Tag Archives: Fannie Mae

According to the national nonprofit Homeownership Preservation Foundation (HPF), economists estimate that close to 4 million homeowners will face delinquency in the near future. In an effort to help thwart this assessment, HPF works to provide information and financial education to guide consumers toward sustainable homeownership. The foundation reports that its Homeowner's HOPE Hotline has aided more than 4 million distressed homeowners since the financial crisis began in 2008.

With the foreclosure crisis still raging, the nation's largest mortgage financier has amassed a hefty portfolio of repossessed homes. Fannie Mae took back 68,838 foreclosed properties in the second quarter alone. In the first quarter of this year, the company added 61,929 new REOs to its inventory. In an effort to increase sales of its foreclosed inventory and get these properties off its books, Fannie Mae said Thursday that it is offering additional incentives to both buyers and sellers of its REO homes.

Assistant Treasury Secretary Herbert M. Allison said Wednesday that he will be stepping down from his post at the end of September. Allison was responsible for overseeing the administration's $700 billion Troubled Asset Relief Program (TARP). The Treasury's Office of Homeownership Preservation also fell under his jurisdiction. The former Fannie Mae CEO has played an integral role in the development and management of the Obama administration's housing and foreclosure prevention programs.

Fannie Mae announced Monday that more than 29,000 owner occupants have purchased Fannie-owned REO homes over the last year through the GSE's First Look initiative. Fannie Mae also worked with nearly 800 public entities under HUD's Neighborhood Stabilization Program, enabling state and local governments and nonprofit groups to purchase nearly 5,000 foreclosure properties from the GSE's portfolio. Fannie says homebuyers who intend to occupy a home merit priority consideration in its REO sales process.

Fannie Mae says it is working with the Federal Housing Finance Agency (FHFA) to develop and adopt new appraiser independence requirements that will replace the controversial Home Valuation Code of Conduct (HVCC) enacted by the GSEs in May of last year. Until the revised requirements are released, the existing HVCC provisions are still in effect. Fannie Mae says it expects the new appraisal rules to be issued by October 21, but that they will be ""substantially similar"" to HVCC.

Oklahoma City's a la mode recently announced that Veros Real Estate Solutions has integrated their VeroSELECT and Valuation Risk Management products with the company's Mercury Network vendor management platform. The integration connects Veros' platform clients with one of the industry's largest networks of real estate appraisers and appraisal management companies, and provides electronic appraisal submission in full compliance with the GSE's Uniform Mortgage Data Program (UMDP) requirements.

Fannie Mae has conducted a poll of both homeowners and renters to gauge consumers' attitudes toward housing in the U.S. The results indicate that Americans have become more cautious about buying a home, though most believe the market has bottomed out. Rents are expected to increase more than home prices, and Fannie says mortgage borrowers, and even underwater borrowers, are less discouraged about homeownership than delinquent borrowers and renters.

Freddie Mac said Wednesday that it is expanding its First Look Initiative to allow any home shopper to buy a HomeSteps REO home as their primary residence during the first 15 days of the property's listing, without competition from investors. The new policy takes effect Friday, September 17. In addition to owner-occupant buyers, Freddie Mac's First Look window is open to buyers who are part of HUD's Neighborhood Stabilization Program, as well as groups affiliated with the National Community Stabilization Trust.

Fannie Mae has approved 123 new Florida condos for financing in the first eight months of 2010, a 40 percent increase from 2009. It's an even bigger jump from 2008 when zero projects were accepted, according to the local consulting firm Condo Vultures. Florida's real estate crash has made financing difficult. Few lenders are originating new mortgages as prices drop and foreclosures increase, but Fannie Mae is attempting to reverse the financing issue with new ""special approval"" requirements specifically for Florida condominiums.

Earlier this year, the California Housing Loan Insurance Fund (CaHLIF) ceased writing new mortgage insurance policies. The insurance fund is administered by the California Housing Finance Agency. Effective immediately, Fannie Mae says it is suspending CaHLIF as an approved mortgage insurer.