Since 2008, mortgage giants Fannie Mae and Freddie Mac have been under the conservatorship of the Federal Housing Finance Agency, which has previously balked at the notion of reducing the principal on borrowers’ loans in order to keep people from defaulting and losing their homes to foreclosure. And so today, the Attorneys General for nine states have written to President Obama and leaders in the U.S. Senate calling for removal of acting FHFA head Edward DeMarco. [More]
Since bailed-out mortgage servicers began dealing with the toxic loans made during the housing bubble, the focus has been on people who couldn’t pay their mortgages. Now Fannie Mae and Freddie Mac have an out for people who have continued to pay while their houses have lost value. [More]
Like someone who thought they were buying a nice little fixer-upper at a bargain only to find that every ounce of the property is covered in lead paint and asbestos, Bank of America’s 2008 purchase of Countrywide Financial continues to eat away at the company’s coffers. [More]
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]
While one major problem facing many homeowners is dealing with insurance claims in the aftermath of Superstorm/Hurricane Sandy, there’s another long-term issue causing trouble for people whose homes have been damaged by the natural disaster — simply paying the mortgage. Relief is in sight for some borrowers as government agencies and other major lenders begin implementing programs to offer breaks on mortgage payments, among other forms of assistance. [More]