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]
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]
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]
Yesterday, it was reported that bailed-out mortgage titan Freddie Mac had invested billions in mortgage-backed securities that would really only pay off if struggling homeowners were unable to refinance their high-interest mortgages; investments that appear to put Freddie in direct conflict with its goal of making it easier to own a home. Now the federal regulators in control of Freddie Mac say they have already put a halt to these trades. [More]
Even though the job of bailed-out mortgage backer Freddie Mac is supposed to be about making it easier to own a home, the traders at Freddie have reportedly been buying up investments that put the company at odds with homeowners who want to refinance their pricey mortgages. [More]
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]
It’s like that scene in Groundhog Day, where Chris Elliott’s character enters the Punxsutawney bachelor auction and is greeted by dead silence from the women in the crowd…. Once again, mortgage rates have dropped to record lows while potential home buyers continue to hold off on making a purchase. [More]
For those potential home-buyers with enough money for a down payment, it looks like you may want to start scanning the real estate listings. According to Freddie Mac, the average rate on 30-year fixed-rate mortgages has hit a four-month low. [More]
According to the consulting firm Reputation Institute, Amazon is the most reputable company in the United States and Freddie Mac is the least. [More]
The Securities and Exchange Commission may file a civil action against former Freddie Mac chief executive as it concludes an investigation of Freddie Mac and Fannie Mae’s disclosure practices. [More]
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]
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]
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]
Since he had to get rid of his house and move to take advantage of some new opportunities, Joe has been working for months to get Chase to accept a deed-in-lieu of foreclosure on his condo in Chicago. A deed-in-lieu is when you hand over your house to the bank rather than go through a normal foreclosure process that is lengthy and costly for both parties. He met the requirements and began his descent into hell, full of lost paperwork, unreturned calls, and missed deadlines, despite contacting the executive offices of Chase, Freddie Mac, and Chase Home lending. Finally he catches a break, only to have his hopes snatched away again at the last moment… [More]
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]
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.
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.
David Kellermann, a former Freddie Mac senior vice president who had been serving as the acting chief financial officer of the mortgage buying company since its takeover by the federal government last September, was found “hanging in the basement of his Reston home, dead from an apparent suicide” early this morning. Police were called to his home by someone inside the house at about 5 am today and found Kellermann’s body.