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Tag Archives: Freddie Mac

Lenders Have Failed to Repurchase $11B in Bad Loans from GSEs

Banks that sold bad mortgages to Fannie Mae and Freddie Mac have a contractual obligation to buy the loans back, according to their regulator. But many of the nation's largest institutions aren't living up to their end of that commitment. The director of the Federal Housing Finance Agency says that as of the end of the second quarter, Fannie Mae had $4.7 billion in outstanding repurchase requests, and Freddie Mac had $6.4 billion -- more than a third of which have been outstanding for more than 90 days.

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HOPE Hotline Provides Aid to More than 4M Distressed Homeowners

According to the national nonprofit Homeownership Preservation Foundation (HPF), economists estimate that close to 4 million homeowners will face delinquency in the near future. In an effort to help thwart this assessment, HPF works to provide information and financial education to guide consumers toward sustainable homeownership. The foundation reports that its Homeowner's HOPE Hotline has aided more than 4 million distressed homeowners since the financial crisis began in 2008.

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Mortgage Rates Still Hovering Near Record-Lows

The weekly reports on mortgage interest rates were mixed this week - but figures are still lingering close to record-lows, improving affordability for both homebuyers and borrowers looking to refinance. Freddie Mac reported Thursday that both the 30-year fixed-rate mortgage rate and the 15-year fixed-rate were unchanged from last week, while shorter-term rates were mixed. Bankrate said mortgage rates across the board dropped to new record lows it its study.

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Fannie Mae Developing New Appraiser Requirements to Replace HVCC

Fannie Mae says it is working with the Federal Housing Finance Agency (FHFA) to develop and adopt new appraiser independence requirements that will replace the controversial Home Valuation Code of Conduct (HVCC) enacted by the GSEs in May of last year. Until the revised requirements are released, the existing HVCC provisions are still in effect. Fannie Mae says it expects the new appraisal rules to be issued by October 21, but that they will be ""substantially similar"" to HVCC.

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Veros Integrates with a la mode’s Mercury Network for Appraisals

Oklahoma City's a la mode recently announced that Veros Real Estate Solutions has integrated their VeroSELECT and Valuation Risk Management products with the company's Mercury Network vendor management platform. The integration connects Veros' platform clients with one of the industry's largest networks of real estate appraisers and appraisal management companies, and provides electronic appraisal submission in full compliance with the GSE's Uniform Mortgage Data Program (UMDP) requirements.

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Industry Reports Show Mixed Results for Mortgage Rates

Two closely-watched industry studies that track weekly mortgage interest rates were sending mixed signals on Thursday. The good news for homebuyers and borrowers looking to refinance is that rates are still hovering near 50-year lows. Freddie Mac reported that the 30-year rate edged up to 4.37 percent this week, while the 15-year rate dropped to 3.82 percent. Bankrate reported declines across the board.

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Freddie Mac Expands First Look Initiative for REO Homes

Freddie Mac said Wednesday that it is expanding its First Look Initiative to allow any home shopper to buy a HomeSteps REO home as their primary residence during the first 15 days of the property's listing, without competition from investors. The new policy takes effect Friday, September 17. In addition to owner-occupant buyers, Freddie Mac's First Look window is open to buyers who are part of HUD's Neighborhood Stabilization Program, as well as groups affiliated with the National Community Stabilization Trust.

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Lawmakers Continue to Push for Eradication of GSEs

The debate over what's next for the government-backed mortgage giants Fannie Mae and Freddie Mac has begun. Last month, the Treasury invited a wide range of industry stakeholders to a summit in Washington to provide some guidance on the administration's proposal for GSE reform. The general consensus there was that the GSEs play too big a role in the housing market to make an abrupt exodus. A large group of House Republicans, though, don't share that view.

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GSEs’ Short Sales and Deeds-in-Lieu up 27% in Q2

Nearly 31,000 borrowers with Fannie Mae and Freddie Mac loans forfeited their homes through a short sale or deed-in-lieu of foreclosure during the second quarter of this year. The figure represents a 27 percent increase over the previous three-month period. The GSEs also reported that their volume of permanent modifications under the administration's Home Affordable Modification Program (HAMP) increased 65 percent, but at the same time, foreclosure starts and foreclosure sales were also up by double digits.

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Mortgage Rates Edge Up, Breaking 12-Week Descent to Record-Lows

Long-term mortgage rates inched up this week, breaking a buyer-friendly trend of successively falling to record-lows week after week for the past three months. The question now is, will the threat of rising interest rates push prospective homebuyers to take a leap? Freddie Mac reported Thursday that 30-year fixed-rate mortgages rose to 4.35 percent this week. Fifteen-year mortgages, on the other hand, came in again at last week's record low of 3.83 percent. Bankrate, however, reported a jump in mortgage rates across the board.

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