Obama Administration’s White Paper Proposes Phasing Out Fannie and Freddie
The Obama administration released its “white paper” outlining the winding down and replacement of Fannie Mae and Freddie Mac. The goal of the proposals is to decrease the government’s involvement in the mortgage industry. The first proposal presented by the administration would create a government backstop under a federal reinsurance model. In the second proposal […]
Change is coming to the Home Affordable Foreclosure Alternative Program
Pursuant to the new guidelines released December 28, 2010, servicers are expected to put into place the revised guidelines on or before February 1, 2011. As a part of the updated guidelines servicers are now required to complete and send a Short Sale Agreement (SSA) to the borrower within 30 calendar days from the date […]
Obama Administration Putting Pressure on Fannie and Freddie to Agree to Principal Reductions
The Obama administration is trying to convince Fannie Mae and Freddie Mac to join a program run by the Federal Housing Administration (FHA) that allows banks to hand over mortgages if the bank and investors agree to a write-down on the principal. The administration hopes that the participation of the mortgage giants would put additional […]
Some Foreclosures and Evictions postponed for the holidays
Freddie Mac and Fannie Mae are postponing foreclosure evictions on mortgage loans they own or back from December 20th to January 3rd. Wells Fargo will freeze foreclosure sales for the holiday. The lender’s freeze will run the same two week period as that of Fannie Mae and Freddie Mac. It will only postpone sales of […]
What Will Replace Fannie and Freddie?
With the recent election results and the increase in Republican politicians promising to abolish Fannie Mae and Freddie Mac, the topic of what will replace these government sponsored entities is being discussed now more than ever. Fannie and Freddie have been in a state of uncertainty since the government seizure but a recent Wall Street […]
Nationwide joint investigation could make banks subject to fines
A joint investigation by every state and the District of Columbia could force mortgage companies to settle allegations that they used flawed documents to foreclose on hundreds of thousands of homeowners. To read the full article please click this link.
Update on the U.S. Real Estate Market
At the end of August, Lender Processing Services (LPS) reported that mortgages on 4,947,000 properties nationwide were at least 30 days past due but NOT in foreclosure. Of those, 2,374,000 were 90 or more days delinquent. The good news is that the delinquency rate of loans that are 30 days or more past due have […]
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.
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 […]
Republicans Want to End Fannie and Freddie
On Wednesday, Republicans announced a plan to wind down bailed-out mortgage-financing giants, Fannie Mae and Freddie Mac. This proposal has the potential to create some political headaches for Democrats and the Obama administration which have bet heavily on the companies’ futures. Republicans submitted the measure as an amendment to the financial-regulatory bill in the Senate. […]