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Tag Archives: Freddie Mac

Commercial Mortgage Originations Rise but Demand Remains Weak

Commercial and multifamily mortgage loan originations during the third quarter jumped 15 percent from the previous quarter and were 32 percent higher than during the same period last year, according to data released by the Mortgage Bankers Association (MBA) Thursday. Origination volumes for Fannie Mae, Freddie Mac, and life insurance companies were relatively strong, MBA says, but commercial mortgage borrowing at banks fell on both a quarter-over-quarter and year-over-year basis.

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Freddie Mac Requests $100M in Taxpayer Support after Q3 Loss

Freddie Mac said Wednesday that it lost $2.5 billion during the third quarter of this year. Add to that the $1.6 billion dividend payment the GSE had to make to Treasury on stock the company relinquished in exchange for bailout money, and Freddie Mac reported a net loss attributable to common shareholders of $4.1 billion. The company is asking Treasury for a draw of $100 million in taxpayer dollars. Since Freddie Mac was placed under government control, it has needed $64.2 billion to stay afloat.

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Lenders Told to Disclose Likely Losses from Paperwork Errors, Buybacks

The Securities and Exchange Commission (SEC) is putting mortgage lenders on alert regarding disclosures about potential losses from foreclosure paperwork defects and loans they may be forced to buy back from investors. In a letter sent to the chief financial officers of publicly traded banking companies, the federal agency reminded lenders that they are obligated to relay to their investors any known trends, commitments or uncertainties that they expect could have an ""unfavorable impact"" on the company's financial results.

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GSEs Blacklist Controversial Foreclosure Law Firm in Florida

Freddie Mac announced Tuesday that it has terminated its relationship with the law offices of David J. Stern, P.A. in Plantation, Florida. Fannie Mae, too, says it has suspended business with the so-called Florida foreclosure mill. The Stern law firm is one of the largest in the state, processing thousands of cases a month, and had been retained by both Fannie and Freddie as a preferred legal counsel for its servicers to go to handle pending foreclosures and home repossessions.

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Single-Family Delinquencies Fall for Both Fannie and Freddie

The percentage of home loans 90 or more days past due held by the nation's two largest mortgage companies has declined yet again. Both Fannie Mae and Freddie Mac have reported a steady drop in their single-family delinquency rates since February of this year. According to the latest figures from Fannie, its serious delinquency rate fell to 4.70 percent in August. Freddie's dropped to 3.80 percent at the end of September. Movement in the two GSEs' multifamily delinquency rates was mixed.

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GSEs Instruct Servicers to Help Unemployed Through State Programs

Fannie Mae and Freddie Mac have both issued notices to servicers that they must work closely with state housing finance agencies to provide mortgage assistance to homeowners who've lost their jobs. Treasury awarded $7.6 billion for housing agencies in certain states to develop programs that provide temporary relief to unemployed homeowners. Effective immediately, GSE servicers are instructed to accept all monthly mortgage payments from housing finance agencies on behalf of borrowers enrolled in state-specific programs.

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Long-Term Mortgage Interest Rates Edge Higher

Mortgage rates are still incredibly low by historical standards. They've been fluctuating around record lows not seen in more than a half-century for a good many months now. This week was one where that movement was upward, according to industry data released Thursday. A nationwide survey conducted by Freddie Mac found that 30-year fixed-rate mortgages rose to 4.23 percent, while 15-year rates edged up to 3.66 percent. Bankrate reports that the larger jumbo 30-year fixed rate reversed last week's decline, returning to 5.10 percent.

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S&P Case-Shiller Index Records Widespread Declines in Home Prices

Home prices across the country slipped in August, Standard & Poor's reported Tuesday. The agency's closely-watched gauge of residential property values recorded a 0.1 percent drop in the composite reading of 10 cities tracked, while the 20-city composite posted a 0.2 percent decline. Home prices decreased in 15 of the survey's 20 metropolitan statistical areas on a month-to-month basis. Only Chicago, Detroit, Las Vegas, New York, and Washington D.C. posted what S&P called ""marginal improvements.""

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Fidelity National Requires Lenders to Vouch for Foreclosure Accuracy

Fidelity National Financial, the nation's largest title insurer, will soon begin requiring lenders to provide the company with an indemnity agreement that guarantees the accuracy of their foreclosure documentation before Fidelity will insure the title of a repossessed home. The new policy was prompted by the recent foreclosure freezes enacted by at least five major mortgage servicers and disclosures of errors made in the processing of foreclosure paperwork, and is effective for all foreclosure sales closing on or after November 1.

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Mortgage Rates Head Upward for First Time in Five Weeks

The freefall for mortgage interest rates hit a pause this week. Rates on 30-year mortgages rose for the first time in five weeks, edging up to 4.21 percent, according to data released by Freddie Mac Thursday. The 15-year fixed-rate mortgage also inched up to 3.64 percent. Adjustable-rate mortgages, on the other hand, slipped to new record lows. Bankrate says the ongoing foreclosure controversy surrounding court documents and paperwork errors could ultimately be passed along to future borrowers through higher mortgage rates.

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