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Tag Archives: Freddie Mac

Price Tag for Fannie and Freddie Bailout Could Double: FHFA

Taxpayers' bill for keeping the nation's two largest mortgage firms afloat could more than double between now and 2013, according to the companies' regulator. To date, Fannie and Freddie have drawn $148 billion from the Treasury since they were placed under government control in September 2008. The two GSEs' could need another $73 billion to $215 billion to maintain positive net worth over the next three years. In a worst-case scenario, the overall tab for keeping Fannie and Freddie in business will reach $363 billion.

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Foundation Hotline Offers Help Against Foreclosure Scams

The Homeownership Preservation Foundation has partnered with NeighborWorks America, HUD, Fannie Mae, Freddie Mac, and the Lawyers Committee for Civil Rights Under Law to help prevent foreclosure-rescue scams. The coalition is positioning the Homeowner's HOPE Hotline (1-888-995-HOPE) as a central point of contact for homeowners who think they may be victim of a scam. Information provided to the hotline is used by local, state, and federal agencies to shut down predatory companies victimizing distressed homeowners.

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GSEs Release Appraiser Independence Rules to Replace HVCC

The industry has long been awaiting a replacement for the Home Valuation Code of Conduct (HVCC). On Friday, Fannie Mae and Freddie Mac issued new Appraiser Independence Requirements to supplant the controversial HVCC, but both GSEs say the new appraiser rules, effective immediately, ""make no significant changes to core principles of the HVCC."" Fannie and Freddie say they will continue to review the appraisal rules to address issues relating to conflicts of interests and fee disclosure by appraisal management companies.

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Total Mortgage Offers 30-Year Jumbo Loan Rates Below 5%

The jumbo market is seeing significant improvement in interest rates and market liquidity, according to Total Mortgage Services, LLC in Connecticut. The lender and broker is now offering 30-year fixed jumbo mortgages up to $729,000 at a rate of 4.875 percent. This considerable drop in rates has increased the number of purchase and refinance transactions for Total Mortgage Services.

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Congressional Panel Sees Conflicts of Interest from TARP Contractors

The Congressional Oversight Panel has ""significant concerns"" related to accountability and conflicts of interest because of Treasury's extensive use of private contractors to carry out functions for the Troubled Asset Relief Program (TARP), particularly foreclosure prevention efforts. The largest TARP contracts were awarded to Fannie Mae and Freddie Mac. Fannie alone employs 600 workers on TARP's foreclosure programs, while Treasury has only 220 staffers working on all TARP programs combined.

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FHFA Orders Paperwork Fixes but Insists Foreclosures Should Proceed

The Federal Housing Finance Agency has issued a new policy that outlines specific steps Fannie Mae and Freddie Mac servicers should take to identify and correct deficiencies in foreclosure paperwork. Evidence of servicing staff cutting corners to process foreclosures quickly has lawmakers, consumer advocates, and the entire general public calling for an immediate moratorium on foreclosures. But FHFA says bringing the process to a complete halt is not the answer.

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Mortgage Rates Drop Yet Again to New Lows

The last time rates for 30-year mortgages were as low as they are now was in April 1951. Thirty-year fixed-rate mortgages have been under 5 percent for 23 weeks in a row, according to data gathered by Freddie Mac. This week, the GSE reports that the average 30-year rate fell again to break the survey's all-time low, hitting 4.19 percent. The 15-year fixed rate also averaged a record low of 3.62 percent.

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Mortgage Rates Continue Descent, Hitting New Record Lows

Mortgage interest rates dropped again this week, setting new record-lows across the board. Analysts say we have bond investors to thank for the continuing declines. Investors are expecting the Fed to begin pumping more money into the economy to reinvigorate the now lukewarm recovery, so there's been a rush to buy up mass amounts of government- and mortgage-backed debt. This, in turn, has served to drive mortgage rates lower - now at their lowest point in more than a half-century.

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OCC Orders Largest Servicers to Review Foreclosure Processes

One of the nation's foremost banking regulators has issued a directive to large mortgage servicers, ordering them to reassess their procedures for foreclosing on defaulted borrowers. John Walsh, head of the Office of the Comptroller of the Currency (OCC) told lawmakers that he contacted seven institutions his agency supervises, after several large lenders announced a halt on foreclosures in states where filings might contain erroneous paperwork and preparers may have broken the law in their haste to process large volumes of cases.

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Congress Extends Higher Loan Limits for GSEs

The U.S. Senate and House of Representatives voted Thursday to extend increased loan limits on mortgages backed by Fannie Mae and Freddie Mac. The higher loan limits of $729,750, which were scheduled to expire at the end of 2010, have been extended for an additional nine months, and are now set to expire September 30, 2011. The approved bill also appropriates $20 billion for the Federal Housing Administration to continue making loan commitments though the end of 2010 for a special risk fund.

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