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Tag Archives: Freddie Mac

Advisory: Freddie Mac to Reduce REO Broker Commissions

The National Association of Realtors (NAR) issued a notice to its members Monday alerting them that Freddie Mac plans to cut back the amount of commission paid for REOs sold in certain states. The GSE said it decided to institute the commission reductions in order to reduce expenses, after considering various data in the affected states. The new payment structures apply to Freddie Mac-owned HomeSteps properties that are listed with a real estate broker on or after January 1, 2011.

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Freddie Mac Extends Foreclosure Protection for Service Members

Freddie Mac will delay initiating and resuming foreclosure for at least nine months for financially troubled service members released from active duty through the end of 2011. The decision will give lenders more time to work with service members and explore relief options designed to assist them, according to a statement from Freddie Mac.

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Congressman Seeks Disclosure From FHFA Regarding Write-Downs

Congressman Randy Neugebauer (R-Texas), chairman of the House oversight subcommittee, has released a letter to the Federal Housing Finance Agency (FHFA) expressing concern about reports that the Obama administration is pressuring Fannie Mae and Freddie Mac to write down principal mortgages. Neugebauer argues that the GSEs' participation in such a program would increase taxpayer losses - already approaching $150 billion - and run counter to the statutory obligation of FHFA to minimize taxpayer exposure.

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Crisis Panel’s GOP Members Fault Government for Housing Bubble

After more than a year-long investigation, the Financial Crisis Inquiry Commission has pushed the release date of its findings to January 2011, instead of December 15, 2010, as mandated by Congress. The four Republican members of the 10-person committee, though, broke ranks and published their own report this week. They are placing blame for the housing bubble that brought the nation's economy to its knees squarely on the shoulders of the federal government, going all the way back to the mid-1990s.

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Mortgage Rates Continue to Climb, Closing in on 5% Mark

Borrowing costs on home loans continue to increase, with mortgage rates rising sharply for the past five weeks in a row. New data from Freddie Mac shows that the average rate for a 30-year mortgage jumped 22 basis points over the last seven days to 4.83 percent. The 15-year rate climbed 21 basis points to 4.17 percent. A separate study by Bankrate shows that the average 30-year rate offered by the top 10 banks and thrifts in the top 10 U.S. markets already hit the 5 percent mark this week.

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New Jersey Bans Wall Street Home Resale Fees

New Jersey Governor Chris Christie signed A. 2861 into law last week, banning Wall Street Home Resale Fees, or private transfer fees. New Jersey becomes the 19th state to restrict the use of these fees. On the federal level, the Federal Housing Finance Agency (FHFA) has issued guidance that restricts Fannie Mae and Freddie Mac from investing in mortgages with these fees. A bill currently being considered in the House would ban the fees across the country.

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HAMP Will Fall Short of Goal with Only 700K Helped: Report

The Obama administration's signature foreclosure prevention program will help only 700,000 Americans save their homes, according to a scathing report released Tuesday by the Congressional Oversight Panel. The group's assessment falls far short of the 3 to 4 million homeowners that the president pledged would receive more sustainable mortgage loans when the Home Affordable Modification Program (HAMP) was launched in March of last year, and is well below the 8 to 13 million foreclosures expected by 2012.

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MIAC Closes Sales of GSE Servicing Portfolios

Mortgage Industry Advisory Corporation (MIAC) just announced that it closed the sale of two Freddie Mac bulk mortgage servicing portfolios in November with a combined unpaid principal balance of approximately $2.5 billion. The portfolios carried delinquency rates of 1.28 percent and 3.87 percent. The New York-based brokerage says it will be marketing a $70 million Fannie Mae mortgage servicing deal later this month.

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Mortgage Rates Climb for Fourth Straight Week

Mortgage interest rates rose again this week, marking the fourth consecutive increase. Freddie Mac says the average rate on a 30-year fixed mortgage has jumped to 4.61 percent, up from 4.46 percent just one week earlier. If such sharp increments continue at this pace, the 30-year rate could rise above where it was a full year ago (4.81 percent) in a matter of mere weeks. For a $200,000 conventional loan, the sudden rise amounts to $50 more in monthly payments than if buyers had locked in rates just two months ago.

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Pressure Mounts for Fannie and Freddie to Write Down Mortgages

With property values still tumbling, it's no surprise that nearly a quarter of the nation's mortgage borrowers owe more than their home is worth. Industry studies support the consensus that the farther a borrower sinks into negative equity, the more likely they are to throw in the towel. The severity of this catch-22 is now top-of-mind for government officials. The administration is reportedly pressuring Fannie Mae and Freddie Mac to make principal write-downs a key component of their foreclosure prevention efforts.

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