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Tag Archives: Freddie Mac

Senators Introduce Legislation to End Taxpayer Support of GSEs

Sens. John McCain and Orrin Hatch have introduced legislation to permanently end government support for Fannie Mae and Freddie Mac. The GSE Bailout Elimination and Taxpayer Protection Act, which is the Senate companion version of House legislation introduced in mid-March, seeks to accelerate the timeline for putting Fannie and Freddie on a path toward privatization. It would put an end to the two companies' conservatorship in two years.

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FHFA Inspector General Evaluates Pay Structure for GSE Execs

In 2009 and 2010, the Federal Housing Finance Agency (FHFA) approved salary packages totaling more than $35 million for executives at Fannie Mae and Freddie Mac. The agency's Office of the Inspector General has released a report detailing the compensation levels of GSE execs for the past two years, noting that the CEOs of Fannie and Freddie together made $17 million during that period. The report points out that although the GSEs have lost billions of dollars and depend on federal support, their senior executives continue to receive multi-million dollar salaries.

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Mortgage Rates Inch Up for Second Week

Mortgage interest rates across the board edged higher this week, marking the second consecutive reporting period that they've increased. Data released by Freddie Mac Thursday shows that the 30-year fixed-rate mortgage rose 5 basis points in one week's time to 4.86 percent. The 15-year rate came in at 4.09 percent, and adjustable-rate mortgages also increased.

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Arkansas Restricts Wall Street Home Resale Fees

Arkansas Governor Mike Beebe has signed House Bill 1388, making Arkansas the 22nd state to ban the use of Wall Street home resale fees, also known as private transfer fees. Private transfer fees require that homebuyers pay a percentage of the final sale price of a home to a private third party every time the property is sold, typically for 99 years. Issuers of these fees attempt to sell the right to collect them on Wall Street.

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MBA Taps Former Freddie Counsel as VP, Commercial Regulatory Policy

The Mortgage Bankers Association (MBA) announced this week that Thomas T. Kim will serve as the association's new VP of commercial regulatory policy beginning April 14. He will manage activities relating to commercial regulatory issues, serve as the staff representative to the Commercial Risk Retention Task Force, and advance and promote commercial policy with a focus on federal financial regulatory reform and bank oversight. Prior to joining MBA, Kim was associate general counsel at Freddie Mac.

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House Republicans Introduce Eight Bills to Speed Wind-Down of GSEs

In a legislative hearing scheduled for Thursday, the House Financial Services Committee will listen to eight proposals centered around winding down Fannie Mae and Freddie Mac on a faster timeline than proposed by the Obama administration last month. The eight proposals include measures to raise guarantee fees the GSEs will charge for mortgage-backed securities they insure and to prevent the GSEs from offering any new products while they are under conservatorship.

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Freddie Mac Bars Foreclosure Actions in the Name of MERS

Freddie Mac issued new policy guidelines to its servicers this week that prohibit foreclosures in the name of Mortgage Electronic Registration Systems Inc. (MERS). The electronic registry has come under fire lately, despite the fact that several state courts have recently upheld MERS' right to foreclose. It became a focus of last fall's robo-signing scandal when the MERS name appeared within defective affidavits. Fannie Mae told its servicers last spring they were no longer allowed to foreclose in MERS' name, and now Freddie Mac is following suit.

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CoreLogic Technology Automates Loan Mod Decisions and Fulfillment

CoreLogic introduced its newest technology solution, IntelliMods, to the market Thursday. The company says the new Web-based application will allow users to put more distressed homeowners into modified loans by automating decisions and fulfillment for both government and private investor programs. The system automatically runs the necessary calculations to determine borrowers' loan modification eligibility and provides an audit trail of all decisions.

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Mortgage Rates Edge Higher This Week

Mortgage interest rates this week came in slightly higher, as macroeconomic data showing inflation rising higher than expected and investors' concerns over political strife around the globe led to an uptick in Treasury bond yields. The yields on these long-term government bonds are closely tied to mortgage rates. Freddie Mac says the 30-year fixed-rate mortgage is now averaging 4.81 percent, while the 15-year rate came in at 3.97 percent. Adjustable-rate mortgages also headed higher.

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Freddie Pushes Servicers to Contact Borrowers by 3rd Day of Delinquency

The nation's second largest mortgage company says early workouts are central to its game plan for 2011. This ""nip it in the bud"" mindset can be key to getting in front of delinquencies before they turn into lost-cause foreclosures, and Freddie Mac says it's making changes to the way it evaluates the performance of mortgage servicers in order to ensure problem loans are tackled early on and increase the odds of getting borrowers back to performing status. Namely, the GSE is pushing servicers to make contact with homeowners by the third day of delinquency.

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