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Tag Archives: Freddie Mac

BOK Financial Mortgage Group Accepting HARP 2.0 Applications

BOK Financial Mortgage Group announced Thursday that it is now accepting applications for the recently extended and expanded Home Affordable Refinance Program (HARP). The program applies to homeowners who currently have a Freddie Mac or Fannie Mae mortgage and who meet certain other eligibility criteria. HARP 2.0 is designed to help borrowers, including those who owe more than their home's value, to take advantage of low interest rates and other refinancing benefits.

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GSEs Announce Eviction Moratorium for the Holidays

Fannie Mae and Freddie Mac announced temporary eviction moratoriums on all single-family homes and two-to-four unit properties over the holidays. Both companies will enforce the moratorium from December 19 through January 2. The suspension will not affect the pre- or post-foreclosure processes. Servicers may continue the administrative processes involved in foreclosures, but evictions will be delayed until after the start of the new year.

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Thirty-Year Fixed Rate Settles in at 4.00 Percent

Fixed mortgage rate averages remain near their all-time historic lows, fortifying high levels of homebuyer affordability throughout the country. Freddie Mac reported Thursday that the 30-year fixed-rate mortgage has averaged at or below 4.00 percent for five consecutive weeks now, while the 15-year fixed has hovered around 3.30 percent. Adjustable-rate mortgages ticked down slightly this week, averaging new record lows for the second straight week.

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Congress Calls for Principal Reductions from GSEs

Twenty-one members of Congress sent a letter to Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco calling on him to allow - even encourage - Fannie Mae and Freddie Mac to start reducing principal balances for distressed homeowners. The lawmakers say underwater borrowers pose a greater risk of eventual default. They're advocating for principal writedowns, not ""as a kindness to homeowners,"" but to save taxpayers from future losses.

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FHFA Fills COO and Senior Examiner Roles

Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA), has announced the appointments of Richard B. Hornsby, as FHFA's COO and Jon Greenlee as the agency's deputy director of the division of enterprise regulation. Hornsby served at the Federal Reserve Bank of San Francisco for 26 years, holding a variety of senior level management and banking supervision positions. Greenlee joins FHFA from KPMG LLP, where he was the managing director in the financial services regulatory advisory practice.

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Inspector General Points Out FHFA Shortcomings

The Office of the Inspector General for the Federal Housing Finance Agency (FHFA-OIG) submitted its semiannual report to Congress reviewing FHFA's actions from April 2011 through September 2011. The FHFA-OIG pointed out several positive developments over the six-month period, including an elimination of the ""golden parachute"" compensation packages often offered to terminated GSE executives. However, these were balanced by a list of areas in need of improvement, most notably that FHFA does not conduct its own reviews of critical operations.

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Prices of Homes Backing GSE Mortgages Up 0.2% in Third Quarter

Home prices rose in the third quarter of 2011, according to the Federal Housing Finance Agency's (FHFA) house price index released Tuesday. The index is calculated using home sales price information from Fannie Mae- and Freddie Mac-acquired mortgages. It rose 0.2 percent between the second and third quarters. Even with the marginal uptick during the summer months, FHFA's gauge shows that over the past year, home prices have fallen 3.7 percent when compared to the third quarter of 2010.

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CoreLogic Rolls Out New Services to Assist Lenders with HARP 2.0

CoreLogic has announced a new set of services designed specifically to address the anticipated increase in refinance activity expected from revisions to the Home Affordable Refinance Program (HARP). Many lenders are expected to look to third-party providers to help them manage the expected spike in mortgage refinancing. CoreLogic says its new HARP 2.0 offerings will combine the company's data and analytics with experienced teams of outsourcing professionals to improve operational pull-through.

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Freddie Mac Adds Six States to Winter REO Sales Promo

Freddie Mac has expanded its winter REO sales incentive program to the states of Alaska, Kansas, Kentucky, Missouri, Oregon, and Washington. That makes the promotional offer now active in 33 states and the District of Columbia. The winter sales promo is being offered through HomeSteps, Freddie Mac's REO disposition unit, and pays an extra $1,000 bonus to the selling agent, as well as additional incentives to owner occupant buyers. Offers must be received by January 31, 2012.

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Thirty-Year Mortgage Rate Drops to 3.98%, ARMs Hit New Lows

Data released by Freddie Mac Wednesday shows mortgage interest rates across the board edged lower for the shortened holiday week, with the 30-year fixed rate slipping to its second-lowest reading on record and adjustable-rate mortgages (ARMs) setting new all-time lows. The 30-year fixed-mortgage rate has averaged at or below 4 percent for four consecutive weeks now. For the week ending November 23, Freddie Mac's study puts it at 3.98 percent. The 5-year ARM is now averaging 2.91 percent, and the 1-year ARM is 2.79 percent.

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