Fannie Mae (FNMA.OB), the largest provider of funding for U.S. residential mortgages, will begin demanding compensation from mortgage servicing companies that fail to properly handle troubled mortgage loans, the company announced late on Tuesday.
The government-controlled company also said it may begin conducting reviews of loan files, processes and procedures used by the servicers, in another [...]
The Ultimate Mortgage News Around The World
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Fannie Mae gets tougher on mortgage servicers
September 2nd, 2010 by Mortgage Writer Tags: economic recovery, economy, fannie mae, foreclosures, home loans, mortgage lenders, mortgage loans, mortgage servicer
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Fannie Mae gets tougher on U.S. mortgage servicers
September 1st, 2010 by Mortgage Writer Fannie Mae (FNMA.OB), the largest provider of funding for U.S. residential mortgages, will begin demanding compensation from mortgage servicing companies that fail to properly handle troubled mortgage loans, the company announced late on Tuesday.
The government-controlled company also said it may begin conducting reviews of loan files, processes and procedures used by the servicers, in another [...]Tags: economic recovery, fannie mae, foreclosed properties, housing market, mortgage lenders, mortgage loans, mortgage market, US Economy
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Only Congress Can Spark `Nuclear’ Mortgage Refinancing Wave, JPMorgan Says
August 31st, 2010 by Mortgage Writer Investors should continue buying mortgage bonds tied to U.S. home loans because they are unlikely to suffer a wave of refinancings that would cut yields, according to JPMorgan Chase & Co.
Congressional action would be required to trigger any significant “government-sponsored refi wave” in the market for bonds owned or guaranteed by mortgage financiers Fannie Mae [...]Tags: fannie mae, Freddie Mac, home loans, homebuying, interest rates, jpmorgan, mortgage bonds, mortgage rates, private mortgage
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Mortgage applications rise 4.9 pct. on low rates
August 29th, 2010 by Mortgage Writer Mortgage applications rose 4.9 percent last week as more borrowers refinanced at the lowest rates in decades.
The Mortgage Bankers Association said Wednesday the gain was fueled by a 5.7 percent increase in refinancing applications. The number of loans taken out to purchase homes edged up by less than 1 percent. The numbers are adjusted for [...]Tags: borrowers, home sales, homebuyers, Mortgage Bankers Association, mortgage lenders, mortgage market, mortgage rates, tax credit
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11.3% of Texas homes mortgage underwater
August 27th, 2010 by Mortgage Writer More than 11 percent of Texas residential properties are underwater in their mortgage loans, according to a new report from financial and real estate data provider CoreLogic.
The report said 3,249,196 properties in the Lone Star State are in a situation where the mortgage value is higher than the home’s actual value. The report attributes most [...]Tags: borrowers, economists, foreclosures, housing market, mortgage loans, mortgages, real estate
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Fannie, Freddie, and the mortgage addiction
August 26th, 2010 by Mortgage Writer Since the mortgage market can’t suddenly wean itself off government-supported Fannie Mae and Freddie Mac, some experts want more federal intervention. They’re wrong.
In the first inning of what looks to be an intricate political game, the Obama administration and its financial industry allies suggested that the economy needs the federal government full force in the [...]Tags: fannie mae, Freddie Mac, housing market, interest rates, mortgage lending, mortgage market, mortgage payments, private mortgage
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The Subprime Mortgage Crisis on Trial
August 25th, 2010 by Mortgage Writer The financial meltdown has led to only a few civil and criminal cases against executives, and even those focused on peripheral issues: Goldman Sachs’ peddling of a credit derivative obligation and the communications of two former Bear Stearns hedge fund managers.
But the Securities and Exchange Commission’s securities fraud action against Angelo Mozilo, former chief executive [...]Tags: bank of america, borrowers, financial system, mortgage backed securities, mortgage lenders, mortgage market, mortgages, subprime mortgage
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Mortgage giants Fannie Mae and Freddie Mac can’t continue in their current form
August 24th, 2010 by Mortgage Writer Left out of the financial reform bill recently passed by Congress was a plan for dealing with the moribund mortgage giants Fannie Mae and Freddie Mac, seized by the government nearly two years ago.
But while the bill failed to reform the two government-sponsored enterprises, Congress told the Obama administration to develop a reform strategy by [...]Tags: fannie mae, financial, Freddie Mac, housing market, mortgage banker, Obama administration, us private sector
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U.S. Mortgage Relief Effort Is Falling Short of Its Goal
August 23rd, 2010 by Mortgage Writer The Obama administration’s mortgage relief program, originally intended to shield three million households from foreclosure, now looks as if it will permanently help as few as one-sixth of that number.
While millions say they need help avoiding foreclosure and many struggling households applied, data released Friday showed the dropout rate from the Making Home Affordable Program [...]Tags: borrower, foreclosures, home loans, housing market, mortgage brokers, mortgage lenders, mortgage modification, mortgage payments, real estate, US Economy
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New Online Help From Fannie Mae
August 22nd, 2010 by Mortgage Writer SINCE foreclosures started to rise sharply in 2007, struggling borrowers have been offered a lot of help online. Some is well-meaning, but some is simply a scam in the form of expensive “debt relief” services that may be offered free elsewhere.
This month Fannie Mae, the government-sponsored entity that helps set lending standards for most mortgages, [...]Tags: borrowers, fannie mae, foreclosures, mortgage company, mortgages, subprime loans, wells fargo
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