GSEs (Fannie/Freddie),FHA

Freddie Mac-Taylor Bean Settlement to Yield Pennies on the Dollar

Posted on Monday, July 04, 2011

Freddie Mac has entered into a proposed settlement with the now defunct Taylor, Bean & Whitaker Mortgage Corp. (TBW) and the creditors’ committee appointed in the lender’s bankruptcy proceeding. Under the terms of the agreement, Freddie Mac will be granted an unsecured claim in the TBW bankruptcy e...

Freddie Mac-Taylor Bean Settlement to Yield Pennies on the Dollar

Posted on Monday, July 04, 2011

Freddie Mac has entered into a proposed settlement with the now defunct Taylor, Bean & Whitaker Mortgage Corp. (TBW) and the creditors’ committee appointed in the lender’s bankruptcy proceeding. Under the terms of the agreement, Freddie Mac will be granted an unsecured claim in the TBW bankruptcy e...

Freddie Mac-Taylor Bean Settlement to Yield Pennies on the Dollar

Posted on Monday, July 04, 2011

Freddie Mac has entered into a proposed settlement with the now defunct Taylor, Bean & Whitaker Mortgage Corp. (TBW) and the creditors’ committee appointed in the lender’s bankruptcy proceeding. Under the terms of the agreement, Freddie Mac will be granted an unsecured claim in the TBW bankruptcy e...

Audit Finds GSEs' Regulator Let Complaints Slip Through the Cracks

Posted on Monday, July 04, 2011

Servicers have been ordered to institute a clear resolution process for consumer complaints as part of the robo-signing settlement with federal regulators. Accountability when it comes to dealing with distressed borrowers has become a central focus of mortgage servicing reform, but an audit conduc...

Freddie Mac's Serious Delinquencies Continue Descent

Posted on Thursday, June 30, 2011

The nation’s second largest mortgage company has again reported a decline in the percentage of loans it holds that are 90 or more days past due and in foreclosure. Freddie Mac says its serious delinquency rate for single-family mortgages dropped to 3.53 percent in May. That’s down four basis poi...

Fannie Mae Extends Selling Agent Bonus to Move REO Properties

Posted on Thursday, June 30, 2011

CORRECTION: Timeframe for incentive eligibility has been corrected to reflect that initial offers may be submitted on or after June 14th. Fannie Mae announced Tuesday that it is beefing up incentives to encourage sales of its HomePath REO properties to owner occupants. Now through October 31, qua...

GSEs Issue New Servicing Guidelines for Delinquent Mortgages

Posted on Thursday, May 05, 2011

Fannie Mae and Freddie Mac are issuing new guidelines to servicers in order to align their procedures for handling past-due mortgages. The objective is to ensure consistent servicing requirements for loans handled on behalf of the GSEs across four key areas: borrower contact, delinquency managemen...

GSEs Issue New Servicing Guidelines for Delinquent Mortgages

Posted on Thursday, May 05, 2011

Fannie Mae and Freddie Mac are issuing new guidelines to servicers in order to align their procedures for handling past-due mortgages. The objective is to ensure consistent servicing requirements for loans handled on behalf of the GSEs across four key areas: borrower contact, delinquency managemen...

GSEs Issue New Servicing Guidelines for Delinquent Mortgages

Posted on Thursday, May 05, 2011

Fannie Mae and Freddie Mac are issuing new guidelines to servicers in order to align their procedures for handling past-due mortgages. The objective is to ensure consistent servicing requirements for loans handled on behalf of the GSEs across four key areas: borrower contact, delinquency managemen...

GSEs Issue New Servicing Guidelines for Delinquent Mortgages

Posted on Thursday, May 05, 2011

Fannie Mae and Freddie Mac are issuing new guidelines to servicers in order to align their procedures for handling past-due mortgages. The objective is to ensure consistent servicing requirements for loans handled on behalf of the GSEs across four key areas: borrower contact, delinquency managemen...

In Congress, Bills to Speed Unwinding of 2 Giants

Posted on Monday, April 04, 2011

WASHINGTON — House Republicans announced a package of eight bills on Tuesday that would wind down the mortgage finance giants, Fannie Mae and Freddie Mac, more quickly than the Obama administration proposed. The proposals would dismantle Fannie and Freddie in a most ironic manner. The mortgage gia...

House Republicans Introduce Eight Bills to Speed Wind-Down of GSEs

Posted on Monday, April 04, 2011

In a legislative hearing scheduled for Thursday, the House Financial Services Committee will listen to eight proposals centered around winding down Fannie Mae and Freddie Mac on a faster timeline than proposed by the Obama administration last month. Among the eight proposals are measures to raise ...

Fannie Report Warned of Foreclosure Problems in 2006

Posted on Monday, April 04, 2011

Fannie Mae was warned in a 2006 internal report of abuses in the way lenders and their law firms handled foreclosures, long before regulators launched investigations into the mortgage industry's practices. The report said foreclosure attorneys in Florida had "routinely made" false statements in cou...

Freddie Mac Bars Foreclosure Actions in the Name of MERS

Posted on Monday, April 04, 2011

Freddie Mac issued new policy guidelines to its servicers this week that prohibit foreclosures in the name of Mortgage Electronic Registration Systems Inc. (MERS). MERS was developed by the industry to keep track of the servicing rights on home loans. It was designed as a paperless property regist...

Freddie Pushes Servicers to Contact Borrowers by 3rd Day of Delinquency

Posted on Monday, April 04, 2011

The nation’s second largest mortgage company says early workouts are central to its game plan for 2011. This “nip it in the bud” mindset can be key to getting in front of delinquencies before they turn into lost-cause foreclosures, and Freddie Mac says it’s making changes to the way it evaluates t...

The GOP will hold votes on dismantling Fannie and Freddie next week

Posted on Monday, April 04, 2011

The GOP will hold votes on dismantling Fannie and Freddie next week, reports Peter Schroeder: "House Republicans are ready to take on the troubled mortgage giants Fannie Mae and Freddie Mac with a series of bills that would likely chip away at the federal government’s role in the housing market. Ear...

SEC moves to charge Fannie, Freddie execs

Posted on Tuesday, March 22, 2011

The Securities and Exchange Commission is moving toward charging former and current Fannie Mae and Freddie Mac executives with violations related to the financial crisis, setting up a clash with the housing regulator that oversees the companies, according to sources familiar with the matter. The SE...

Freddie Mac’s Former Chief May Face S.E.C. Action

Posted on Sunday, March 20, 2011

The former chief executive of Freddie Mac may face a civil action as the government ramps up an investigation of disclosure practices at the mortgage finance giant and its sister company, Fannie Mae, people briefed on the investigation said. The executive, Richard F. Syron, a former president of th...

Former Freddie Exec Receives Wells Notice Over Subprime Loans

Posted on Sunday, March 20, 2011

Former Freddie Mac executive Richard F. Syron has been added to a growing list of GSE executives who have received a Wells notice from the Securities and Exchange Commission (SEC). Syron, former CEO of the company, received notice that the SEC is considering a suit against him. Like former Fannie ...

Future of 30-Year Mortgages at Risk?

Posted on Friday, March 18, 2011

Proposals to phase out Fannie Mae and Freddie Mac may make 30-year fixed-rate mortgages harder to find, housing experts say. An outline drafted by the Treasury Department, the Department of Housing and Urban Development, and the White House and circulated last month calls for winding down Fannie...

HUD Losses From Noncomplying FHA Loans Top $11M

Posted on Friday, March 18, 2011

HUD’s Office of the Inspector General (OIG) reviewed more than 250 loans from 15 lenders and found that nearly half of those loans did not meet the Federal Housing Administration’s (FHA) guidelines. The OIG launched Operation Watchdog in January 2010 to examine loans from the lenders to monitor the...

Without Loan Giants, 30-Year Mortgage May Fade Away

Posted on Friday, March 18, 2011

WASHINGTON — How might home buying change if the federal government shuts down the housing finance giants Fannie Mae and Freddie Mac? The 30-year fixed-rate mortgage loan, the steady favorite of American borrowers since the 1950s, could become a luxury product, housing experts on both sides of the...

Did Fannie Mae and Freddie Mac Cause the Financial Crisis and How Can They Be Reformed?

Posted on Friday, March 18, 2011

The financial crisis has been blamed on many factors: Wall Street bankers, out of control hedge fund managers, incompetent ratings agencies, weak government oversight and a collapse in the housing mortgage markets. Seemingly all of these forces played a role. Peter Wallison of the American Enterpris...

Freddie Mac to Require More Equity in Purchased Loans

Posted on Friday, March 18, 2011

Freddie Mac said last week 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. “In our continuing effort to support responsible lending and sustainable homeownership, ...

Fannie Mae Turns a Profit for First Time in Three Years

Posted on Thursday, March 17, 2011

Fannie Mae has released its fourth-quarter and full-year 2010 earnings results. The GSE reported net income of $73 million for the last three months of 2010, compared to a net loss of $1.3 billion in the third quarter. It’s the first time the company’s been in the black in over three years. For the...

Updates to the Mandatory Retained Attorney Network

Posted on Thursday, March 17, 2011

Announcement SVC-2011-02 March 1, 2011 Introduction In the Servicing Guide, Part VIII, Section 104.01: Fannie Mae-Retained Attorneys, Fannie Mae outlines its mandatory network of retained attorneys to handle all foreclosure and bankruptcy matters (as well as post-foreclosure legal proceedings an...

Geithner Wants Fannie, Freddie Reform Bill In 2 Years

Posted on Thursday, March 17, 2011

WASHINGTON — Treasury Secretary Timothy Geithner is telling Congress that the Obama administration wants Congress to approve legislation overhauling Fannie Mae and Freddie Mac, the nation's troubled housing finance giants, within two years. In remarks he planned to deliver Tuesday to the House Fina...

Federal support for home loans essential, Geithner warns

Posted on Thursday, March 17, 2011

Treasury Secretary Timothy F. Geithner used his strongest language yet to warn on Tuesday about the dangers of a mortgage system that does not include a significant role for the government. Two weeks after releasing a white paper on how to overhaul the badly battered housing market, Geithner said ...

Fannie Mae Adds 14 States to Mandatory Foreclosure Attorney Network

Posted on Thursday, March 17, 2011

Fannie Mae issued a servicing guide update Tuesday, which adds 14 additional states to the GSE’s list of jurisdictions in which its servicers must use one of the legal firms approved by Fannie Mae to handle all foreclosure and bankruptcy matters, as well as post-foreclosure legal proceedings and act...

Ex-Fannie Mae CEO Daniel Mudd May Face Claims Of Misleading Investors On Subprime Loans

Posted on Thursday, March 17, 2011

Daniel Mudd, the former CEO of government-sponsored mortgage firm Fannie Mae, has received notice from U.S. regulators that he may face claims for allegedly misleading investors about the mortgage company's exposure to subprime loans, Bloomberg said. Mudd, who was ousted from Fannie Mae in 2008 a...

GOP Set to Begin Chipping Away at Mortgage Giants

Posted on Thursday, March 17, 2011

Republican lawmakers are preparing this week to introduce a series of legislative proposals to gradually reduce the role of Fannie Mae and Freddie Mac. The effort represents a tactical shift from the comprehensive approach for a speedier wind-down of the mortgage-finance giants that Republicans b...

Former GSE Exec Issued Wells Notice as Lawmakers Plan Wind-Down

Posted on Thursday, March 17, 2011

Daniel Mudd, former CEO of Fannie Mae, received a Wells notice from the Securities and Exchange Commission (SEC) last week, 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 We...

Without Loan Giants, 30-Year Mortgage May Fade Away

Posted on Thursday, March 17, 2011

WASHINGTON — How might home buying change if the federal government shuts down the housing finance giants Fannie Mae and Freddie Mac? The 30-year fixed-rate mortgage loan, the steady favorite of American borrowers since the 1950s, could become a luxury product, housing experts on both sides of the...

ADMINISTRATION’S HOUSING PLAN LEAVES TAXPAYERS AND THE ECONOMY AT RISK

Posted on Wednesday, March 16, 2011

While Fannie Mae and Freddie Mac need serious reform, we must get these reforms right. Among the Administration’s several proposals, only one—the one that maintains a limited role for the GSEs—even has potential for ensuring all families have access to home loans and achieving stability in the housi...

REFORMING AMERICA'S HOUSING FINANCE MARKET

Posted on Wednesday, March 16, 2011

On Friday, February 11, 2011, the Obama Administration released its plan for reforming America's Housing Finance Market. The proposal offers three options for handling the secondary mortgage market participants Fannie Mae and Freddie Mac: • Full privatization, • A guarantee mechanism during...

The Government’s Role in the Housing Finance System: Where Do We Go From Here?

Posted on Wednesday, March 16, 2011

INTRODUCTION It is time to commit to a future housing finance system for the United States as the current state of uncertainty is likely deterring the recovery of the housing market and the broader economy. The pre-crisis model, which was centered around the government-sponsored enterprises (GSEs)...

Restructuring the U.S. Residential Mortgage Market

Posted on Wednesday, March 16, 2011

There is wide bipartisan agreement that government housing policies, past and present, need to be re-evaluated given their role in the financial crisis. While the reform of Fannie Mae and Freddie Mac was not included in financial reform legislation last year, the Obama administration and congression...

Fannie Mae Unveils Servicer Achievement Program

Posted on Wednesday, March 16, 2011

Fannie Mae unveiled on Wednesday the Servicer Total Achievement and Rewards (STAR) program, which will measure and evaluate mortgage servicers’ performance in supporting the housing recovery. The program will examine how the servicers help homeowners avoid foreclosure. The program will provide cl...

Freddie Mac Needs $500M More from Taxpayers after Q4 Loss

Posted on Wednesday, March 16, 2011

Freddie Mac reported Thursday that it lost $113 million in the fourth quarter of 2010. The loss, compounded by the company’s $1.6 billion quarterly dividend payment to Treasury on stock the company relinquished in exchange for bailout money, left the GSE with a net worth deficit of $401 million as o...

Fannie, Freddie Narrow Losses, But Want More Government Aid

Posted on Wednesday, March 16, 2011

NEW YORK -- Fannie Mae and Freddie Mac, the troubled mortgage giants taken over by the federal government, reported improved earnings last quarter as losses abated and soured mortgages continued to decline. But the firms, still 79 percent owned by the U.S. government, say they will need another $3.1...

Freddie Mac posts $1.7B loss for Q4

Posted on Wednesday, March 16, 2011

WASHINGTON — Government-controlled mortgage buyer Freddie Mac managed a narrower loss of $1.7 billion for the October-December quarter of last year. But it has asked for an additional $500 million in federal aid – up from the $100 million it sought in the previous quarter. Freddie Mac also posted a...

Winding down Fannie and Freddie could put minority careers at risk

Posted on Tuesday, March 15, 2011

Dialing back government support for District-based Fannie Mae and McLean-based Freddie Mac could have far-reaching implications for minority financial professionals in the Washington region. Not only are the mortgage finance giants two of the largest employers in the area, with a total of 10,000 w...

After Fannie and Freddie Go, What's Next for the Housing Finance System?

Posted on Tuesday, March 15, 2011

The Great Recession has functioned like a large wrecking ball. One object of destruction has been the housing market. Price declines, loan defaults, and an unprecedented level of foreclosures have created a mess and left the housing finance system in shambles. This past Friday, the Obama Administ...

FHFA Defends Paying $162M Legal Bill for Former GSE Execs

Posted on Tuesday, March 15, 2011

In late January it was revealed that taxpayers have spent more than $160 million defending former Fannie Mae and Freddie Mac executives in court, with $132 million of that money going to defend Fannie Mae executives. This week at a congressional analysis hearing, members of several government agen...

FHA Raises Annual Mortgage Insurance Premiums

Posted on Tuesday, March 15, 2011

The Federal Housing Administration (FHA) is wasting no time putting at least one of the Obama administration’s housing finance reforms into place. The agency announced this week that it is implementing a new premium structure for FHA-insured mortgage loans. FHA is increasing its annual mortgage ins...

Obama GSE Report Favors Public-Private Hybrid

Posted on Tuesday, March 15, 2011

The Obama administration puts the emphasis on privatization with a federal backstop as it outlines alternatives for replacing Fannie Mae and Freddie Mac. NAR wants to be sure affordable 30-year, fixed-rate and other safe mortgages remain available. It also expresses concern over a part of the report...

Bye-Bye Fannie, Freddie? What It Could Mean

Posted on Tuesday, March 15, 2011

The Obama administration announced on Friday plans to reform the housing finance market, including winding down government-controlled mortgage giants Fannie Mae and Freddie Mac and turning most of the market over to the private sector, as well as requiring larger down payments. The White House propo...

An End to Fannie and Freddie?

Posted on Tuesday, March 15, 2011

When Congress considers the Obama administration’s proposals to phase out Fannie Mae and Freddie Mac, it needs to keep several goals clearly in mind. It must keep the jittery housing market going and reduce taxpayer risk while enticing private companies back into the mortgage business. And it must k...

Ex-Freddie Mac C.F.O. May Face Civil Charges

Posted on Tuesday, March 15, 2011

A former chief financial officer of Freddie Mac has been notified by securities regulators that they may soon file civil charges against him, stemming from his tenure at the mortgage finance company, according to a public filing. Anthony Piszel, known as Buddy, who was Freddie Mac’s chief financial...

Fannie, Freddie Legal Fees Defended By Regulator

Posted on Thursday, February 17, 2011

WASHINGTON — The federal regulator overseeing Fannie Mae and Freddie Mac stood by his approval of millions of taxpayer dollars for legal fees defending the housing giants and their executives after accounting scandals, telling angry House committee members on Tuesday that his agency was obligated ...

Legal Fees at Fannie Are Called Avoidable

Posted on Thursday, February 17, 2011

WASHINGTON — When the government took over Fannie Mae, it could have voided the contracts that have since left taxpayers liable for more than $100 million in legal bills defending the mortgage company and its former executives, according to statements at a Congressional hearing on Tuesday. The leg...

After Fannie and Freddie Go, What's Next for the Housing Finance System?

Posted on Thursday, February 17, 2011

The Great Recession has functioned like a large wrecking ball. One object of destruction has been the housing market. Price declines, loan defaults, and an unprecedented level of foreclosures have created a mess and left the housing finance system in shambles. This past Friday, the Obama Administr...

FHFA Defends Paying $162M Legal Bill for Former GSE Execs

Posted on Thursday, February 17, 2011

In late January it was revealed that taxpayers have spent more than $160 million defending former Fannie Mae and Freddie Mac executives in court, with $132 million of that money going to defend Fannie Mae executives. This week at a congressional analysis hearing, members of several government agen...

FHA Raises Annual Mortgage Insurance Premiums

Posted on Thursday, February 17, 2011

The Federal Housing Administration (FHA) is wasting no time putting at least one of the Obama administration’s housing finance reforms into place. The agency announced this week that it is implementing a new premium structure for FHA-insured mortgage loans. FHA is increasing its annual mortgage i...

Obama GSE Report Favors Public-Private Hybrid

Posted on Thursday, February 17, 2011

The Obama administration puts the emphasis on privatization with a federal backstop as it outlines alternatives for replacing Fannie Mae and Freddie Mac. NAR wants to be sure affordable 30-year, fixed-rate and other safe mortgages remain available. It also expresses concern over a part of the repo...

Bye-Bye Fannie, Freddie? What It Could Mean

Posted on Thursday, February 17, 2011

The Obama administration announced on Friday plans to reform the housing finance market, including winding down government-controlled mortgage giants Fannie Mae and Freddie Mac and turning most of the market over to the private sector, as well as requiring larger down payments. The White House pro...

An End to Fannie and Freddie?

Posted on Thursday, February 17, 2011

When Congress considers the Obama administration’s proposals to phase out Fannie Mae and Freddie Mac, it needs to keep several goals clearly in mind. It must keep the jittery housing market going and reduce taxpayer risk while enticing private companies back into the mortgage business. And it must k...

Ex-Freddie Mac C.F.O. May Face Civil Charges

Posted on Thursday, February 17, 2011

A former chief financial officer of Freddie Mac has been notified by securities regulators that they may soon file civil charges against him, stemming from his tenure at the mortgage finance company, according to a public filing. Anthony Piszel, known as Buddy, who was Freddie Mac’s chief financial...

New Premiums

Posted on Thursday, February 17, 2011

"As part of ongoing efforts to strengthen the FHA capital reserves," and to help > push private money back into mortgages, the FHA came out with a new premium structure > for FHA-insured mortgage loans increasing its annual mortgage insurance premium > (MIP) by a quarter of a percentage point (....

Administration Lays Out Plan for Winding Down Fannie and Freddie

Posted on Wednesday, February 16, 2011

The Treasury Department released the Obama administration’s plan Friday for reforming the nation’s housing finance system and winding down Fannie Mae and Freddie Mac. Officials say the reform measures will shrink the government’s footprint in the mortgage market, fix “fundamental flaws” in the sys...

Housing Finance ... Seven Years Down the Road

Posted on Wednesday, February 16, 2011

On top of the more imminent reform measures laid out Friday to shore up the nation’s housing finance system and begin the process of winding down Fannie Mae and Freddie Mac, the Obama administration’s proposal outlines three options for long-term reform and structuring the government’s future role i...

George Washington University Study Says FHA Carrying Too Much Risk

Posted on Wednesday, February 16, 2011

A study by George Washington University suggests the Federal Housing Administration (FHA) is carrying too much risk in insuring such a large percentage of large loans. The study says in 2007 the FHA share of the home purchase market was at 6 percent. In 2009 that number came in at more than 56 perc...

Restructuring the U.S. Residential Mortgage Market

Posted on Wednesday, February 16, 2011

There is wide bipartisan agreement that government housing policies, past and present, need to be re-evaluated given their role in the financial crisis. While the reform of Fannie Mae and Freddie Mac was not included in financial reform legislation last year, the Obama administration and congression...

Toward A Three-Tiered Market For U.S. Home Mortgages

Posted on Wednesday, February 16, 2011

EXECUTIVE SUMMARY 1. Home ownership has both positive and negative externalities, so we need to be careful in designing governmental subsidies for home ownership. Unfortunately, most of the current US subsidies for home ownership are not very effective, and some of these subsidies increase the d...

Fannie, Freddie Could Cost $169 Billion to 2012

Posted on Wednesday, February 16, 2011

Taxpayer aid to Fannie Mae and Freddie Mac will reach $224 billion by the end of 2012, of which $55 billion will be returned in dividends to the U.S. Treasury, according to President Barack Obama’s 2012 budget. By 2013, the government-owned mortgage companies will be profitable enough to “pay pa...

TACKLING FANNIE AND FREDDIE REFORM

Posted on Monday, February 14, 2011

Congressman Garrett discusses his goals for privatizing the mortgage market on CNBC's "The Kudlow Report." Housing finance reform continues to be a top priority of mine this Congress. To date, the government’s intervention to rescue Fannie Mae and Freddie Mac has cost the American taxpayers $150...

Garrett Discusses Ways to Prevent Taxpayer Exposure to Fannie Mae and Freddie Mac

Posted on Monday, February 14, 2011

In a speech at the American Securitization Forum’s (ASF) conference in Orlando, FL, Congressman Scott Garrett (R-NJ), Chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, delivered the following remarks on ways to prevent taxpayer exposure ...

GARRETT CALLS TO ORDER FIRST HEARING TO EXAMINE GSE REFORM -

Posted on Monday, February 14, 2011

Rep. Scott Garrett (R-NJ), Chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, delivered the following opening statement today at a hearing to examine GSE reform and the steps that can be taken to end the bailout and protect taxpayers: ...

Counsel for Foreclosures

Posted on Monday, February 14, 2011

To the Editor: Re “For the Foreclosed, Themselves” (Business Day): A Brennan Center report found that homeowners around the country face foreclosure overwhelmingly without counsel. In Stark County, Ohio, for example, data suggest that 86 percent of foreclosure defendants did so in 2008. Thes...

Obama Calls For End Of Fannie Mae, Freddie Mac

Posted on Monday, February 14, 2011

NEW YORK -- The Obama administration outlined three options Friday to change the way home loans are financed, calling for the slow death of mortgage giants Fannie Mae and Freddie Mac and jumpstarting the debate over the future role of government in helping borrowers secure mortgages. If implement...

Fannie, Freddie Reform Will 'Turn Us Into A Nation Of Renters,' Group Says

Posted on Monday, February 14, 2011

Republicans and Democrats both agree that the government's mortgage giants Fannie Mae and Freddie Mac can't continue in their current form, but various influential interest groups are decidedly not on board with proposals to dismantle the companies. Fannie and Freddie were taken over by the gover...

Obama Administration Plan Provides Path Forward for Reforming America’s Housing Finance Market, Wind

Posted on Monday, February 14, 2011

Reforms Will Shrink the Government’s Footprint in Housing Finance on a Responsible Timeline, Help Protect Taxpayers Plan Includes Critical Measures to Help Fix the Fundamental Flaws in the Mortgage Market, Better Target Government’s Support for Affordable Housing WASHINGTON – Today, the ...

GSE REFORM

Posted on Monday, February 14, 2011

Administration Unveils Plan to Restructure GSEs, Federal Role in Housing Finance; Debate Now Moves to Congress As required under last year’s “Dodd-Frank” financial reform law, the Obama Administration today unveiled its long-awaited framework for winding down the government-sponsored enterprises...

Obama Admin. Sued to Obtain Fannie Mae, Freddie Mac Records | The Moral Liberal

Posted on Monday, February 14, 2011

Judicial Watch, the public interest group that investigates and prosecutes government corruption, announced today that it has filed an appeal with the U.S. Court of Appeals for the District of Columbia Circuit in its lawsuit against the Obama Federal Housing Finance Agency (FHFA) seeking records rel...

Hearing On GSE Reform Sets Stage For More Political Posturing

Posted on Monday, February 14, 2011

WASHINGTON (MNI) - In a preview of the kind of political back-and-forth that can be expected as the reform of the highly politicized Fannie Mae and Freddie Mac begins, former House Financial Services Committee Chairman, now ranking member, Barney Frank took aim the house majority during a hearing We...

Mark Zandi's 'New GSEs' Would Look a Lot Like the Old GSEs

Posted on Monday, February 14, 2011

To reform the GSEs, Mark Zandi says the government should create A hybrid system that is part private and part public. To replace Fannie and Freddie, Mr. Zandi recommends creating between five and 10 privately owned, but government-chartered "mortgage bond insurance companies" that buy eligible loa...

Two things that likely will be missing from the Treasury's GSE report

Posted on Monday, February 14, 2011

As the American Securitization Forum comes to a close, the private-label side of the secondary market reached a clear consensus that mortgage servicing is, in fact, really important. The other consensus is that mortgages are going to cost more. More for borrowers, more for originators, more for ser...

Administration Expected to Propose Controlled End to Fannie, Freddie

Posted on Monday, February 14, 2011

The industry is abuzz with news that the federal government could unveil its proposal for overhauling Fannie Mae and Freddie Mac as early as Friday. The Wall Street Journal’s Nick Timiraos, citing “people familiar with the matter,” says the Obama administration will recommend phasing out the natio...

Zandi: Here’s How To Revamp Fannie, Freddie

Posted on Monday, February 14, 2011

Mark Zandi, the chief economist at Moody’s Analytics, is out with a paper that tries to quantify the impact of various overhaul proposals for mortgage giants Fannie Mae and Freddie Mac on the housing market. In it, he outlines his own plan, which calls for five to 10 privately owned but federally c...

Moody's Zandi: Replace Fannie, Freddie With Public-Private Hybrid

Posted on Monday, February 14, 2011

Mortgage rates could be one percentage point higher and house prices 10% lower if the U.S. mortgage market were fully privatized, according to a paper to be released Tuesday by Mark Zandi, chief economist at Moody's Analytics. The calculations help build Mr. Zandi's case for replacing Fannie Mae a...

Servicing Notice: Termination of Relationship with the Ben-Ezra & Katz Law Firm

Posted on Monday, February 14, 2011

Fannie Mae has issued the following Notice (the entire text of the Notice is included in this e-mail): This Notice affects existing and future mediation, foreclosure, bankruptcy, and litigation referrals of mortgage loans in the State of Florida. Fannie Mae has terminated its relationship with Ben-...

A Blueprint for Mortgage Finance Reform

Posted on Monday, February 14, 2011

Special Report: The Future of the Mortgage Finance System • The federal government has effectively become the nation's mortgage lender—a role no one thinks is sustainable or desirable. • Options for reforming the mortgage finance system include full nationalization and full privatization. • A hy...

Fannie, Freddie Reform Will 'Turn Us Into A Nation Of Renters,' Group Says

Posted on Monday, February 14, 2011

Republicans and Democrats both agree that the government's mortgage giants Fannie Mae and Freddie Mac can't continue in their current form, but various influential interest groups are decidedly not on board with proposals to dismantle the companies. Fannie and Freddie were taken over by the governm...

Arithmetic and the Fannie/Freddie Fix

Posted on Monday, February 14, 2011

Arithmetic is a skill that is in short supply among economists in policymaking positions. The Obama administration is about to come out with its plans for replacing Fannie and Freddie. The word in the media is that the administration will propose a range of options, with one option maintaining a Fan...

Arithmetic and the Fannie/Freddie Fix

Posted on Monday, February 14, 2011

Arithmetic is a skill that is in short supply among economists in policymaking positions. The Obama administration is about to come out with its plans for replacing Fannie and Freddie. The word in the media is that the administration will propose a range of options, with one option maintaining a Fan...

Arithmetic and the Fannie/Freddie Fix

Posted on Monday, February 14, 2011

Arithmetic is a skill that is in short supply among economists in policymaking positions. The Obama administration is about to come out with its plans for replacing Fannie and Freddie. The word in the media is that the administration will propose a range of options, with one option maintaining a Fan...

Freddie Mac

Posted on Monday, February 14, 2011

Freddie Mac: Tone Deaf at the Top Freddie Mac made a terse announcement Wednesday in a securities filing about the resignation of its chief operating officer, Bruce Witherell. Freddie said that Witherell resigned "for personal reasons." His departure was effective immediately and he received no te...

White House Plans to Revamp Mortgage Market

Posted on Monday, February 14, 2011

More than two years after the government seized Fannie Mae and Freddie Mac, the Obama administration will recommend phasing out the housing-finance giants and gradually reducing the government's footprint in the mortgage market, according to people familiar with the matter. The administration is ex...

Mortgage finance overhaul begins to take shape

Posted on Monday, February 14, 2011

The Obama administration is pushing ahead with a vast rewrite of the rules of the nation's mortgage market separately from the delicate task of devising options to abolish mortgage finance giants Fannie Mae and Freddie Mac. In a long-awaited report Friday on the future of home loans, the administr...

Administration Proposal to Recommend Eliminating Fannie and Freddie, Curbing Government Role in Hous

Posted on Monday, February 14, 2011

More than two years after the government seized Fannie Mae and Freddie Mac, the Obama administration will recommend phasing out the housing-finance giants and gradually reducing the government's footprint in the mortgage market, according to people familiar with the matter. The administration is ex...

Plans Near for Freddie and Fannie

Posted on Monday, February 14, 2011

WASHINGTON — The Obama administration and House Republicans are settling into a game of chicken over Fannie Mae and Freddie Mac, with each side daring the other to advance a plan for replacing the two housing finance companies. The White House missed a deadline at the end of January for telling ...

Fannie, Freddie Could Be Phased Out Under Treasury Housing Plan

Posted on Monday, February 14, 2011

U.S. Treasury Secretary Timothy F. Geithner will present Congress with three options for reducing the government’s role in the nation’s decades-old housing finance system and shrinking the footprint of mortgage companies Fannie Mae and Freddie Mac, according to two people familiar with the plan. G...

U.S. should step back from mortgage business, industry leaders say

Posted on Tuesday, February 08, 2011

ORLANDO - A group of Wall Street professionals meeting here Monday posed a central question facing the Obama administration: How do taxpayers get off the hook for supporting new home loans without doing damage to the struggling housing market? It is a multi-trillion-dollar question. And it's gaini...

Moody's Zandi: Replace Fannie, Freddie With Public-Private Hybrid

Posted on Tuesday, February 08, 2011

Mortgage rates could be one percentage point higher and house prices 10% lower if the U.S. mortgage market were fully privatized, according to a paper to be released Tuesday by Mark Zandi, chief economist at Moody's Analytics. The calculations help build Mr. Zandi's case for replacing Fannie M...

In overhauling Fannie Mae and Freddie Mac, it's better to be late than sorry

Posted on Monday, February 07, 2011

To hear congressional Republicans tell it, the Obama administration is much like the harried white rabbit that mutters, "Oh dear! Oh dear! I shall be too late!" in Lewis Carroll's "Alice's Adventures in Wonderland." It is true that the administration will be late in delivering its plan for overhau...

Five Beloved Myths of the Mortgage Market

Posted on Monday, February 07, 2011

America’s mortgage market almost sank the world economy. But rather than rushing to fix it, the government has blown two deadlines for proposals. The ideas are finally due as early as this week from the Treasury, and those recommendations will frame the debate. But the danger is they will be based...

Averting another mortgage crisis

Posted on Monday, February 07, 2011

THE DODD-FRANK financial overhaul law required the Obama administration to produce a plan by no later than Jan. 31 for reforming the nation's mortgage finance system, which is dominated by the crippled government-sponsored enterprises (GSEs) known as Fannie Mae and Freddie Mac. Fannie and Freddie, c...

FHA Extends 'Anti-Flipping Waiver' to Speed Sales of REO Homes

Posted on Friday, February 04, 2011

The Federal Housing Administration (FHA) announced Friday that it is extending the suspension of its ‘anti-flipping rule’ through the remainder of 2011. FHA Commissioner David Stevens says the temporary waiver will accelerate the resale of foreclosed homes in neighborhoods that are overrun with ab...

Fannie & Freddie suggestions;

Posted on Friday, February 04, 2011

> Regarding Freddie & Fannie's mounting REO glut: "The critical issue here is that > the MBS Servicers interests are, at times, not fully aligned with either the homeowner > or government policy. This is because the servicers, who are mainly banks, do not > have the credit risk associated with th...

HUD Terminates FHA Approval of 15 Lenders

Posted on Friday, February 04, 2011

UPDATED: changes have been made to reflect specific Homeownership Center terminations. HUD announced this week that it has terminated the Origination Approval Agreements of 15 mortgage lenders’ Homeownership Centers (HOC) due to poor performance and high default rates. The termination of the Ori...

For Housing, a Quick Fix 0r Less Risk

Posted on Friday, February 04, 2011

What can be done with Frannie? We love her and we need her. But we have to get along without her, or at least learn to live without relying on her so much. Frannie is an amalgam of Fannie Mae and Freddie Mac, the two government-sponsored enterprises that became government-run operations after th...

THE MORTGAGE INDUSTRY - Mortgage Giants Leave Legal Bills to the Taxpayers

Posted on Thursday, January 27, 2011

Since the government took over Fannie Mae and Freddie Mac, taxpayers have spent more than $160 million defending the mortgage finance companies and their former top executives in civil lawsuits accusing them of fraud. The cost was a closely guarded secret until last week, when the companies and th...

GSEs AND FHA - Future of GSEs Uncertain, Many Lobbying for Their End

Posted on Thursday, January 27, 2011

For decades the GSEs have made it possible for many people to achieve their homeownership goals by reducing the cost of credit and making it more readily available. In light of the recent financial meltdowns across a wide breadth of sectors, banks and other corporations are calling for reform that...

ATTEMPTS AT RELIEF AND REFORM - Fannie Mae OKs Foreclosure Delays for Hardest Hit Fund Assistance

Posted on Thursday, January 27, 2011

Fannie Mae has issued a notice to its servicers, instructing them to postpone foreclosure proceedings for unemployed homeowners who are receiving financial help through Hardest-Hit Fund programs run by state housing finance agencies. According to the GSE’s newly released directive, if a housing ...

Future of GSEs Uncertain, Many Lobbying for Their End

Posted on Tuesday, January 25, 2011

For decades the GSEs have made it possible for many people to achieve their homeownership goals by reducing the cost of credit and making it more readily available. In light of the recent financial meltdowns across a wide breadth of sectors, banks and other corporations are calling for reform that...

Fannie, Freddie may rule mortgages to 2012 as treasury plan due

Posted on Tuesday, January 04, 2011

Treasury Secretary Timothy F. Geithner will report to Congress this month on how to rebuild the U.S. mortgage finance system amid a growing consensus that Fannie Mae and Freddie Mac won’t be dismantled anytime soon. Though Republicans have won a stronger hand in Congress, their push to end Fann...

Ally to Pay Fannie Mae $462 Million

Posted on Tuesday, January 04, 2011

Ally Financial said Monday that it would pay $462 million to settle buyback claims on $292 billion in home loans it sold to Fannie Mae before the industry tightened underwriting standards in the wake of the financial crisis. GMAC Mortgage, which is part of Ally’s Residential Capital unit, orig...

GSE Future?

Posted on Monday, December 27, 2010

Obama administration officials are struggling to reach consensus on a future path for mortgage giants Fannie Mae and Freddie Mac, unable to agree on whether the government should provide a guarantee for new mortgages when the market stabilizes, according to people familiar with the discussions. The...

Congressman Seeks Disclosure From FHFA Regarding Write-Downs

Posted on Monday, December 20, 2010

Congressman Randy Neugebauer (R-Texas), House Financial Services Oversight subcommittee chairman, released a letter this week expressing concern about reports that the Obama administration is pressuring Fannie Mae and Freddie Mac to write down principal mortgages for borrowers. Earlier this month,...

FHFA Nominee Vows Commitment to Housing Finance System

Posted on Friday, December 17, 2010

Last Thursday the Senate held a hearing regarding the nomination of Joseph A. Smith, Jr., to the position of director of the Federal Housing Finance Agency. Smith gave testimony at the hearing, pledging his commitment to public service and strengthening the nation’s housing finance system. Smi...

The Nerve to Say No

Posted on Monday, December 13, 2010

DECIDING what to do with Fannie Mae and Freddie Mac, the taxpayer-owned mortgage giants that helped set the financial crisis in motion, will be a huge job for Congress next year. The man in the middle of that melee is likely to be Joseph A. Smith Jr., the commissioner of banks for North Carolina s...

Pressure Mounts for Fannie and Freddie to Write Down Mortgages

Posted on Friday, December 10, 2010

With property values still tumbling, it comes as no surprise that nearly a quarter of the nation’s mortgage borrowers owe more on their loan than the 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...

MBA Releases Letter to FHA Criticizing Indemnification Proposal

Posted on Friday, December 10, 2010

The Washington, D.C.-based Mortgage Bankers Association (MBA) sent a letter to the Federal Housing Administration (FHA) on Tuesday, expressing criticism of a proposal that would increase indemnification requirements on lender-issued loans. The proposed regulation would allow FHA to require lend...

GSE considers reduced principal

Posted on Wednesday, December 08, 2010

NEW YORK: Fannie Mae and Freddie Mac are in discussions with U.S. government officials to join government programs aimed at reducing mortgage balances where borrowers owe more than the values of their homes, the Wall Street Journal reported on Tuesday citing people familiar with the situation. Th...

Mortgage Regulator Defends Two-Track Process

Posted on Tuesday, December 07, 2010

A Fannie Mae and Freddie Mac top regulator Tuesday defended banks’ simultaneous efforts to rework loans and pursue foreclosures. "At times, simultaneous actions are necessary because of the long time frames of the foreclosure process and because borrowers are not always responsive to foreclosure ...

Freddie Mac Suspends Evictions From December 20 to January 3, 2011

Posted on Friday, December 03, 2010

McLean, VA – Freddie Mac (OTC: FMCC) today announced it has ordered all evictions involving foreclosed occupied single family and 2-4 unit properties that had Freddie Mac mortgages to be suspended from December 20, 2010 to January 3, 2011. "If the property is occupied, our foreclosure attorneys wi...

Fannie Mae, Freddie Mac tell Senate they're not to blame for foreclosure crisis

Posted on Thursday, December 02, 2010

One of the country's top banking regulators testified Wednesday that Fannie Mae and Freddie Mac were partly responsible for the national breakdown in foreclosure practices because they created an unwieldy bureaucracy of loan servicers and lawyers, resulting in flawed practices and shoddy legal docum...

Condo Rules

Posted on Wednesday, December 01, 2010

GSE and FHA Condo Rules (As of 11/2/2010) Issue Fannie Mae Freddie Mac FHA Owner-Occupancy Requirements for Established Projects. FNMA No limit if the buyer will occupy the unit (as principal or secondary residence). If the buyer is an investor, the owner-occupancy requirement is 5...

The Fannie Mae Accounting Scam Promoted by the Chairman of the S.E.C.: A Case Study

Posted on Wednesday, December 01, 2010

There are myriad accounting tricks to deceive the public, but Christopher Cox chose one of the simplest. The Chairman of the S.E.C. moved billions of dollars from one side of the ledger to the other side, but didn't mention how he had shifted the numbers. He then filed a lawsuit charging Fannie ...

The Fannie Mae Accounting Scam Promoted by the Chairman of the S.E.C.: A Case Study

Posted on Monday, November 22, 2010

There are myriad accounting tricks to deceive the public, but Christopher Cox chose one of the simplest. The Chairman of the S.E.C. moved billions of dollars from one side of the ledger to the other side, but didn't mention how he had shifted the numbers. He then filed a lawsuit charging Fannie Mae ...

FHA's Year-End Report Shows Cash Reserves Remain Below Legal Limit

Posted on Friday, November 19, 2010

The Federal Housing Administration (FHA) says it has sustained significant losses from home loans insured prior to 2009 and as a result, its capital reserve ratio remains below the threshold mandated by law. FHA released its annual report to Congress on Monday for fiscal year 2010, which for the ag...

Fannie Mae Launches REO Pilot Program

Posted on Friday, November 19, 2010

Fannie Mae is testing the waters for a new program that allows real estate agents to submit offers for the company’s REO properties on behalf of their clients and track the status of the offers online. The program is called HomePath Online Offers and is being piloted in Orlando, Florida; San Diego...

Cost of the Fannie, Freddie Bailout

Posted on Friday, November 05, 2010

The government estimated last week that the bailout of Fannie Mae and Freddie Mac is likely to cost U.S. taxpayers $154 billion. This is more than originally estimated, but less than what the government called a worse-case scenario. Fannie and Freddie have already withdrawn $135 billion. They...

Freddie Mac Posts HUGE Loss In 3Q, Wants $100 Million In Aid

Posted on Thursday, November 04, 2010

WASHINGTON — Government-controlled mortgage buyer Freddie Mac managed a narrower loss of $4.1 billion for the third quarter and asked for an additional $100 million in federal aid – far less than the $1.8 billion it sought in the second quarter. But while the slimmer loss, and recent glimmerings ...

Fannie and Freddie Face Uncertain Future

Posted on Thursday, November 04, 2010

House Republicans have made punching bags of Fannie Mae and Freddie Mac, criticizing the federal bailout of the mortgage giants and promising to end the government’s longstanding use of the companies to reduce the cost of mortgage loans. But the Republican takeover of the House could make that goa...

GSEs Instruct Servicers to Help Unemployed Through State Programs

Posted on Tuesday, November 02, 2010

Fannie Mae and Freddie Mac have both issued notices to servicers that they must work closely with state housing finance agencies to provide mortgage assistance to homeowners who’ve lost their jobs. The Treasury Department has awarded $7.6 billion for housing agencies in certain states to develop...

NAR

Posted on Tuesday, November 02, 2010

On September 7, 2008, Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac (the government sponsored enterprises, or GSEs) into conservatorship. FHFA explained it took this action “to help restore confidence in Fannie Mae and Freddie Mac, enhance their capacity to fulfill their [h...

Fannie and Freddie May Need Infusion

Posted on Friday, October 22, 2010

BINYAMIN APPELBAUM WASHINGTON — The federal bailout of Fannie Mae and Freddie Mac may be winding down with relatively little additional cost to taxpayers so long as the economy continues to recover. But if the economy tips back into recession, the bailout could nearly double in size, according to n...

Questions Rising Over Fannie’s and Freddie’s Oversight of Foreclosures

Posted on Thursday, October 21, 2010

Employees of Fannie Mae and Freddie Mac descended on the law offices of David J. Stern seven or eight times during 2008 to scrutinize the Florida firm’s processing of foreclosures. They made one major demand, according to a former employee. “Pick up the speed.” Fannie and Freddie, the wards of W...

FDIC’s Bair Discusses GSE Reform, Safe Harbor Rule

Posted on Monday, October 18, 2010

Securitization (of residential mortgages) and proposed reforms of government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac were also discussed at ULI this week by Federal Deposit Insurance Corporation (FDIC) Chairman Sheila Bair, who said the end goal of all the confusion and uphea...

Refinance Proposal to Help 30 Million?

Posted on Tuesday, October 05, 2010

Legislation to stabilize the foreclosure crisis through the federal government’s conservatorship of Fannie Mae and Freddie Mac was introduced in the U.S. House of Representatives Tuesday by Congressman Dennis Cardoza (D-California). The Housing Opportunity and Mortgage Equity (HOME) Act would...

More Incentives

Posted on Friday, September 24, 2010

Fannie Mae is offering buyers up to 3.5% in closing cost assistance and a $1,500 selling agent bonus on HomePath® properties. To be eligible for this incentive: • Initial offers must be accepted on or after September 23, 2010; • Property sales must close on or before December 31, 2010, and close ...

Will Fannie and Freddie Survive Reform?

Posted on Monday, September 20, 2010

Fannie and Freddie May Not Survive Overhaul A top Treasury official will announce Wednesday that mortgage giants Fannie Mae and Freddie Mac won’t survive a revamp of the U.S. housing finance system in their current form. "Private gains will no longer be subsidized by public losses, capital and ...

to be or not to be?

Posted on Wednesday, September 15, 2010

The debate over what’s next for the government-backed mortgage giants Fannie Mae and Freddie Mac has begun. Last month, the Treasury invited a wide range of industry stakeholders to a summit in Washington to provide some guidance on the administration’s proposal for GSE reform. The general con...

Going After Strategic Defaulters

Posted on Tuesday, September 07, 2010

The GSEs should absolutely pursue strategic defaulters for deficiency judgements. We're going after lenders, servicers, brokers, anyone who broke their agreement or, worse yet, the law. Thats exactly what strategic defaulters do. The GSEs has every right, and in fact an obligation to tax payers, ...

Cracking Down on Servicer Delays

Posted on Tuesday, September 07, 2010

The nation’s largest mortgage company is about to start cracking down on servicers for letting delinquent loans languish too long without action. Fannie Mae issued a notice this week alerting servicers that it is monitoring all delinquent loans in its portfolio and mortgage-backed securities (MBS) ...

Politics and the GSEs

Posted on Friday, August 20, 2010

The GSE's made and estimated $18.1 million in political contributions durng the last 11 national elections. ...

Recent Conference

Posted on Friday, August 20, 2010

By Robert Freedman, senior editor, REALTOR® Magazine As I write this, U.S. Treasury Secretary Timothy Geithner is in Washington at the Treasury building discussing with a group of academics and business leaders what the home mortgage finance system should look like after the federal government de...

Recent Confernece on Reform...right from the horses mouth

Posted on Friday, August 20, 2010

On August 17, Treasury and HUD hosted the Obama Administration's Conference on the Future of Housing Finance at Treasury. Secretary Geithner was joined by HUD Secretary Shaun Donovan and senior White House, HUD, and Treasury officials, as well as a wide cross-section of stakeholders, including citiz...

Geithner's Remarks

Posted on Friday, August 20, 2010

August 17, 2010 TG-830 Secretary of Treasury Tim Geithner Opening Remarks at theConference on the Future of Housing Finance - As Prepared for Delivery Good morning. Let me start with some acknowledgments. My thanks and compliments to Shaun Donovan and his team at the Department of H...

Donovans remarks

Posted on Friday, August 20, 2010

Remarks of Secretary Shaun Donovan Housing Finance Conference Cash Room, Treasury Department Tuesday, August 17, 2010 Thank you, Tim - for your kind words, for your partnership and for your leadership during this very critical time for our economy. It's a pleasure to be with all of you today ...

Thoughts on Fixing FNMA and Freddie

Posted on Thursday, August 19, 2010

Before we can decide what to do with FNMA and FREDDIE we need to decide what government’s role in 21st century housing should be. What exactly do we think American’s are entitled to when it comes to housing? Is there an obligation on the part of our society to provide every American with a dec...

FNMA Accused of Botching Up HAMP

Posted on Wednesday, August 11, 2010

Sen Bacchus has sent a letter to Rep. Barney Frank, urging the House Financial Services Committee to look into whether Fannie Mae executives improperly implemented HAMP in order to benefit from incentive payments offered by the Treasury Department for mortgage modifications....

New Helpful Website from FNMA - In their own words

Posted on Tuesday, August 10, 2010

Fannie Mae has launched KnowYourOptions.com™, a new consumer education Web site that outlines the choices available to homeowners who are struggling with their mortgage payments, and provides guidance on how they can contact and work with their mortgage company to find solutions. The online resourc...

Winding Down FNMA Programs?

Posted on Tuesday, August 10, 2010

FNMA says it is retiring one of its foreclosure prevention options. The GSE’s HomeSaver Advance (HSA) program will be taken off the table on September 30. Fannie explained that HSA volume has shrunk significantly as other foreclosure prevention workouts, particularly modifications, have increase...

FNMA and Freddie Delist

Posted on Wednesday, June 23, 2010

FHFA ordered the delisting as neither has not maintained the $1 minimum per share required by the NYSE for most months since put in conservatorship in Sept 2008. Values of both dropped nearly 40% after this news. ...

Fannie Extends Buyer Incentive

Posted on Tuesday, May 18, 2010

Fannie Mae has extended its 3.5 percent incentive for buyers who close on Fannie-Mae-owned homes listed on www.HomePath.com by June 30, 2010. The incentive of up to 3.5 percent of the sales price may be used for (1) closing costs, (2) the purchase of a new Whirlpool® appliance, or (3) a combination....

Fannie Tightens Underwriting

Posted on Tuesday, May 18, 2010

On April 30, 2010, Fannie Mae released Announcement SEL-2010-06 to tighten underwriting for certain types of mortgages. To further limit payment shock for a borrower with an adjustable rate mortgage (ARM) that adjusts during the first five years of the loan, borrowers must be qualified at the higher...

FNMA Guidelines for borrowers buying again...right from the horses mouth

Posted on Tuesday, May 18, 2010

Announcement SEL-2010-05 April 14, 2010 Underwriting Borrowers with a Prior Preforeclosure Sale or Deed-in-Lieu of Foreclosure To support overall market stability and reinforce the importance of borrowers working with their servicers when they have difficulty repaying their debt, Fannie Mae is upd...

Losses

Posted on Monday, April 12, 2010

Estimates now are around $370 billion in losses through 2020. ...

CAN THE GSEs BE FIXED

Posted on Friday, April 09, 2010

Of course they can! The problems have been known for years. Way back in the 1980s – before many of us could even vote - HUD studied the notion of privatizing the FNMA and Freddie. In 1986 a Freddie Advisor Committee concluded in order to privatize the GSE they would also need to do the same wit...

What's the Administartion Going to Do With the GSEs?

Posted on Thursday, March 25, 2010

After reform, will the GSEs will exist in the same form as they did in the past? Will private gains be subsidized by public losses? Capital and underwriting standards be appropriate? Consumer protection be strengthened? Excessive risk-taking will be restrained? The two probably won't be aboli...

Some Bullet Point Thoughts on Reform...

Posted on Thursday, March 25, 2010

Geithner Government Intent clear from conservatorship v. receivership and Christmas Eve “blank check.” No change until mod to late 2011. Want to put distance between new model and crisis Not included in budget U.S. House Committee on Financial Services; sub-committee Capital Markets, Insurance a...

Reform

Posted on Monday, March 22, 2010

House Financial Service Committee Republican goals; GOALS AND PRINCIPLES FOR GSE REFORM March 19, 2010 Goals ? Reestablish a housing finance market that has long-term stability in which private capital is the primary source of mortgage financing. ? Restore stability and liquidity to the seco...

Center Opening in Miami...a Great Idea to Bring the Help to the People!

Posted on Tuesday, February 23, 2010

Fannie Mae announced Monday the opening of a mortgage help center in Miami to help distressed borrowers in South Florida with loans owned by the GSE. This is a GREAT idea. Up until now, very few people knew when FNMA was coming to town for one of their borrower Q&A’s. We need an office on the Wes...

FNMA and Freddie Buy Backs

Posted on Thursday, February 11, 2010

On January 1, 2010, the GSE adopted new industry-wide accounting standards – FAS 166 and FAS 167 – which require lenders to account for certain securitized assets on their own books, rather than passing all the risk off to securities investors as has been the case in the past. It’s a move that regul...

New Proposal for Transparancy at GSEs

Posted on Wednesday, February 10, 2010

Judt Biggert, the ranking GOP member of the House Financial Services Subcommittee on Oversight and Investigations, introduced a bill to improve transparency and accountability within the GSEs. “These institutions have over eight trillion dollars in outstanding securities – about half the nation’s...

FNMA Supports Multi Family

Posted on Tuesday, February 02, 2010

News Release February 01, 2010 Fannie Mae and its DUS® Lenders Invest $19.8 Billion in 2009 to Fortify the Multifamily Rental Housing Market Fannie Mae remains a constant source of liquidity and stability WASHINGTON, DC - Fannie Mae (FNM/NYSE) today announced that the company, ...

FNMA Offer to Buyers...

Posted on Monday, February 01, 2010

Fannie Mae is offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on HomePath.com that are closed within this period may receive up to 3.5% of the final sales price for: · Cl...

Longer Leash for Fannie and Freddie...Announced Christmas Eve

Posted on Thursday, December 31, 2009

My best guess is there were not one but several reasons behind the recent move to write Fannie and Freddie a blank check. One reason was clearly to send a message to MBS investors that they can hold onto what they own without worry and keep on buying. This will obviously keep relatively cheap mo...

U.S. Taxpayers Slated to Be Single Largest Home Owner…Again: FHA Still Recklessly Gambling With Tax

Posted on Tuesday, August 11, 2009

FNMA and Freddie learned from their mistakes. The mammoth GSEs cut back suicidal no doc loans and similar train wreck products. But incredibly FHA continues practices that led so many to crash and burn. The only thing standing between naïve first time homebuyers, and pre-ordained foreclosur...

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