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Freddie Launches REO Rental Initiative

On Thursday, Freddie Mac announced the official launch of its new REO Rental Initiative, giving qualified tenants and former owners the option to lease their recently foreclosed properties on a month-to-month basis.

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Market Conditions Lead to Growth for Foreclosure.com

Foreclosure.com, based on Boca Raton, Florida, announced that it has doubled the size of its agent services department in response to high volume and demand for programs that help connect buyers and sellers in the distressed real estate marketplace.

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MBA: Delinquencies Hit Record-Highs

The Mortgage Bankers Association (MBA) released its Mortgage Delinquency Survey for 2008 on Thursday, which showed that Americans fell behind on their mortgages and banks seized homes at a record pace in the fourth quarter of last year.

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Bond Yields Push Mortgage Rates Up

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) on Thursday, showing increases in mortgage interest rates for all types of loan products covered in the study. Frank Nothaft, Freddie Mac’s VP and chief economist, attributed the rise in mortgage rates to higher bond yields this week, amid reports of continuing record jobless claims and a downward revision of economic growth in the fourth quarter of 2008.

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Treasury Releases Loan Mod Details

The Treasury Department released guidelines on Wednesday that will enable servicers to begin modifications of eligible mortgages under the administration’s Homeowner Affordability and Stability Plan – announced by President Barack Obama just two weeks ago.

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Zillow Reports Surge in Refi Loan Requests

Amidst the announcement of President Barack Obama’s housing plan, and with mortgage rates reaching historic lows, Seattle-based real estate web site Zillow.com reports record-breaking traffic and loan request activity within its free marketplace for custom mortgage quotes.

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Gov. Launches Securities Loan Facility

As part of the administration’s Financial Stability Plan, on Tuesday, the Department of the Treasury and the Federal Reserve Board announced the launch of the Term Asset-Backed Securities Loan Facility (TALF).

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Attorney Group Offers ‘Immediate’ Loan Mod Program

With President Obama’s recent proposal to provide $75 billion to help modify home loans, millions of Americans on the brink of foreclosure now have hope in sight. But what’s uncertain, particularly for those who are facing imminent foreclosure, is how quickly the assistance will funnel down the pipeline to homeowners.

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