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Tag Archives: Fannie Mae

FHFA Orders Paperwork Fixes but Insists Foreclosures Should Proceed

The Federal Housing Finance Agency has issued a new policy that outlines specific steps Fannie Mae and Freddie Mac servicers should take to identify and correct deficiencies in foreclosure paperwork. Evidence of servicing staff cutting corners to process foreclosures quickly has lawmakers, consumer advocates, and the entire general public calling for an immediate moratorium on foreclosures. But FHFA says bringing the process to a complete halt is not the answer.

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Fannie Mae Extends Alternative Modification Program

The latest in a string of government extensions is an extension to Fannie Mae's Alternative Modification (Alt Mod) to the Home Affordable Modification Program (HAMP). The extension is being provided so servicers will have enough time to complete the processing of modifications for borrowers who meet the eligibility requirements for the Alt Mod program, which remain the same.

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Wells Fargo Puts a Stop to Short Sale Extensions

Wells Fargo will no longer delay foreclosure proceedings in hopes that a short sale deal will come through. At the requests of its mortgage investors, including Fannie Mae and Freddie Mac, the bank has stopped granting extensions for distressed homeowners to complete short sales. Going forward, borrowers must close on short sales by the date quoted in their approval letter. The policy change will allow the bank's foreclosure proceedings to advance, even if a short sale is already in negotiation.

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OCC Orders Largest Servicers to Review Foreclosure Processes

One of the nation's foremost banking regulators has issued a directive to large mortgage servicers, ordering them to reassess their procedures for foreclosing on defaulted borrowers. John Walsh, head of the Office of the Comptroller of the Currency (OCC) told lawmakers that he contacted seven institutions his agency supervises, after several large lenders announced a halt on foreclosures in states where filings might contain erroneous paperwork and preparers may have broken the law in their haste to process large volumes of cases.

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Congress Extends Higher Loan Limits for GSEs

The U.S. Senate and House of Representatives voted Thursday to extend increased loan limits on mortgages backed by Fannie Mae and Freddie Mac. The higher loan limits of $729,750, which were scheduled to expire at the end of 2010, have been extended for an additional nine months, and are now set to expire September 30, 2011. The approved bill also appropriates $20 billion for the Federal Housing Administration to continue making loan commitments though the end of 2010 for a special risk fund.

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Fannie Mae Downsizes Portfolio as Delinquencies Decline

The nation's largest mortgage financier is shrinking its portfolio. Fannie Mae reported this week that its holdings declined at a compound annualized rate of 4.1 percent in August, while its total book of business fell by 1.3 percent. At the same time, delinquency levels fell across the board. Fannie Mae's single-family serious delinquency rate dropped 17 basis points in July to 4.82 percent. The multifamily serious delinquency rate declined 6 basis points to 0.74 percent.

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Fannie Mae’s EarlyCheck Aims to Mitigate Loan Repurchases

Fannie Mae has enhanced its EarlyCheck technology service to help lenders identify eligibility or data issues with loans they plan on selling to the GSE in order to minimize the risk of repurchases. With EarlyCheck, lenders now have access to Fannie Mae delivery data checks at any point in the business process, allowing them to spot and correct potential underwriting errors earlier in the process - from prior to closing through to the pre-delivery stage.

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Analysts Weigh in on GMAC’s Foreclosure Snafu

Last week, GMAC Mortgage called for a halt on foreclosures and REO sales in 23 states that may have been impacted by an internal procedural error. The incident could give cause for homeowners to file lawsuits against the lender, bondholders could be impacted, and the problem could reach beyond just GMAC since it also services mortgages for other firms, including the GSEs. A number of analysts have since weighed in on GMAC's foreclosure snafu. Attorneys general in several states are also launching their own investigations.

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New Bill Calls for Refinancing of 30 Million GSE Mortgages

Legislation to stabilize the foreclosure crisis through the federal government's conservatorship of Fannie Mae and Freddie Mac was introduced in the U.S. House of Representatives Tuesday. The Housing Opportunity and Mortgage Equity (HOME) Act would require Fannie and Freddie to allow borrowers to refinance their mortgages by locking in today's record-low interest rates for longer fixed-term loans. The legislation would affect up to 30 million mortgages held or backed by the two GSEs.

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Fannie Mae, U.S. Army Announce Support for Military Homeowners

New initiatives are under way in Washington to help service members who are struggling with their mortgage payments avoid foreclosure. The efforts include a mortgage payment forbearance of up to six months where the death or injury of an active-duty service member causes a hardship for military families with a mortgage obligation. Fannie Mae and the U.S. Army made the announcement at a Pentagon event Monday.

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