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Tag Archives: Freddie Mac

New Vista Acquires REDC’s REO Asset Management Business

New Vista Asset Management announced Tuesday that it has purchased the REO asset management business unit of REDC Default Solutions, LLC. Terms of the transaction were not disclosed. The asset management unit, previously operated within REDC, which is a wholly-owned subsidiary of Irvine, California-based Auction.com, LLC(formerly Real Estate Disposition, LLC), offers outsourced residential asset management services for banks and other financial institutions.

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FHFA Home Price Index Records Largest Quarterly Drop in Over a Year

The Federal Housing Finance Agency (FHFA) reports that home prices nationally dropped 0.8 percent in the fourth quarter of 2010 when compared to the previous three-month period. On a year-over-year basis, the agency's index is down 3.9 percent. It's the largest annual decline recorded since the third quarter of 2009. Home prices have come in below their year-ago levels for 13 consecutive quarters now. The ongoing depreciation is being attributed, in part, to an elevated number of distressed properties weighing heavy on surrounding home prices.

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Fannie Mae Turns a Profit for First Time in Three Years

Fannie Mae has released its fourth-quarter and full-year 2010 earnings results. The GSE reported net income of $73 million for the last three months of 2010. It's the first time the company's been in the black in over three years. Still, after a hefty $2.2 billion fourth-quarter dividend payment to the U.S. Treasury, Fannie Mae had a net worth deficit as of the end of last year and has requested $2.6 billion more in taxpayer dollars. For the full year of 2010, Fannie Mae recorded a net loss of $14 billion, compared with a loss of $72 billion for 2009.

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Freddie Mac Needs $500M More from Taxpayers after Q4 Loss

Freddie Mac reported Thursday that it lost $113 million in the fourth quarter of 2010. The loss, compounded by the company's $1.6 billion quarterly dividend payment to Treasury for bailout money, left the GSE with a net worth deficit again. Freddie's regulator is requesting another draw from Treasury, this time to the tune of $500 million. The company's fourth-quarter shortfall was actually the smallest of 2010 and brings the GSE's losses for the full year to $14 billion.

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Mortgage Rates Edged Down Further This Week

For the second week in a row, mortgage rates continued to drop. Freddie Mac reported the rates of 30-year fixed-rate mortgages fell to 4.95 percent (0.6 point), and Bankrate reporting a drop as well, from 5.16 percent last week to 5.09 percent (.45 point) this week. The 15-year fixed rate mortgage averaged 4.22 percent (0.7 point) this week, down from last week's 4.27 percent.

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Stewart Lender Services Announces Three Key Partnerships

Stewart Lender Services, a nationwide provider of centralized origination, loss mitigation, and REO asset solutions for mortgage lenders and servicers, has announced three key partnerships that will allow the company to expand its service offerings. Stewart is collaborating with Inglet Blair, LLC, Spectrum Field Services, and Field Asset Services.

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DecisionReady Launches Pre-Foreclosure Review Module

DecisionReady, a provider of default servicing compliance solutions, released a pre-foreclosure review module for the DecisionReady Compliance Suite on its cloud-based technology platform this week. Operating like a compliance quality control checklist, the pre-foreclosure review module enables servicers to ensure they meet the requirements for reviewing a delinquent mortgage loan.

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Fifth Third Mortgage Company’s Servicing Portfolio Tops $65 Billion

Fifth Third Mortgage Company, a subsidiary of Fifth Third Bank headquartered in Cincinnati, recently broke $65 billion in terms of its total servicing portfolio for the first time in company history. The company, which services more than 477,000 customers in 12 states, works with customers to refinance homes through the Making Home Affordable program, as well as the Freddie Mac Relief Refinance Mortgage program.

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CoreLogic CFO Resigns Amid SEC Investigation of Former Employer

CoreLogic's CFO, Anthony ""Buddy"" Piszel, resigned from his post last week after receiving a Wells notice from the Securities and Exchange Commission (SEC), indicating that the agency is considering filing civil charges against Piszel in connection with his role at former employer Freddie Mac. Piszel served as Freddie Mac's CFO from November 2006 to September 2008. The SEC is looking into certain disclosure matters during Piszel's tenure with the GSE.

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FHFA Begins Devising Alternatives for Mortgage Servicing Compensation

The Federal Housing Finance Agency (FHFA) has issued a 28-page document that presents several alternatives it plans to consider for how Fannie Mae and Freddie Mac compensate mortgage servicers. The agency says today's model does not provide the flexibility needed for the servicing of nonperforming loans during times of high defaults. Alternatives being considered include a fee-for-service compensation structure for nonperforming loans and reducing or eliminating the minimum servicing fee for performing loans.

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