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Sunday, August 14, 2011

Comments

church financing

I agree. they are just trying to dump the problem on the tax payers.

Auden L. Grumet, Esq.

"I AM trying to determine..."!

Richard Davet

My recent question to FHFA's general counsel:

Dear Mr. Pollard:

I am sure that you saw the recent announcement pertaining to fnma’s purchase of “servicing rights” from BAC.

http://www.dsnews.com/articles/bofa-sells-pool-of-servicing-rights-to-fannie-mae-2011-08-11


Recently, fnma filed an amicus brief in the ohio supreme court wherein they cite their statutory purpose. I trying to determine the authority for such a purchase. As the general counsel can you itemize the statutory authority for the purchase from BAC?

Statutory purposes of Fannie Mae:
The Congress hereby declares that the purposes of this title are to establish
secondary market facilities for residential mortgages, to provide that the
operations thereof shall be financed by private capital to the maximum extent
feasible, and to authorize such facilities to--
(1) provide stability in the secondary market for residential
mortgages;
(2) respond appropriately to the private capital market;
(3) provide ongoing assistance to the secondary market for residential
mortgages (including activities relating to mortgages on housing
9
for low- and moderate-income families involving a reasonable
economic return that may be less than the return eamed on other
activities) by increasing the liquidity of mortgage investments and
improving the distribution of investment capital available for
residential mortgage financing;
(4) promote access to mortgage credit throughout the Nation
(including central cities, rural areas, and underserved areas) by
increasing the liquidity of mortgage investments and improving the
distribution of investment capital available for residential mortgage
financing; and
+ + *
Section 1716, Title 12, U.S. Code.
Statutory

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