Government

Freddie Mac has announced an agreement with Home Retention Services, Inc., a wholly-owned subsidiary of Stewart Lender Services, Inc., to help regional servicers process thousands of backlogged applications for Making Home Affordable modifications.

The House Appropriations Committee has voted to extend the $729,750 limit for federal loans in high-cost markets through September 2010. The loan limit applies to mortgages financed through Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA) and is currently set to revert back to $417,000 at the end of this year unless the extension is approved by Congress.

Mortgage interest rates were mixed this past week with fixed-rate loans somewhat higher and adjustable-rate mortgages lower, according to numbers compiled by mortgage financier Freddie Mac. Still, housing affordability is the highest it’s been in many years, with significantly reduced rates and housing prices.

Wolters Kluwer Financial Services announced Tuesday that the Alabama Bankers Association (ABA) has endorsed the company’s mortgage lending compliance solutions. The company explained that its mortgage compliance documentation solutions help institutions reduce regulatory and operational risk, increase speed-to-market, and close loans more efficiently.

During two days of congressional hearings this week, Federal Reserve Chairman Ben Bernanke told lawmakers he expects foreclosures to head higher still. He added that Fed officials anticipate an economic recovery to start off slowly, primarily because consumers are struggling with high debt and declining housing prices.

Massachusetts Gov. Deval Patrick unveiled a statewide program last week that will allow first-time homebuyers to get an advance on the $8,000 federal tax credit to use toward downpayments and closing costs.

The Federal Reserve Bank of St. Louis launched a new Web site feature Tuesday, designed to help the public keep track of major regulatory developments in the government’s actions for financial system reform .

While many reputable real estate research firms have reported smaller declines in home prices in recent months, but declines nonetheless, the Federal Housing Finance Agency (FHFA) released a report today that says U.

The Treasury Department said last week that loan originations made by the nation’s largest banks grew modestly during the month of May, and according to a report issued this week by the Troubled Asset Relief Program’s (TARP) inspector general, a large majority of institutions who have received government bailout money say they’ve used the funds to write new loans.

The New York-based alternative asset management firm Fortress Investment Group LLC announced over the weekend that Daniel H. Mudd, Fannie Mae’s former chief, will take the helm at Fortress as the company’s new CEO.