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Dennis Norman Fannie Mae, after losing $59.8 Billion in 2008 and then $74.4 Billion in 2009, reported yesterday that things are looking up and they lost only $1.2 Billion in the 2nd quarter of this year. This “good” news comes on the heels of documents being released two weeks ago showing that Countrywide made, [...] Fannie Mae Rolls out New Loan Quality Initiative (LQI) Program – Tightens underwriting requirements and aims to reduce borrower fraud. These rules could derail some closings for buyers who rack up purchases or even take out new store credit cards before their home sales have closed. [...]
Dennis Norman Last month I wrote about a new policy implemented by Fannie Mae that would “lock-out” borrowers from getting a Fannie-Mae insured loan for 7 years if they did a “strategic default” or otherwise did not act in good faith and were foreclosed upon. In a nut shell, the borrower that Fannie Mae is [...]
Dennis Norman So, you have the money to pay on your ‘underwater’ mortgage, or to afford the reduced payment amount offered to you under the HAMP program, but think, rather than throw good money after bad you’ll just do like so many borrowers are doing and ‘walk-away‘? Well, if you have any plans to [...]
Dennis Norman Last week both Fannie Mae and Freddie Mac announced relief for homeowners with a mortgage insured by either agency (which accounts for over 90 percent of the home loans in the U.S.) that either have drywall problems (the Chinese drywall issue) or are in the Gulf coast area and are affected by the [...]
Dennis Norman UPDATE June 21, 2010- I said I would update this post after the proposed rules were published on the Federal Register with info on how to submit a comment -If you would like to comment, see the comment instructions in the Federal Register (I highlighted them) by clicking here -end of update. Are they [...] UPDATE- June 2, 2010: The National Association of REALTORS obtained answers from the Treasury Department on 3 common questions about HAFA: agents are not permitted to rebate a portion of their commission to the buyer,
Dennis Norman In an effort to “support overall market stability and reinforce the importance of borrowers working with their lenders when they have difficulty paying their mortgages”, Fannie Mae has eased their policies with regard to the eligibility of borrowers to obtain a new mortgage loan after having a short-sale or deed-in-lieu of foreclosure. [...] Housing is stabilizing but excess inventory and shadow supply are hindering recovery according to the April 2010 Economic Outlook released today by Fannie Mae’s Economics & Mortgage Market Analysis Group.
Dennis Norman According to the Economics and Mortgage Market Analysis report just published by Fannie Mae, the weather was the culprit for the slow-down in home sales at the beginning of this year however, we did not get the boost they were anticipating from the extension of the tax credits. “Unfortunately, despite the high hopes [...]
Dennis Norman Fannie Mae is offering 3.5 percent in closing cost assistance or an equivalaent amount in appliances for people purchasing a Fannie Mae-owned HomePath® property. Fannie Mae is trying to entice buyers to buy one of their HomePath® homes by offering to pay up to 3.5 percent in closing cost assistance or an equal amount [...] Dennis Norman In a just a few days we will say goodbye to 2009; a year that has been brutal to the housing market. So as the new year comes in, what will 2010 hold in store for the housing market? To answer this question I turned to the housing forecast just released by Fannie Mae to see [...] Dennis Norman Freddie Mac, Fannie Mae and CitiMortgage give borrowers a break over the holidays… Within the past day Freddie Mac and Fannie Mae have both announced that they are suspending evictions from December 19, 2009 through January 3, 2010 on foreclosed homes, two families and four families, that they hold. CitiMortgage and CitiFinancial announced yesterday a [...] Dennis Norman Fannie Mae just announced their new “First Look” initiative which is aimed at supporting neighborhood stabilization and promoting home purchases by owner occupants by providing owner occupants an advantage in purchasing Fannie-Mae-owned foreclosed properties. Under the First Look program only offers from owner occupants and buyers using public funds are considered during the first 15 [...] New Site Aimed at Helping More Hispanics Buy Homes FannieMae announced the company launched a Spanish version of its HomePath.com website designed to help more potential homeowners who speak Spanish purchase Fannie Mae-owned properties. The new website in Spanish mirrors the English version of HomePath.com featuring an interactive search tool of Fannie Mae-owned properties nationwide, details [...] Dennis Norman If you are a homeowner facing losing your home in foreclosure but you do not qualify for or have not been able to sustain other loan-workout solutions, such as a modification, you may have another alternative: The Deed for Lease program announced yesterday by Fannie Mae for homeowners with loans insured by Fannie Mae. “The [...] Dennis Norman By: Dennis Norman Effective the 1st of this month The Federal Housing Finance Agency has authorized Fannie Mae and Freddie Mac to expand the Home Affordable Refiance Program (HARP) to homeowners who are current on their mortgage payments from the present maximum loan to value of 105% to 125%. The program is designed to allow [...] James B. Lockhart III, Director, Federal Housing Finance Agency By: Dennis Norman In an interview on CNBC’s Squawk Box James Lockhart, Director of the Federal Housing Finance Agency which is the regulator of Freddie Mac, Fannie Mae and the Federal Home Loan Banks had a few good things to say about the real estate market. When asked [...] Dennis Norman By: Dennis Norman Practically the entire real estate industry seems to be abuzz about the Home Valuation Code of Conduct (HVCC) that went into effect May 1st. I first wrote about it back in early April in a post on this blog. Since Fannie Mae and Freddie Mac implemented the new rule there have been [...] After May1st Fannie Mae and Freddie Mac will no longer accept loans that do not comply with The new Home Valuation Code of Conduct (HVCC). |
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