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Tag Archives: Freddie Mac

Home Purchase Applications Rise for Third Consecutive Week

Industry data released Wednesday shows that new mortgage applications for the purchase of a home jumped 1.8 percent for the week ending December 3. This is the third weekly increase recorded by the closely watched home purchase index, which has reached its highest level since early May. All market indicators point to a continued rise in mortgage rates and that seems to have prompted some homebuyers to act now. Refinancing, on the other hand, is becoming less attractive.

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Freddie Mac to Provide Pool-Level Delinquency Data on Securities

Freddie Mac announced Tuesday that beginning in January 2011, the company will begin disclosing pool-level delinquency data on a monthly basis for all single-family Freddie Mac Participation Certificate (PC) and Giant PC securities. Freddie Mac says providing this delinquency disclosure data at the pool level will make the company's delinquency disclosures consistent with an industry practice previously established by Ginnie Mae.

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Mortgage Interest Rates on the Move Again … Upward

They've been sitting at half-century lows for months now, but that trend appears to have snapped as mortgage interest rates across the board rose again this week. One industry report points out that long-term rates have been heading upward for three weeks straight; another says they've now hit a four-month high. Freddie Mac puts the average 30-year rate at 4.46 percent and the 15-year rate at 3.81 percent. Bankrate says the larger jumbo 30-year fixed rate jumped as well, settling at 5.29 percent.

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CoreLogic Credco Product Helps Lenders Avert Loan Repurchases

CoreLogic Credco recently introduced FinalCheck, an automated, fully ""decisionable"" suite of prefunding risk evaluation products that instantly verify credit, application, and fraud data in an easy-to-read report for lenders. The company says FinalCheck is designed to help lenders satisfy GSE requirements, reduce repurchase risk, and increase loan delivery confidence.

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Freddie Mac Suspends Evictions During Holiday Season

Freddie Mac said Wednesday that it has ordered all foreclosure evictions involving occupied single-family and 2-4 unit properties to be suspended from December 20, 2010 to January 3, 2011. The policy applies to all homes with Freddie Mac mortgages. It's become a common practice for lenders to temporarily halt evictions during the holiday season. Fannie Mae and most other large mortgage providers are expected to follow suit.

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GSEs’ Delinquency Numbers Tell Different Stories

Fannie Mae and Freddie Mac have seen a steady falloff in the rate of loans 90 or more days overdue since early this year, but their latest figures show the rate continuing to head down for one, up for the other. Both GSEs have dialed up the pressure lately for big banks to buy back bad loans. But the lenders themselves are doing their own dialing up, only it's in the form of stronger resistance to repurchase requests. The two mortgage giants are planning to implement new lending guidelines and fee structures for riskier loans.

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

Home prices in the United States fell 2.0 percent in the third quarter of 2010, breaking what had been a trend of fairly steady gains since early last year, Standard & Poor's reported Tuesday. The company's closely watched national index had recorded quarter-over-quarter increases in four of the last five three-month periods, including a 4.7 percent rise in the second quarter of this year. Many analysts are expecting that dreaded double dip to set in before next spring.

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Fannie and Freddie Restart Frozen REO Sales

Fannie Mae and Freddie Mac have instructed their selling agents to move forward with transactions involving foreclosed properties in cases where sales were suspended due to potential problems with the legal paperwork. The GSEs were forced to temporarily halt the sale of certain properties when news surfaced that some of the nation's largest servicers had been employing so-called robo-signers. Now that case reviews have uncovered no evidence of improper foreclosures, Fannie and Freddie are moving to proceed with REO sales.

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Texas Representative Requests Details of Taxpayer Expenses for GSEs

Rep. Randy Neugebauer (R-Texas) has sent a letter to the Federal Housing Finance Agency (FHFA) requesting Acting Director Edward DeMarco to provide full details of how taxpayer dollars are being spent to pay for lawyer's fees and legal costs for Fannie Mae and Freddie Mac. Neugebauer says he's concerned that the taxpayers are picking up the tab for ongoing legal counsel for the very executives who drove the GSEs into conservatorship. The congressman wants a report from FHFA no later than December 31.

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Freddie Mac and Bankrate Post Differing Mortgage Rates This Week

Freddie Mac reported Wednesday that mortgage rates remained stable this week, rising only slightly from the rates reported last week. A separate study from Bankrate reports rates dipped slightly this week. This week's Freddie survey shows 30-year-fixed-rate-mortgages averaging at 4.40 percent. Bankrate's study puts them at 4.58 percent.

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