Las Vegas Home Sales Drop But Home Price Remains Stable
According to the latest report from MDA DataQuick, May marked the first time in 21 months that Las Vegas region home sales dropped below the year-ago level. A total of 4,386 new and re-sale houses and condos closed escrow in the Las Vegas-Paradise metro area, down 1.7 percent from April and 3.3 percent below last […]
President Approves Extension of Tax Credit Deadline
On Friday, July 2, 2010, President Obama approved the home buyer tax credit extension for more than 180,000 American homebuyers who were at risk of losing tax credits totaling up to $8,000. These qualifying homebuyers were under contract for a home on or before April 30, 2010 and originally had to close no later than […]
Home Buyer Tax Credit Extension Passes
The Senate unanimously approved a bill that creates a three month closing extension for the home buyer tax credit. In summary, the home buyer tax credit extension gives borrowers until September 30, 2010 to complete the sale of the property if the deal was in escrow before the deadline of April 30, 2010.
Government Arrests Mortgage Lenders
As part of Operation Stolen Dreams, the government’s push against mortgage fraud, federal authorities investigated 1,215 criminal defendants allegedly responsible for more than $2.3 billion in losses and made 485 arrests. Unlike previous mortgage fraud sweeps, Operation Stolen Dreams focused on federal criminal cases as well as civil enforcement, recovering money for victims and increasing […]
Fannie and Freddie to Delist Stock from NYSE
The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to delist their common and preferred stock from the New York Stock Exchange (NYSE) and any other national securities exchange. To read the full article on DSNews.com, click here.
Bank of America’s Principal Forgiveness Program Begins
On June 2, Bank of America began its new mortgage program for eligible underwater borrowers which includes an earned principal forgiveness in a loan modification. Bank of America mailed out an initial round of letters notifying customers who may qualify. Upon review of these customer applications, the first trial offers for the program could find […]
Fannie Mae and Freddie Mac HAFA Guidelines Announced
Government sponsored entities (GSE), Fannie Mae and Freddie Mac, both issued new guidelines to servicers on June 1. The new stipulations allow homeowners with GSE owned or guaranteed loans to pursue a short sale or deed-in-lieu of foreclosure if they are unable to secure a modification under the Home Affordable Modification Program (HAMP) program. Both Fannie […]
Lenders forced to buy back $3.1 Billion in Mortgages from Fannie and Freddie
Fannie Mae and Freddie Mac forced lenders to repurchase $3.1 billion in mortgages out of their books in the first quarter of 2010. In a regulatory filing explaining the forced repurchases, Fannie Mae stated that when they discover delinquent loans that do not meet underwriting and eligibility requirements, Fannie Mae makes demands for lenders to […]
New HAMP Guidelines Take Effect June 1, 2010
The federal government provided new Home Affordable Modification Program (HAMP) outreach and communication guidelines for foreclosure actions while evaluating the borrower. These guidelines provide additional protection for delinquent borrowers who have filed bankruptcy but would otherwise be eligible for HAMP benefits. Some key highlights from the directive include: FORECLOSURE The servicer must evaluate the borrower’s […]
FHA’s new principal reduction program
A new program issued by the Federal Housing Administration (FHA) requires lenders to reduce the principal by at least 10% for qualified borrowers. Borrowers can qualify for the FHA principal reduction program if they are current on their payments and their loan was acquired from a failed bank seized by the FDIC. Additionally, the program […]