 2020 (APM 20-03), Ginnie Mae announced that it revised and expanded its issuer assistance programs in Chapter 34 of the Mortgage Backed Securities Guide (MBS Guide) to include a...more

Orrick - Finance 20/20

FHFA Issues New Prepayment Monitoring Report

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On May 22, 2018, the Federal Housing Finance Agency (“FHFA“) issued a report through first quarter of 2018 in order to provide transparency and insight to market participants about how it monitors prepayment rates of Fannie...more

K&L Gates LLP

Less Form, More Substance: The SEC Staff’s Recent Functional Approach to Section 3(c)(5)(C)

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The staff of the Securities and Exchange Commission (“SEC”), in recognition of the evolution of the real estate business over the past 70 years, has been incrementally expanding the scope of a “qualifying asset” for purposes...more

K&L Gates LLP

FHFA and Senate Proposals Bring GSE Reform Into Sharper Focus

K&L Gates LLP on

On January 16, 2018, Federal Housing Finance Agency (“FHFA”) Director Melvin L. Watt sent a document to Senate Banking Committee Chairman Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) that describes the FHFA’s...more

Carlton Fields

Securities Fraud Update: Eleventh Circuit Clarifies Section 17(a) and Rule 10b-5 Analyses

Carlton Fields on

S.E.C. v. Radius Capital Corp., No. 15-12004, 2016 WL 3542235, ___ F. App’x ___ (11th Cir. June 29, 2016). The Eleventh Circuit last month explained the material similarities and differences between two kinds of...more

Dorsey & Whitney LLP

SEC Administrative Law Judges Ruled Unconstitutional

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Introduction - A recent decision from the U.S. District Court for the Southern District of New York concludes that the manner in which Administrative Law Judges (“ALJs”) of the U.S. Securities and Exchange Commission...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

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European Commission Unveils Tax Transparency Package - The European Commission has laid out its plans in a new Tax Transparency Package to clamp down on tax deals made between EU governments and multi-national...more

Orrick - Finance 20/20

First Department Affirms Dismissal of Ambac’s Contract Claims Against EMC

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On October 16, the Appellate Division, First Department of the Supreme Court of New York affirmed the dismissal of Ambac Assurance Corporation’s breach of contract claims against EMC Mortgage arising out of an RMBS...more

Troutman Pepper

Mortgage-Backed Securities: “It Is The Rare Ordinary Human Being Who Understands Them”

Troutman Pepper on

In re Lehman Bros. Holdings Inc., 513 B.R. 624 (Bankr. S.D.N.Y. 2014) – A purchaser of residential mortgage-backed securities filed proofs of claim based on alleged misrepresentations by the debtors in offering...more

Morrison & Foerster LLP

An Era of Transformation

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The depth and impact of the 2007-08 financial crisis, rooted in residential finance, have been apparent for some time. There has never been doubt that its aftermath would transform the way mortgage lending operates in the...more

Orrick - Finance 20/20

NY Court Dismisses Repurchase Suit Against Nomura In Part

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On June 26, 2014, Justice Friedman of the Supreme Court of the State of New York partially granted Nomura Credit & Capital Inc.’s (Nomura) motion to dismiss a repurchase suit brought by Nomura Asset Corporation Alternative...more

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