The official overseeing of the vast pool of mortgages held by Fannie Mae and Freddie Mac has defied the White House and more than 100 members of Congress for the second time by formally rejecting a plan to use bank bailout funds to write down principal balances for underwater homeowners.
Fannie Mae
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Who does the settlement cover? The settlement covers borrowers who have loans that are serviced by one of the five big banks: Ally Financial Inc./GMAC Mortgage, Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co. These banks handle payments on 55% of U.S. […]
The Securities and Exchange Commission is accusing six former Fannie Mae and Freddie Mac executives, including ex-CEOs, of misrepresenting their holdings of high-risk mortgage loans in the GSEs’ portfolios. “Fannie Mae and Freddie Mac executives told the world that their subprime exposure was substantially smaller than it really was,” Robert […]
The Obama administration announced plans to expand the Home Affordable Refinance Program to make it easier for homeowners who are struggling but still making mortgage payments to refinance their homes. Changes to the program include refinancing despite how much a home’s value has fallen, reducing some fees, and eliminating the […]
The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, announced it was adjusting the current Home Affordable Refinance Program. The program was developed to help borrowers who have been making timely payments on heir mortgage, but unable to qualify for a refinance as the housing market changed […]
The rules and costs, are changing for home buyers, especially if you are a first time home buyer just entering the market. Buyers are facing different challenges than their predecessors who purchased even just a year ago. For home buyers, not all deals are created equally. In the past few […]
Proposal was outline Friday that the Obama administration would plan to address the mortgage markets which could possibly include phasing out Fannie Mae and Freddie Mac. “Officials portrayed a housing-finance system that would include a role for both the public and private sectors, but would be different from the current […]
What is the future for Fannie and Freddie and how will it affect buyers and the current market? Originally published at https://realtyevolved.net by Sherwin Sucaldito.