Tag Archives: Fannie Mae

Fannie Mae released Monday its most recent National Housing Survey, revealing a slight softening in the housing recovery as monthly indicators remain volatile. According to results from the March survey, fewer than half of consumers polled expect home prices to continue rising over the next 12 months, continuing a trend of uncertainty that started as price gains began to slow noticeably last fall.

In a press release issued Wednesday by the Federal Housing Finance Agency (FHFA), the FHFA reported that Fannie Mae and Freddie Mac have completed 3.1 million foreclosure prevention actions since the two companies came under the government’s conservatorship in 2008.

The monthly volume summary issued by Fannie Mae reported further contraction in its book of business for the second time this year and the third in as many months. The book’s total value was approximately $3.15 trillion.

Fannie Mae announced it has revised its maximum fee assessment for servicers that submit late or inaccurate loan reporting. Fannie Mae fines servicers in order to recoup the losses and damages that result from servicing breaches, "including reimbursement for Fannie Mae's internal administrative costs in tracking, reporting, and correcting these errors."

For the first time ever, Fannie Mae has named a five STAR winner. On Wednesday, Fannie named Cincinnati-based Fifth Third Bank its sole Five STAR designee for the bank's achievements as a mortgage service provider throughout 2013.

Fannie Mae announced Thursday it is extending the 3.5 percent closing cost assistance for HomePath properties purchased during the First Look period in 27 states. During the FirstLook period, which is in effect for the first 20 days a property is on the market, an owner-occupant or public entity buyer is able to submit offers on HomePath properties without competition from investors.

Bank of America has agreed to a multibillion settlement with the Federal Housing Finance Agency (FHFA) to resolve allegations of securities fraud. According to announcements made by all parties involved, under the agreement, BofA will make an aggregate payment of approximately $9.33 billion, $3.2 billion of which will go toward the repurchase of certain RMBS at fair market value.

Former acting director and current senior deputy director Edward DeMarco announced his intent to part ways with the Federal Housing Finance Agency at the end of April. After serving the agency for nearly six years, Demarco confirmed his plans to depart in a letter to current agency director Mel Watt.

The Federal Housing Finance Agency (FHFA) Office of the Inspector General (OIG) released a report detailing the results of an audit performed on pre-foreclosure property inspections. The audit was conducted after the FHFAOIG learned of fraudulent property inspections reports submitted to the FHFA, Fannie Mae, and Freddie Mac by a contractor resulted in $12.7 million in payouts.

The American Enterprise Institute’s (AEI) National Mortgage Risk Index (NMRI), a measure of loans' default risk under stressful conditions, retreated to 11.6 percent last month from January’s reading of 11.8 percent. To gauge where February’s index lies historically, 1990 vintage loans would have an estimated index value of 6 percent, while riskier 2007 loans would be up at 19 percent.