(Nick Bastian Tempe, AZ)

Fannie Mae & Freddie Mac Kick Off The Holidays With Yearly Moratorium On Foreclosures

For three years in a row, we’ve been able to take note of a particularly heartwarming act by two of the country’s largest mortgage giants, Fannie Mae and Freddie Mac. Just as the two companies did in 2011 and 2010, they announced today that they’ll suspend all bank repossessions of homes starting Dec. 19 and Dec. 17, respectively, running through January 2, 2013. That simple act could help homeowners ensure they can stay home for the holidays. [More]

(frankieleon)

Exec Who Looked Other Way As Countrywide Sold Off Bad Mortgages Is Now Running Chase’s Foreclosure Review Dept.

The federal government recently filed a lawsuit over a Countrywide scheme dubbed “The Hustle” that removed impediments to a mortgage approval so the company could sell as many mortgages as possible to Fannie Mae and Freddie Mac. Now comes news that a Countrywide exec who ignored warnings about the Hustle is currently running Chase’s foreclosure review initiative. [More]

New Guidelines Aim To Make Short Sales Less Of A Pain In The Butt To Everyone

New Guidelines Aim To Make Short Sales Less Of A Pain In The Butt To Everyone

Short sales now account for nearly 1-in-11 home sales in the U.S., so there’s a decent chance that anyone who has been house-shopping recently has visited a for-sale property only to have the realtor say, “Now I have to warn you, it is a short sale.” At this point, many of you would go running for the hills rather than be stuck in bank-approval muck for months. But new guidelines issued by the Federal Housing Finance Agency are aimed at speeding up the process. [More]

Fannie Mae & Freddie Mac Announce Eviction-Free Holidays Once Again

Fannie Mae & Freddie Mac Announce Eviction-Free Holidays Once Again

It’s hard enough for some of us to enjoy the stressful holidays, and getting booted from your home during this season would be well, a really, really bad thing. Nice then, that Fannie Mae and Freddie Mac have again announced that certain home evictions will be suspended from Dec. 19 to Jan. 2. [More]

Fannie Mae Needs $7.8 Billion Because It Lost Its Fanny Betting On Derivatives

Fannie Mae Needs $7.8 Billion Because It Lost Its Fanny Betting On Derivatives

Like the irresponsible son who goes to his daddy asking for money to cover gambling losses so loan sharks don’t bust his kneecaps, Fannie Mae is begging taxpayers for $7.8 billion because it lost so much money last quarter on derivatives. The $5.1 billion loss in the third quarter dwarfs last year’s awful third quarter shortfall of $1.3 billion. [More]

Rules Changed To Make Refinancing Your Home Easier

Rules Changed To Make Refinancing Your Home Easier

With mortgage interest rates continuing to hover near record lows, the Federal Housing Finance Agency has announced big changes to the Home Affordable Refinance Program with the intention of making it easier for homeowners to save money by refinancing their loans at these rock-bottom rates. [More]

Report: Fannie Mae Knew About Widespread Foreclosure Abuse In 2003

Report: Fannie Mae Knew About Widespread Foreclosure Abuse In 2003

According to a government report, Fannie Mae knew in 2003 that law firms it hired to foreclose on homes were abusing their authority. That’s seven years before knowledge about the problems became widespread. The Federal Housing Finance Agency inspector general released a report that leveled the allegations, also blaming the agency he works for, which is tasked to oversee government-controlled Fannie Mae and Freddie Mac. [More]

Exxon Mobil Is The Most Profitable American Business By A Long Shot

Exxon Mobil Is The Most Profitable American Business By A Long Shot

This year’s Fortune 500 list is out, and while Walmart’s $421 billion in revenue may have beaten out Exxon Mobil’s paltry $354 billion, the oil giant beat out Big W where it matters most, profits. According to Fortune, the crude colossus made a whopping $30.4 billion in profits last year, nearly double what Walmart made and over $10.5 billion more than the next most profitable company on the list. [More]

What Risk Factors Will Make My Mortgage More Expensive?

What Risk Factors Will Make My Mortgage More Expensive?

When you’re in the market to buy a new home or investment property, it’s one thing to get a pre-qualification over the phone and a completely different thing when you later sit down and actually apply for a loan. So before you get too far into the process, you should know which factors could end up inflating the interest rate on your mortgage. [More]

Bank Of America Reaches $2.8 Billion Settlement With Fannie Mae & Freddie Mac Over Bad Mortgages

Bank Of America Reaches $2.8 Billion Settlement With Fannie Mae & Freddie Mac Over Bad Mortgages

The folks at Bank of America continue to feel the sting of all the bad mortgages they acquired when they adopted Countrywide in 2008. The bank has agreed to pay a total of over $2.8 billion to Fannie Mae and Freddie Mac to settle claims over questionable loans sold to the two government-sponsored enterprises. [More]

Freddie Mac & Fannie Mae To Take A Break From Evicting During The Holidays

Freddie Mac & Fannie Mae To Take A Break From Evicting During The Holidays

There are few things as depressing as having your house taken away from you on Christmas Eve, so the people at Freddie Mac and Fannie Mae are issuing a brief moratorium on evicting people from foreclosed properties during the holiday season. [More]

Fannie Mae Gives Wounded Soldiers A Break On Mortgages

Fannie Mae Gives Wounded Soldiers A Break On Mortgages

Fannie Mae yesterday announced that military families with a member who was injured or killed while on active duty can apply for a forbearance of up to six months if they’re having trouble making their mortgage payments. [More]

Fannie Mae Requests Additional $8.4 Billion In Federal Aid

Fannie Mae Requests Additional $8.4 Billion In Federal Aid

While bailed-out banks and car companies are making headway toward repaying their loans in full, it’s a completely different story for mortgage investment firm Fannie Mae. After posting a quarterly loss of $11.5 billion, Fannie Mae has announced it will need another $8.4 billion from its federal overseers government aid. [More]

How A Disputed Item On Your Credit Report Can Screw Up Your Home Loan

How A Disputed Item On Your Credit Report Can Screw Up Your Home Loan

Thanks to federal regulations, when you dispute an account on your credit report and the dispute is resolved in your favor, the credit reporting agency is required to remove or correct the account. Credit reporting agencies often don’t do this, though, and the Washington Post notes that it can come back and interfere with your next home loan application.

Is The Federal Housing Administration Going To Need A Bailout?

Is The Federal Housing Administration Going To Need A Bailout?

Earlier today a former Fannie Mae exec and the current head of the FHA gave conflicting testimonies to Congress about the health of the mortgage insurer—particularly about whether or not it’s going to require a taxpayer bailout in the next couple of years.

Fannie And Freddie To Pay $210 Million In Retention Bonuses

Fannie And Freddie To Pay $210 Million In Retention Bonuses

Fannie Mae and Freddie Mac are preparing to hand out $210 million in taxpayer-funded retention bonuses to 7,600 employees. No bonus will exceed $1.5 million, but more than half of all Freddie and Fannie employees will receive an average bonus exceeding $24,000.

Fannie And Freddie Can Foreclose Again

Fannie And Freddie Can Foreclose Again

Fannie Mae and Freddie Mac can foreclose on people’s houses again. There was much fanfare when they were banned from doing so back in December, but not a peep on March 31st when the moratorium ended. Funny, that. [The Washington Independent] (Photo: Colin Tobin)

Find Out If You Qualify For Mortgage Assistance

Find Out If You Qualify For Mortgage Assistance

The Obama Administration announced new details about its massive foreclosure relief program — and the Washington Post says that it includes a refinancing program for homeowners with little equity in their homes, but who otherwise would be able to refinance. The Post has a quick interactive tool that will help you to determine whether or not you qualify for the program.