Tag Archives: FHFA

The agency charged with overseeing the nation's two largest mortgage companies is downsizing its own real estate. The Federal Housing Finance Agency (FHFA) said Monday that it is consolidating its three Washington, D.C. office locations into one. FHFA currently has employees in offices on G Street; Pennsylvania Ave.; and Eye St., Northwest, but plans to move all staff to a new central location at the Constitution Center at 400 Seventh St., Southwest, beginning November 2011.

The ups and downs seen in home price data over the past few years indicate a slow recovery in home prices with many false starts, especially in markets riddled with foreclosed properties, according to Fiserv, Inc. But the company's analysts say that while the ebb and flow is not over, they expect 75 percent of U.S. metro areas to see stable prices by the end of 2011. Fiserv says home prices have already leveled out in one of four metro areas.

President Obama's nominee to take the role of Federal Housing Finance Agency (FHFA) director and lead the government's efforts to reform the housing finance system has pulled his name out of the running. Joseph A. Smith, Jr. has served as North Carolina's banking commissioner for the past eight years, and he was the White House's top pick to head the agency charged with overseeing Fannie Mae and Freddie Mac.

The latest Case-Shiller figures released by S&P Tuesday signal home prices across the United States continue to weaken. Based on data through November 2010, the 10-city composite of the closely watched gauge was down 0.4 percent and the 20-city composite fell 1.6 percent from their November 2009 levels. Home prices fell in 19 of 20 major metros on a month-to-month basis. S&P's analysts say a double-dip in home prices could be confirmed before spring.

In November, Texas representative Randy Neugebauer sent a letter to the Federal Housing Finance Agency (FHFA) requesting a report from Acting Director Edward DeMarco detailing how much taxpayer dollars are being spent on legal costs for former Fannie and Freddie execs. A report released last week details just that, and the results are eye opening. Currently the bill sits at a hefty $160 million and counting.

The Federal Housing Finance Agency (FHFA) on Tuesday said it has directed Fannie Mae and Freddie Mac to work in coordination with FHFA and HUD to consider alternatives for future mortgage servicing structures and fees for single-family mortgage loans. The current compensation plan is typically based on a minimum servicing fee that is a part of the mortgage rate, which FHFA says decreases flexibility for the servicing of non-performing loans.

Home prices bounced back slightly during the month of October, according to data released by the Federal Housing Finance Agency (FHFA) Wednesday. FHFA's house price index is calculated using purchase prices of homes backing mortgages that have been sold to or guaranteed by Fannie Mae and Freddie Mac. It showed that residential property values rose 0.7 percent on a seasonally adjusted basis from September to October, however, September's price change was revised downward.

The call for federal officials to establish industry-wide mortgage servicing and foreclosure standards is getting louder. A group of more than 50 senior economists, academic leaders, and influential investors sent a letter to the heads of federal regulatory agencies Tuesday, urging them to take the lead in setting national standards for mortgage loan servicers. The group argues that widely reported fraud in servicers' dealings with homeowners and foreclosure procedures demands new standards be adopted now.

For every home loan held by Fannie Mae and Freddie Mac that was modified during the third quarter, 2.3 loans were foreclosed on during the same period. The GSEs initiated foreclosure on 339,000 home mortgages during the July to September timeframe. Loan modifications completed in the quarter totaled 146,500, with the majority of those completed through non-HAMP programs. The two companies approved 29,500 short sales during the third quarter.

Congressman Randy Neugebauer (R-Texas), chairman of the House oversight subcommittee, has released a letter to the Federal Housing Finance Agency (FHFA) expressing concern about reports that the Obama administration is pressuring Fannie Mae and Freddie Mac to write down principal mortgages. Neugebauer argues that the GSEs' participation in such a program would increase taxpayer losses - already approaching $150 billion - and run counter to the statutory obligation of FHFA to minimize taxpayer exposure.