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Tag Archives: Freddie Mac

Freddie Mac Mandates Servicer Participation in State Mortgage Programs

Freddie Mac has notified servicers that they are required to take part in mortgage assistance programs offered by state Housing Finance Agencies (HFAs) in connection with the federal government's Hardest Hit Fund initiative. The GSE says collaboration with state HFAs will provide additional support for servicers' efforts and ""our mutual commitment"" to help at-risk borrowers avoid foreclosure. HFA programs provide funds to servicers which may be applied to such criteria as loan-to-value ratios in order to help borrowers qualify for a modification.

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FHFA Sues City of Chicago over Vacant Property Ordinance

The Federal Housing Finance Agency (FHFA) filed a lawsuit in federal court Monday against the city of Chicago contesting a local ordinance that makes lenders liable for the upkeep of vacant homes before they take possession of the title. FHFA says the law encroaches upon its role as the sole supervisor of Fannie Mae and Freddie Mac, and could raise costs for homeowners in the city. Both GSEs have instructed servicers to keep a record of all registration, inspection, and maintenance expenses incurred to comply with the Chicago ordinance.

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Congress Considers Raising GSEs’ Guarantee Fees

As the year comes to a close, details of the Middle Class Tax Cut and Job Creation Act are up in the air, and a few housing industry groups are speaking out about one aspect of the act. The Mortgage Bankers Association, the National Association of Home Builders, and the National Association of Realtors together composed a letter to Congress expressing concerns over a proposal to raise Fannie Mae and Freddie Mac's guarantee fees to help cover the cost of extending the payroll tax cut.

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GSE Execs Say Defined Foreclosure Timelines Are Necessary

Representatives from both Fannie Mae and Freddie Mac upheld the companies' practice of assessing penalties against servicers who fail to meet defined timelines for processing foreclosures. Speaking at a mortgage banking conference in Dallas last week, GSE execs stressed that clearly the best outcome for both Fannie and Freddie is to keep the borrower in their home, but when that's not possible, it's critical that servicers complete the foreclosure process in a timely manner to clear bad loans from the pipeline.

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Bill Would Replace GSEs with Temporary Government-Owned Entity

Sen. Johnny Isakson of Georgia has thrown yet another idea into the mix for reforming the housing finance system. Isakson, himself a former real estate agent for 30 years, introduced legislation Thursday that would wean the secondary market off government support and pay taxpayers back for the bailout of Fannie Mae and Freddie Mac. Isakson's bill would replace Fannie and Freddie with a new, temporary government-backed program to securitize mortgages. This transitional program would be turned over to the private sector after 10 years.

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GSEs Total 2 Million Foreclosure Prevention Actions

Servicers for Fannie Mae and Freddie Mac have completed almost 2 million foreclosure prevention actions for the two companies since they went into conservatorship in 2008, according to the Federal Housing Finance Agency's (FHFA) third-quarter report released Wednesday. More than half of these actions have been loan modifications, and of the remainder, about 676,500 have kept homeowners in their homes. About 269,700 were short sales or deeds-in-lieu of foreclosure.

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BOK Financial Mortgage Group Accepting HARP 2.0 Applications

BOK Financial Mortgage Group announced Thursday that it is now accepting applications for the recently extended and expanded Home Affordable Refinance Program (HARP). The program applies to homeowners who currently have a Freddie Mac or Fannie Mae mortgage and who meet certain other eligibility criteria. HARP 2.0 is designed to help borrowers, including those who owe more than their home's value, to take advantage of low interest rates and other refinancing benefits.

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GSEs Announce Eviction Moratorium for the Holidays

Fannie Mae and Freddie Mac announced temporary eviction moratoriums on all single-family homes and two-to-four unit properties over the holidays. Both companies will enforce the moratorium from December 19 through January 2. The suspension will not affect the pre- or post-foreclosure processes. Servicers may continue the administrative processes involved in foreclosures, but evictions will be delayed until after the start of the new year.

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Thirty-Year Fixed Rate Settles in at 4.00 Percent

Fixed mortgage rate averages remain near their all-time historic lows, fortifying high levels of homebuyer affordability throughout the country. Freddie Mac reported Thursday that the 30-year fixed-rate mortgage has averaged at or below 4.00 percent for five consecutive weeks now, while the 15-year fixed has hovered around 3.30 percent. Adjustable-rate mortgages ticked down slightly this week, averaging new record lows for the second straight week.

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Congress Calls for Principal Reductions from GSEs

Twenty-one members of Congress sent a letter to Federal Housing Finance Agency (FHFA) Acting Director Edward DeMarco calling on him to allow - even encourage - Fannie Mae and Freddie Mac to start reducing principal balances for distressed homeowners. The lawmakers say underwater borrowers pose a greater risk of eventual default. They're advocating for principal writedowns, not ""as a kindness to homeowners,"" but to save taxpayers from future losses.

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