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ARTICLE · 23 OCTOBER 2012

Changes To Fannie Mae And Freddie Mac

Dentons
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On September 11, 2012, the Federal Housing Finance Agency (the "FHFA"), together with Fannie Mae and Freddie Mac (the "GSEs"), announced changes to the GSEs' representation and warranty framework for conventional single family loans that meet the payment history and other requirements established by the GSEs, and that are sold or delivered to the GSEs on or after January 1, 2013.

United StatesFinance and Banking
Robert Bostrom
Robert Bostrom
Lisa Ledbetter
Lisa Ledbetter
Stephen Ornstein
Stephen Ornstein
Salvatore Franco
Salvatore Franco
Scott Samlin
Scott Samlin
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Representation and Warranty Framework

On September 11, 2012, the Federal Housing Finance Agency (the "FHFA"), together with Fannie Mae and Freddie Mac (the "GSEs"), announced changes to the GSEs' representation and warranty framework for conventional single family loans that meet the payment history and other requirements established by the GSEs, and that are sold or delivered to the GSEs on or after January 1, 2013. The objectives of the new framework, which was developed by the GSEs at the direction of FHFA, are (i) to grant lenders more certainty and transparency with respect to their loan repurchase obligations through the adoption of a consistent approach by the GSEs in providing relief from repurchase obligations with respect to eligible loans, and (ii) to enhance the quality of the GSEs' portfolios by moving the quality control review to the period immediately following loan delivery, rather than the period following loan default. The changes do not affect

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