The Inspectors General (IG’s) of the Federal Housing Finance Agency (FHFA) and Department of Housing and Urban Development (HUD) have issued a joint report on the handling of Real Estate Owned (REO) properties in the inventories of HUD, Fannie Mae and Freddie Mac. The Report puts all agencies on notice that REO disposition is being carefully scrutinized and will continue to be as efforts continue to shrink existing inventories and reduce taxpayer exposure.
On May 14, thirteen U.S. Senators sent a "Dear Colleague" letter to Ms. Leslie Seidman, Chairman ofthe Financial Accounting Standards Board ("FASB"), expressing concern that the FASB and the International Accounting Standards Board ("IASB") were preparing to release the latest expsoure draft on leases, but had still not released a cost-benefit analysis of the lease accounting proposal.
FHFA published a notice in the Federal Register inviting input on planned restrictions to some forced-placed insurance practices by banks and servicers of GSE loans. In the notice FHFA indicated that they would limit specific forced-placed practices due to concerns regarding conflict of interest between parties to the insurance agreement.