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
Homeowner Tries To Get Mortgage Adjustment, Ends Up Owing $14,500 More On Her House
By February 19, 2013
When a retired Michigan homeowner applied for a mortgage adjustment back in 2009, little did she know that it would result in years of ongoing legal wranglings, a sizable increase in the amount of her mortgage and possible eviction. [More]
Fannie & Freddie To Let Some Underwater Homeowners Walk Away From Their Mortgages
By January 28, 2013
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]
Fannie Mae & Freddie Mac Kick Off The Holidays With Yearly Moratorium On Foreclosures
By December 3, 2012
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]
Botched Foreclosure Shines Spotlight On Banks’ Ignorance Of The Rules
By December 3, 2012
In Georgia, there is a program called HomeSafe, intended to prevent homeowners who have just lost their jobs and are only a little behind on their mortgage from losing their homes. When someone is accepted into the program, lenders are required to pause foreclosure actions, but that didn’t stop Citi and Freddie Mac from trying to evict one woman. [More]
Exec Who Looked Other Way As Countrywide Sold Off Bad Mortgages Is Now Running Chase’s Foreclosure Review Dept.
By November 9, 2012
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]
Homeowners Impacted By Hurricane Sandy Could Get Some Mortgage Relief Soon
By November 2, 2012
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]
Freddie Mac Loses $2 Billion, Needs Cash
By November 20, 2007
Government-sponsored mortgage lender Freddie Mac, the second largest U.S. mortgage company, posted a $2 billion loss for the third quarter and warned that it may not have enough cash to cover its mortgage commitments.
