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Tag Archives: Freddie Mac

Mortgage Rates Fall to New Record Lows … Again

Industry data released Thursday show borrowing costs for home loans falling to new lows, slipping further from what was already reported as the lowest level for mortgage interest rates in more than a half-century. Economists attribute the continuing declines to ongoing employment concerns and economic uncertainty, as well as the debt crisis in Europe pushing investors to the safe haven of U.S. Treasury bonds. Freddie Mac now puts the average rate for a 30-year fixed mortgage at 4.12 percent and the 15-year rate at 3.33 percent.

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Women in Default Services to Honor Industry Leaders at Dallas Event

The Texas-based trade association Women in Default Services (WinDS) will hold their 2nd Annual Networking Event at the Women's Museum in Dallas, Texas on September 12. As part of the event, the organization will this year honor Sharon Bartlett of Freddie Mac and Cheryl Travis-Crawford of Vendor Resource Management (VRM) for outstanding achievements in their industry.

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Industry Calls for Less GSE Action, More Investor Protection

At a congressional hearing Wednesday, witnesses voiced concerns about the government's participation in the mortgage market as well as the lack of transparency between servicers and investors. One analyst described the U.S. housing finance system, where the GSEs account for over 90 percent of new mortgages, as ""problematic."" Others said government is crowding out the private market with programs that make below-market-rate loans available to nearly all borrowers, and they advocated for the expiration of increased conforming loan limits.

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GSEs’ Long Run of Declining Delinquencies Comes to an End

For the first time in over a year neither Fannie Mae nor Freddie Mac are showing any downward movement in their seriously delinquent mortgage rates. Fannie's percentage of single-family loans at least three payments past due remained unchanged between the months of June and July at 4.08 percent. Freddie's increased one basis point to 3.51 percent. The Federal Housing Finance Agency says foreclosure prevention actions completed on loans held by the two mortgage financiers have declined for four consecutive quarters.

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Financial Firms ‘Disappointed’ FHFA Chose Lawsuits Over Negotiations

The Federal Housing Finance Agency's decision to pursue legal action against firms that sold residential mortgage-backed securities to Fannie Mae and Freddie Mac could potentially strain relationships between the GSEs and the companies named as defendants, many of whom still sell mortgages to Fannie and Freddie and service home loans held by the two mortgage financiers. Some of the financial firms have been forthcoming with pledges to aggressively defend themselves against the allegations and are disappointed by the fact that FHFA has taken to the courts.

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FHFA vs. Mortgage Powerhouses: What Does It Mean for the Market?

The Federal Housing Finance Agency (FHFA) is suing 17 financial institutions in an attempt to recover losses incurred by Fannie Mae and Freddie Mac from mortgage bonds purchased between 2005 and 2007. Based on initial reports, FHFA is looking to recoup as much as $45 billion. At least one financial analyst believes the matter will end in a settlement significantly south of that amount. Others say a more long-lasting impact may come in the form of higher mortgage costs for consumers.

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StreetLinks Assures Lenders of UMDP Appraisal Compliance

StreetLinks Lender Solutions says the company can ensure compliance with phase one of the Uniform Mortgage Data Program (UMDP) for appraisals ordered through both its full-service AMC solution, LenderPlus, and self-managed appraisal software platform, LenderX. All appraisals on loans destined for Fannie Mae or Freddie Mac are now required to comply with new Uniform Appraisal Dataset (UAD) requirements. StreetLinks requires that appraisers provide their assessments in the UAD-compliant format.

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Mortgage Rates Remain at or Near Historic Lows

Mortgage rates, for the most part, headed lower this week. Data from Freddie Mac shows that the 30-year fixed rate remained unchanged over the past week, while all other loan products in the GSE's survey dropped. The 5-year adjustable-rate mortgage set a new all-time record low at 2.96 percent, having fallen for the eighth consecutive week. The 30-year rate held at 4.22 percent, while the 15-year rate slipped to 3.39 percent.

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FHFA Files with Court Considering BofA Proposal to Mortgage Investors

The Federal Housing Finance Agency (FHFA) is the second regulatory body to file a petition with the New York federal court that is reviewing Bank of America's $8.5 billion settlement proposal to Countrywide mortgage investors. FHFA has filed a Notice of Appearance and Conditional Objection in order to obtain additional information related to the proposal, but the agency says it sees ""no basis"" to raise a substantive objection to the settlement at this time.

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GCC Servicing Systems Assists Clients With Specialty Servicing Needs

GCC Servicing Systems, a provider of mortgage servicing technology and solutions, has announced the availability of a new investor accounting and reporting component through the company's professional services suite. This new offering enables servicers to meet the accounting and reporting requirements of Fannie Mae, Freddie Mac, the Federal Housing Administration (FHA), and the USDA's Rural and Community Development loan program. It also agency default reporting.

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