Tag Archives: Freddie Mac

DataQuick, an independent provider of real estate information, analysis, and solutions, now offers lenders and servicers access to Home Value Explorer (HVE) through the company's Collateral Validation solution. Access to this Freddie Mac automated valuation model (AVM) is part of DataQuick's collateral risk management platform.

After 13 years of service, Amy Crews Cutts, Freddie Mac's deputy chief economist, has left the company to join IXI Corporation, a small subsidiary of Equifax that provides services to financial institutions and consumer marketing firms to help them target consumer households based on measures of wealth, income, spending, and credit.

Daniel Mudd, former CEO of Fannie Mae, has received a Wells notice from the Securities and Exchange Commission (SEC) regarding his service with the GSE. A Wells notice informs the recipient that the agency is considering legal action against him. The recipient may elect to respond to the Wells notice with arguments and counter-evidence, and Mudd is reportedly planning a rebuttal. On the heels of Mudd's Wells notice comes the news that lawmakers are preparing to introduce bills as early as this week to accelerate the wind-down of the GSEs.

Following last week's statement by Bank of America CEO Brian Moynihan that principal reductions are unfair and not in everyone's best interest, more banks and even some attorneys general have spoken out against the controversial clause in the settlement proposal. Wells Fargo CEO John Stumpf voiced his disapproval of principal write-downs, saying such provisions would entice people to default on their loans. Some attorneys generals said they feel write-downs would force servicers to break their contracts with investors.

The Federal Housing Finance Agency (FHFA) has pushed the cut-off date for the Home Affordable Refinance Program (HARP) out by a year. HARP allows homeowners with a mortgage owned by Fannie Mae or Freddie Mac who owe more than the home is worth obtain a new loan at today's lower interest rates. The program was originally set to expire on June 30, 2011. FHFA has now extended the program through June 30, 2012.

Interest rates on home loans remained relatively unchanged this week following February's strong employment report, according to industry data released Thursday. Freddie Mac's survey shows the average rate on a 30-year fixed mortgage edged up 1 basis point to 4.88 percent, while the 15-year rate held exactly the same at 4.15 percent. Bankrate reports that the larger 30-year jumbo rate settled slightly lower, dropping from 5.60 percent to 5.58 percent.

Freddie Mac said Wednesday that it has selected Green River Capital and Atlas REO Services to provide sales and disposition support to HomeSteps. HomeSteps is the GSE's real estate sales unit. It markets Freddie Mac-owned REO homes nationwide through local real estate brokers. Freddie Mac says it has contracted the two firms to expand its capacity to handle expected increases in REO inflow volumes.

The REO disposition firm Vendor Resource Management (VRM) officially marked the opening of its new corporate headquarters in the Dallas suburb of Carrollton, Texas, with a ribbon cutting ceremony Tuesday morning. VRM started with the vision of president and CEO Keith Murray and just five employees in 2006. It's weathered one of the most severe housing downturns in a generation and has grown to more than 350 employees across the country, managing over 11,500 properties each month.

Freddie Mac said in a bulletin to lenders that performance of loans with loan-to-value ratios of less than 5 percent has been ""unacceptable,"" and starting June 1, the GSE will no longer purchase them. At that time the company will require borrowers to have at least a 5 percent down payment. Currently Freddie accepts loans with a 3 percent down payment. The GSE says the change is part of an effort to support responsible lending and sustainable homeownership.

McCalla Raymer LLC, a Georgia-based provider of real estate and mortgage banking legal services, announced Monday that it has officially opened a new office in Panama City, Florida. The firm announced its expansion into the Florida market in early February. The new Panama City location is McCalla Raymer's third opening in the state. It also has offices in Orlando and Fort Lauderdale.