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Tag Archives: Fannie Mae

Bear Stearns Portfolio Puts New York Fed in Foreclosure Quandary

The U.S. Federal Reserve is in the same boat as the banks now, dealing with a mortgage portfolio that's riddled with deficiencies and delinquencies. The central bank's New York branch has been saddled with a heap of souring loans from the assets it picked up to support the 2008 bailout of Bear Stearns. And now, as more and more of these loans - both residential and commercial - fall into default, the New York Fed is faced with a dilemma: to foreclose or not to foreclose.

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Fannie’s Losses Narrow to $1.2B, with Taxpayers on the Hook for Less

Fannie Mae's second-quarter losses narrowed considerably from the demoralizing financials of the past several years that found the nation's largest mortgage financier underwater itself in a sea of red ink. The GSE reported Thursday that it lost $1.2 billion last quarter. It was Fannie's smallest loss in more than three years. The company also said it needs far less money from taxpayers this quarter - $1.5 billion. The company acquired 68,838 single-family REOs through foreclosure in Q2, and its seriously delinquent rate dropped to 4.99 percent.

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GSEs Scale Back Housing Forecasts

The nation's two largest mortgage companies have published forecasts lowering their projections for home sales and mortgage production, industry-wide. The economists at Fannie Mae are tempering public expectations for the housing market with a candid warning: the headwinds in housing have picked up. Freddie Mac's economic team slimmed down its projected numbers, but said the market has gained enough momentum to carry through the occasional setbacks.

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Fannie Mae to Auction 100 South Florida REOs

Fannie Mae has issued a media bulletin with details of a property auction in South Florida, a market that continues to struggle with high numbers of home repossessions and a backlog of foreclosure cases. The nation's largest mortgage company will auction off 100 Fannie Mae-owned REOs in Florida's Miami-Dade, Broward, and Palm Beach counties on August 14th.

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Fannie Mae Launches Online Resource for Struggling Homeowners

Fannie Mae has rolled out a new interactive online resource for homeowners struggling with their mortgage payments. It's KnowYourOptions.com, and it's designed to be a virtual one-stop-shop for anyone facing financial hardship and in need of foreclosure assistance. Eight months in the making, the site offers tools and guidance for refinancing, repayment plans, forbearance, modifications, Fannie Mae's Deed-for-Lease program, short sales, and deeds-in-lieu.

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Fannie Mae Opens Mortgage Help Center in Chicago

Fannie Mae has opened a mortgage help center in the Windy City in order to provide counseling and other services for struggling homeowners in the greater metro area with loans owned by the GSE. The new center in Chicago is the second facility and third announced partnership in Fannie Mae's planned series of mortgage help centers across the country. The GSE said it partnered on this initiative with Neighborhood Housing Services of Chicago, major mortgage servicers, and civic and community leaders from across the region.

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Fannie Mae’s Serious Delinquency Rate Falls for Third Straight Month

The percentage of loans 90 or more days past due held by the nation's largest mortgage company has declined for three months in a row. According to a new monthly summary report released by Fannie Mae on Friday, the GSE's single-family serious delinquency rate dropped 15 basis points to 5.15 percent in May. That follows a decline of 17 basis points in April and 12 basis points in March. The March reading was the first time Fannie's delinquency rate had dropped since March 2007, when it was a mere 0.62 percent.

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Fannie Mae’s CEO Lauds ‘New Realism’ of Better Underwriting

Fannie Mae is building the ""strongest book of business we've seen in the last decade,"" according to the GSE's president and CEO, Michael Williams. While tighter underwriting may mean fewer consumers are able to get loans and banks are holding credit close to their chests, Williams says the type of prudent lending that has taken hold in the aftermath of the housing bust is translating into higher quality loans for Fannie Mae - namely plain, old-school mortgages; credit scores of 760; and loan-to-value ratios of 70 percent.

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Fannie Mae’s Multifamily Investment Totals $5.9B in First Half of 2010

In the first half of 2010, Fannie Mae provided $5.9 billion in investments to the multifamily rental housing market, according to a semiannual report released Tuesday. The multifamily unit at Fannie Mae said it has bolstered mortgage-backed securities (MBS) issuance since focusing its efforts on securitization and broadening the investor base in 2009. Of the $5.9 billion invested in the first of this year, $5.5 billion was delivered through MBS execution.

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LPS Data Shows GSE Foreclosure Starts Are Accelerating

Fannie Mae and Freddie Mac are beginning to initiate foreclosures at a faster pace. According to a new study from Lender Processing Services (LPS), GSE foreclosure starts have been accelerating and are currently at all-time highs. From May to June, foreclosures initiated by Fannie and Freddie jumped 21 percent. LPS says the recent momentum coincides with Home Affordable Modification Program (HAMP) cancellations, with most of the increase and volume concentrated in the very late stages of delinquency.

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