Freddie Mac’s 2012 Outlook: Housing to Slowly Gain Ground
Freddie Mac released its U.S. Economic and Housing Market Outlook with five projections for 2012.
Frank Nothaft, Freddie Mac’s vice president and chief economist, said there are indications that the economy and housing market are slowly gaining ground. “Sustained and increased job growth beyond the average monthly payroll gains of 130,000 so far this year ending in November are essential,” he said in a statement.
Nothaft also expects mortgage rates to remain low through the middle of 2012, and for rentals to continuing leading housing market improvements.
“All told, next year will be another bumpy ride,” he said.
Five outlook highlights:
Economic growth will likely strengthen to about 2.5 percent in 2012.
The U.S. unemployment rate will decline but likely remain above 8 percent.
Mortgage rates will likely remain very low, at least through mid-2012.
Housing activity will be better in 2012, but not robust.
Expect less single-family originations but more multifamily lending in 2012.
Source: Freddie Mac
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Freddie Expands REO Winter Sale to More States
Six more states — now bringing the total to 33 — will participate in a winter sales promotion as Freddie Mac’s HomeSteps looks to unload its high REO inventory.
The six states added are Alaska, Kansas, Kentucky, Missouri, Oregon, and Washington. To view a complete list of all states participating in the winter promo as well as eligibility requirements, visit www.HomeSteps.com/smartbuy.
“We’re expanding our winter promotion to focus additional incentives to encourage strong sales activity in our ‘cold weather’ states over the next several months.” HomeSteps executive Chris Bowden said in a statement.
HomeSteps’ Winter Sales Promotion for buyers includes paying up to 3 percent of the final sales price toward a buyer’s closing costs for offers received between Nov. 15 and Jan. 31, 2012. (To qualify, escrow must be closed on or before March 15, 2012.) Selling agents may also be eligible for a $1,000 selling bonus through the program.
Source: “Freddie Mac Adds Six More States to REO Winter Promo,” HousingWire (Nov. 22, 2011)
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Watchdog Highlights Fannie, Freddie Staffing Shortfall
A study by the Federal Housing Finance Agency’s Office of Inspector General finds that regulators lack the staff to effectively oversee Fannie Mae and Freddie Mac and consequently have dialed down scrutiny of the government-sponsored enterprises.
The report singles out the FHFA’s monitoring of housing inventory owned by the GSEs. Despite a surge in foreclosures that has boosted Fannie Mae’s inventory sixfold in the past four years, the study states that “FHFA has yet to conduct a targeted examination” of how the companies manage seized properties.
Source: “Staffing Woes Harm Fannie and Freddie Oversight, Government Watchdog Says,” Bloomberg (09/23/11)
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Congressman Introduces Bill to Scale Back GSEs
Rep. Jeb Hensarling, R-Texas, introduced a bill on Thursday to scale back Fannie Mae and Freddie Mac and privatize the government-sponsored enterprises within the next five years.
“What we’re trying to do is have a market-based system that doesn’t put people into homes that ultimately they can’t keep,” or require taxpayers to do pricey bailouts, Hensarling says.
Hensarling’s bill calls for eliminating the government’s role in Fannie Mae and Freddie Mac and the mortgage market. It also calls for the maximum size of loans across the country backed by Fannie and Freddie to drop to $417,000; loans, in general, currently range from $417,000 to $729,750.
Last month, the White House called for the phasing out of Fannie Mae and Freddie Mac and proposed three options on how. Congress has differed on its approach and the Hensarling bill is the first shot at legislation to wind down the GSEs, which is likely to spark other legislation in the coming months.
The Hensarling bill isn’t expected to go far, though, according to industry experts. Even if it does pass the GOP-led House, analysts say it’s unlikely the Democratic-led Senate will take up the bill.
Fannie and Freddie guarantee about $5 trillion in mortgages and were taken under government conservatorship in 2008.
Source: “Hensarling Unveils U.S. Bill to Wind Down Fannie, Freddie,” Dow Jones International News (March 17, 2011)
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Fannie, Freddie Probe Focuses on Disclosure
The Securities and Exchange Commission has notified several former Fannie Mae and Freddie Mac officials that it will recommend civil enforcement actions for their roles in corporate misconduct leading up to the financial meltdown.
The probe is focusing on disclosures by the firms regarding subprime loan exposure, which critics say was played down. It remains to be seen whether the companies themselves will be included in the enforcement action, given that U.S. taxpayers will bear the burden of any charges.
Source: “Fannie, Freddie Probe Focuses on Disclosure,” The Wall Street Journal, Nick Timiraos and Jean Eaglesham (03/14/11)
Fannie, Freddie Pressed to Reduce Mortgages
The Obama administration is pressuring Fannie Mae and Freddie Mac to write down “underwater” home loans through fledgling FHA and Treasury programs.
The aim of the initiatives is to reduce loan balances, which Fannie Mae and Freddie Mac have been reluctant to do because it would deepen their losses.
However, the Obama administration wants to reduce the threat to the housing market posed by homeowners believed to be at risk of default should their personal finances or home prices worsen.
Source: Wall Street Journal, Nick Timiraos, Alan Zibel (12/08/10)
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Freddie Asks Fed for Another Bailout
Freddie Mac, which lost $3.5 billion in the third quarter and is looking for the federal government to bail it out one more time, says it will be a “considerable time” before the housing market recovers.
CEO Charles Haldeman said, “As we near the end of 2010, the housing market remains fragile, and has recently come under renewed pressure from slowing economic growth, weaker employment and foreclosure uncertainties.”
Supporters of Freddie and its sister Fannie Mae have asked the Treasury Department to reconsider the terms of its dealings with the companies, particularly the 10 percent dividend they must pay in exchange for federal funds they receive as payment for preferred shares.
The NATIONAL ASSOCIATION OF REALTORS® supports the move, saying, “Eliminating a punitive dividend is a step that should be taken now, regardless of how the GSEs may be restructured in the coming years.”
Source: The Street.com, Colin Barr (10/03/2010)
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Cost of the Fannie, Freddie Bailout
The government estimated last week that the bailout of Fannie Mae and Freddie Mac is likely to cost U.S. taxpayers $154 billion. This is more than originally estimated, but less than what the government called a worse-case scenario.
Fannie and Freddie have already withdrawn $135 billion. They are expected to seek another $19 billion by 2013 to offset mortgage crisis losses.
“It cost a lot less than what people feared, largely because the economy has stabilized,” Moody’s Chief Economist Mark Zandi says.
Source: USAToday, Paul Dividson (10/21/2010)
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Fannie and Freddie Offering Hard-to-Beat Deals
Beginning this week, Fannie Mae and Freddie Mac are trying to sell off 150,000 foreclosed homes by offering low down payments, no requirement for mortgage insurance, and up to $30,000 added to the mortgage for renovations. In addition, the real estate practitioner selling the property gets a $1,500 bonus.
In some neighborhoods, these properties undercut the average listing by $100,000.
Fannie and Freddie already have repaired the biggest problems with the property including roofs, plumbing, and electrical work.
Buyers who plan to live in the properties get a 15-day chance to view the homes before investors can purchase them. Investors with cash will likely snap up any properties remaining at the end of the grace period.
“Our goal is to recover as much as we can to offset our loss and not to be low balling properties just to move them,” says a Freddie Mac spokesperson. “We absolutely have no motivation to be leading a downward spiral in home prices.”
Source: Smart Money, Anna Maria Andriotis (09/28/2010)
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Higher Conforming Loan Limits Due to Expire
Unless Congress intervenes, the maximum amount the Federal Housing Administration as well as loans backed by Fannie Mae and Freddie Mac can back will return to $417,000 in most areas and $625,500 in a high-cost areas.
Over the last two years, the government raised the limits in some high-cost areas to $729,750.
If Congress doesn’t extend higher limits, home prices would “drop precipitously” because it would be “impossible to finance homes in most parts of Los Angeles and certain other major cities,” said Rep. Brad Sherman, a California Democrat and member of the House Financial Services Committee,
But many economists support the end to higher limits. “We need to think how we are going to exit from a Fannie-and-Freddie world, and this is a very small step toward that exit,” said Richard K. Green, director of the University of Southern California’s Lusk Center for Real Estate. “Dialing it back to $625,500 is a perfectly reasonable thing to do.”
Source: The Wall Street Journal, Nick Timiraos (09/23/2010)
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Fannie, Freddie in the Home-Selling Business
Fannie Mae and Freddie Mac repossessed more than 191,000 homes during the first six months of 2010, twice as many as a year earlier.
The mortgage financiers must act carefully to avoid flooding the market with foreclosures, which tend to depress neighborhood home prices in the process.
As an alternative, Fannie Mae has launched a pilot “lease-and-hold” program in which foreclosures are rented rather than sold; the move could pose challenges, however, as the firm takes on the new role of property manager.
Source: The Wall Street Journal, Nick Timiraos (09/17/10)
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Regulator: Banks Should Help Bail Out GSEs
Banks should assume some of the cost for bailing out Fannie Mae and Freddie Mac because they sold them bad mortgages, Edward DeMarco, the acting director for the Federal Housing Finance Agency, said Wednesday.
In written testimony submitted for a House Financial Services subcommittee hearing, DeMarco said banks have a legal obligation to buy back bad loans and the government may take further action to force buybacks if, “discussions do not yield reasonable outcomes soon.”
The top Democrat on the committee, Rep. Paul Kanjorski, agreed that banks must share the blame. “We must begin to think about approaches for recouping taxpayers’ money in the long run,” he said. “We found a way to pay for the savings and loan crisis, and we can surely find a way to recover the costs associated with this crisis.”
Source: The Associated Press, Alan Zibel (09/15/2010)
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Geithner Calls for Cooperation to Modify GSEs
Treasury Secretary Timothy Geithner told attendees at a housing summit on Tuesday that the U.S. government will continue to guarantee mortgages, but its role will be revised to avoid making it a primary backer if Fannie Mae and Freddie Mac face another meltdown.
Geithner urged Democrats and Republicans to work together to rebuild Fannie and Freddie to avoid another crisis. He called remaking the mortgage market one of the most important and complicated economic policy problems the U.S. faces today.
“There is nothing we can do to decrease the significant losses Fannie and Freddie incurred ahead of this crisis. All we can do is to minimize the risk that they get worse,” Geithner said.
Source: The Wall Street Journal, Nick Timiraos (08/17/2010)
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Decision on Fannie and Freddie May Come Soon
Government and banking experts meet next week to decide the future of Fannie Mae and Freddie Mac.
The likeliest solution is a complex one. The Mortgage Bankers Association is proposing a system where risk-based fees on a class of mortgage-backed securities would be charged in exchange for a government guarantee against losses.
Whatever the outcome, it is unlikely that Fannie and Freddie will be able to pay back the nearly $150 billion in taxpayer bailout money that they have received since 2007.
Source: Reuters News (08/12/2010)
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Fannie, Freddie Will Not Forgive Underwater Debt
Despite rumors to the contrary sweeping Wall Street and Washington, D.C., the White House says it is not planning to order Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of people who owe more than their homes are worth.
“The administration is not considering a change in policy in this area,” said Treasury spokesman Andrew Williams.
Mortgage bond prices stabilized after that rumor was quashed.
Source: Reuters News (08/05/2010)
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Housing Still Affordable
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.89 percent in May from 5.10 percent in April; the rate was 4.86 percent in May 2009.
The national median existing-home price for all housing types was $179,600 in May, up 2.7 percent from May 2009. Distressed homes slipped to 31 percent of sales last month, compared with 33 percent in April; it was also 33 percent in May 2009.
NAR President Vicki Cox Golder said home prices have been stabilizing all year. “With distressed sales at roughly the same level as a year ago, the gain in home prices is a hopeful sign that the market is in a good position to stand on its own without further government stimulus,” she said. “Very affordable mortgage interest rates and stabilizing home prices are encouraging home buyers who were on the sidelines during most of the boom and bust cycle.”
Pending home sales are expected to decline notably in May and June from the spring surge, but Yun added that job growth and a manageable level of foreclosures are keys to sales and price performance during the second half of the year.
NAR
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Favorable Rates Help
According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was 5 percent in the first quarter, up slightly from a record low 4.9 percent in the fourth quarter; it was 5.1 percent in the first quarter of 2009.
Golder says that even with some recent easing of mortgage credit, separate surveys show the housing market continues to be constrained by mortgage issues. “One-third of NAR members report the most important factor limiting potential clients has been difficulty in obtaining a mortgage,” she said.
“In addition, 11 percent of REALTORS® in the first quarter report a contract was cancelled because an appraisal came in less than the price negotiated between a buyer and seller, and another 16 percent report a contract had to be renegotiated because of a low appraisal,” Golder says. “As a result, the housing recovery isn’t as strong as it could be.”NAR
30-Year Rate Just Over 5 Percent
The 30-year fixed mortgage rate stayed flat this week, averaging 5.07 percent to remain near historically low levels, reported Freddie Mac.
Here’s how other rates performed:
• 15-year fixed loans fell to 4.39 percent from 4.4 percent last week.
• Five-year hybrid adjustable-rate mortgage averaged 4.03 percent, down from 4.08 percent.
• One-year ARMs rose to 4.22 percent from 4.13 percent last week.
Source: Wall Street Journal, Nathan Becker (04/23/10)
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30-Year Rate Back Above 5 Percent
Mortgage rates rose to 5.08 percent from 4.99 percent a week ago, pushing the average interest rate offered on 30-year fixed-rate mortgages to its highest level since the first week of 2010, according to Freddie Mac.
The increase in mortgage rates occurred as long-term interest rates rose higher due to concerns about inflation as the economy improves, and as the Federal Reserve ended its program to buy $1.25 trillion in mortgage-backed bonds issued by Fannie Mae, Freddie Mac and other government-sponsored agencies.
Also, the 15-year fixed mortgage rose to 4.39 percent from 4.34 percent, while 5-year hybrid mortgages fell to 4.10 percent from 4.14 percent.
Source: Los Angeles Times, E. Scott Reckard (04/02/10)
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Freddie Mac Posts More Losses
Freddie Mac recorded a loss of $7.8 billion in the last three months of 2009, narrowed from a year-earlier loss of $23.9 billion; and it lost $25.7 billion for all of last year, down from a $50.1 billion loss in 2008.
Still, the mortgage financier — which received $51 billion in aid from the federal government — said for the third consecutive quarter it would not need more taxpayer assistance.
Freddie Mac is spending money on housing recovery initiatives, but losses were tied to factors such as a decline in its portfolio of mortgage investments and dividend payments that must be made to the Treasury.
Source: The Washington Post, Zachary A. Goldfarb (02/25/10)
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Fannie, Freddie Go After Bad Loans
Accountants at Fannie Mae and Freddie Mac are auditing mortgage files to uncover loans with improper documentation about a borrower’s income, and then forcing banks and savings and loans to buy the loans back.
Freddie required lenders to buy back $2.7 billion of loans in the first nine months of 2009. Fannie Mae won’t disclose its figures, but the mortgage trade publication Inside Mortgage Finance said Fannie made $4.3 billion in loan-repurchase requests in the first nine months of 2009.
One result is that banks are underwriting mortgage loans even more carefully than they were last year, which can further slow the lending process.
“If you’re being hit with a lot of repurchases very suddenly, the easiest thing to do is to tighten your standards rapidly,” said Glenn Boyd, a Barclays analyst.
Source: The Wall Street Journal, Nick Timiraos (01/30/2010)
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Mortgage Rates Creep Back Up
After last week’s decrease to a record 4.71 percent, interest on 30-year fixed mortgages rose to 4.81 percent this week, Freddie Mac reported.
While the Federal Reserve’s effort to purchase $1.25 trillion in mortgage-backed securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae has helped keep rates attractive, Freddie Mac chief economist Frank Nothaft says they rose because a favorable unemployment report pushed long-term bond yields up slightly.
With the Fed program projected to end in March, the Mortgage Bankers Association forecast in October that 30-year fixed mortgages will rise to 5.4 percent next year, increase to 6 percent in 2011, and hit 6.3 percent in 2012.
Source: Inman News (12/11/09)
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Long-Term Mortgages Near Record Low
Thirty-year, fixed-rate mortgages moved closer to the all-time low of 4.82 percent reached in May, falling to 4.87 percent this week from 4.94 percent a week ago, according to Freddie Mac. Home owners who refinance have an opportunity to reduce their payment on a 30-year, fixed-rate loan for $200,000 by nearly $134 a month from a year ago, when long-term rates averaged 5.94 percent. Other mortgage averages were as follows:
* 15-year loans fell to 4.33 percent.
* Five-year adjustable-rate mortgages dropped to 4.35 percent.
* One-year ARMs rose to 4.53 percent.
Source: Chicago Sun-Times, Francine Knowles
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FHFA Gets More Funding
The Federal Housing Finance Authority (FHFA) will have a $139.3 million budget for fiscal year 2010, up 15 percent from a year ago. This increase will help the watchdog in supervising Fannie Mae and Freddie Mac.
The FHFA says the two mortgage financiers have refinanced 3.2 million loans this year, and its data indicates that the volume of loan workouts is tied to average mortgage rates. However, the volume of mortgage modifications is still below expectations.
Source: DSNews, Adam Weinstein (10/05/2009)
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TIME RUNNING OUT…
TIME RUNNING OUT ON FREDDIE MAC OFFER TO PAY UP TO 3.5 PERCENT OF CLOSING COSTS ON ELIGIBLE HOMESTEPS® HOMES.
McLean, VA – Freddie Mac (NYSE:FRE) today reminded homebuyers they have less than a month left to take advantage of Freddie Mac’s offer to pay up to 3.5 percent of the buyer’s closing costs when they buy a single family HomeSteps® home as their primary residence under HomeSteps “SmartBuy”.
HomeSteps SmartBuy, which began on July 17, 2009, also includes a comprehensive two-year home warranty on HomeSteps homes. HomeSteps is the real estate sales unit of Freddie Mac and markets a nationwide selection of Freddie Mac-owned homes.
To take advantage of the HomeSteps SmartBuy closing cost offer, buyers must submit initial purchase offers on HomeSteps homes by October 30, 2009 and complete the closing by December 31, 2009. “Every home shopper should know there are only 30 days left to save potentially thousands of dollars in transaction costs when they buy a HomeSteps home,” said Chris Bowden, vice president of HomeSteps. “Combined with our offer to provide a comprehensive two-year warranty on unexpected repairs, we believe HomeSteps homes provide a tremendous long-term value in today’s competitive marketplace.” Full Details
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Mortgage Bankers: End Fannie and Freddie
The Mortgage Bankers Association is urging the U.S. government to replace Fannie Mae and Freddie Mac with private companies.
The Obama administration is considering a couple of options, including shutting them down or merging them into another federal agency.
The mortgage bankers would replace Fannie and Freddie with federally regulated private companies that would buy loans, sell them as bonds with their own guarantee, and pay the government for reinsurance.
Jaret Seiberg, an analyst at Washington Research Group, said in a research note that the “odds are high for enactment” for the Mortgage Bankers Association’s proposal because this would create a practical way to keep mortgage rates low.
Source: The Associated Press, Alan Zibel (09/02/2009)
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NAHB Applauds GSE Adjustments of Appraisal Guidelines
The National Association of Home Builders (NAHB) is pleased with one underwriting guideline adjustment made last week by government sponsored enterprise, Freddie Mac.
Freddie Mac’s Bulletin 2009-18 announced several changes to the GSE’s underwriting guidelines. The changes deal mainly with the documentation required for income and asset verification, make “condominium hotel” loans ineligible for purchase, and eliminated Form 70A, Energy Addendum as a required attachment to appraisals.
More notably, Freddie Mac made several “Best Practices” recommendations for selecting appraisers and reviewing their products. One of these contained the statement that Freddie does not require appraisers to use Real Estate Owned, foreclosures or short sales in selecting comparable sales but rather that appraisers must “certify that comparable sales chosen are those most similar to the subject property.” These should include distressed sales if they are representative, something many industry professionals have been requesting since the Home Valuation Code of Conduct was enacted on May 1, 2009.
In a press release on Monday, NAHB Chairman Joe Robson said that this was “a step in the right direction,” but that this modification needed to go further. He called for additional changes that would allow appraisers the option of expanding both the geographic area and the time frame for comps in cases where local and recent contracts are heavily skewed toward distressed sales. Full story...
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Freddie Mac gets another $6.1B from government
NEW YORK — Battered mortgage giant Freddie Mac received $6.1 billion in new funds from the Treasury Department to help offset its mounting liabilities, according to a regulatory filing submitted Wednesday.
The company could also be close to naming a new, permanent CEO, according to a report in The Wall Street Journal.
The Federal Housing Finance Agency, which has been operating Freddie Mac since last fall, requested the funds for Freddie Mac after the mortgage firm’s liabilities exceeded its assets by more than $6 billion, according to the filing with the Securities and Exchange Commission.
After drawing the funds, Freddie Mac has now received $51.7 billion from the Treasury Department and still has access to an additional $149.3 billion to help it finance operations. Full Story.
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Freddie Mac gets another $6.1B from government
By STEPHEN BERNARD Associated Press NEW YORK — Battered mortgage giant Freddie Mac received $6.1 billion in new funds from the Treasury Department to help offset its mounting liabilities, according to a regulatory filing submitted Wednesday. The company could also be close to naming a new, permanent CEO, according to a report in The Wall [...]
Mortgage Update: Jumbos Remain Elusive
At a time when some mortgage products are showing signs of life, jumbo mortgages are hard to get and expensive, making it difficult for many would-be move-up buyers to take action. What to do? Since the credit crunch hit about two years ago, many lenders have all but abandoned jumbos, which are too big for [...]
Mortgage Rates Continue to Fall
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.82 percent during the week ended May 21 from 4.86 percent the prior week. Meanwhile, the 15-year fixed mortgage rate dipped to 4.5 percent.
The Federal Reserve is working to hold down rates by purchasing upwards of $1.25 trillion in mortgage-backed securities and $300 billion in Treasuries. Mortgage rate premiums have declined substantially over the last couple of months even as Treasury yields climbed.
Source: Investor’s Business Daily (05/22/09)
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Freddie Mac’s refinance policy drawing fire.
Brokers, small lenders say they are being cut out of Obama’s plan
WASHINGTON – Mortgage brokers and small lenders say they’ve been left out of a big part of the Obama administration’s plan to help borrowers refinance their home loans and take advantage of near record-low interest rates.
The new guidelines released earlier this month are different for Fannie Mae and Freddie Mac, the government-controlled companies that own or guarantee almost 31 million mortgages — more than half of all U.S home loans. Most strikingly, mortgage loans held by Freddie Mac can only be refinanced by the company that currently collects payments on the loan, known as the mortgage servicer. Full Article.
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Housing fix leans on troubled firms.
NEW YORK(CNNMoney.com) — Fannie Mae and Freddie Mac won’t be leaving the federal government’s nest anytime soon.
President Obama is leaning heavily on the teetering mortgage finance titans to help stabilize the housing market, even as it pumps hundreds of billions of dollars into them to keep them afloat.
As the housing crisis deepens, the question of the companies’ long-term future has been set aside.
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