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]
States Say Federal Housing Finance Agency Is “Direct Impediment To Economic Recovery”
By March 18, 2013
New Guidelines Aim To Make Short Sales Less Of A Pain In The Butt To Everyone
By August 22, 2012
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]
FHFA Says No To Cutting Amount Homeowners Owe On Fannie Mae & Freddie Mac Mortgages
By July 31, 2012
Saying Fannie Mae and Freddie Mac have already cost taxpayers more than $188 billion, the acting chief of the Federal Housing Finance Agency, which regulates those lenders, says he has concluded that those firms won’t participate in the Obama administration’s program to cut the amount struggling homeowners owe. [More]
Feds Announce Program To Turn Foreclosures Into Rentals
By February 1, 2012
In an effort to put living, paying bodies into homes left vacant following foreclosure, the Federal Housing Finance Agency has announced the beginnings of a program to sell off pools of foreclosed properties to investors who would then rent them out. [More]
Freddie Mac Told To Stop Betting Against Struggling Homeowners
By January 31, 2012
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]
