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Loan Mortgage Corporation
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In the Federal Home Loan Mortgage Corp. v. Commr. case, the petitioner received commitment fees for entering into prior approval purchase contracts with mortgage originators. The commitment fees equaled 2% of the principal amount of the mortgages. The commitment fees consisted of a 0.5% nonrefundable portion and a 1.5% refundable portion. In the taxable years 1985 through 1990, the petitioner treated the 0.5% nonrefundable portion of the commitment fees as premiums received for writing put options. The IRS determined that the nonrefundable commitment fees should have been reported in the taxable year that the petitioner received the payment. The Tax Court held that, in substance and form, the petitioner's prior approval purchase contracts were put options, and the petitioner properly re...
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The Federal Housing Finance Agency (FHFA) is issuing a final rule to restrict the regulated entities--the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises), and the Federal Home Loan Banks (Banks)--from dealing in mortgages on properties encumbered by certain types of private transfer fee covenants and in certain related securities. This final rule is intended to protect the regulated entities from exposure to mortgages with certain features that may impair their value and increase risk to the financial safety and soundness of the entities. FHFA intends that the regulated entities develop reasonable means and appropriate methods to implement the rule in consultation with FHFA.
