Category: Finance
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FHFA Performance & Accountability
The Housing and Economic Recovery Act of 2008 (HERA) established the Federal Housing Finance Agency (FHFA) to supervise and regulate the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan (FHL) Bank System. The FHFA is an independent government agency that employs examiners, analysts, attorneys…
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Will Bank of America’s New Loan Program Boost Homeownership?
The Federal Housing Administration (FHA) offers home loans that allow low down payments, as low as 3.5 percent; these loans however, need to be backed by private mortgage insurance, meaning an additional cost to already overextended homebuyers. Bank of America is set to launch a new program that will let homebuyers make a down payment…
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Fannie Mae Sells Largest Number of Non-Performing Loans to Date
Fannie Mae began its official sale of Non-Performing Loans (NPLs) in April 2015 and since then has sold thousands of seriously delinquent loans. These sales are conducted based on guidelines provided by the Federal Housing Finance Agency (FHFA) and require buyers, as articulated on Fannie Mae’s website, “to offer loan modifications to borrowers and provide…
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The Enterprises Announce their Independent Dispute Resolution (IDR) Process
On Tuesday, February 2, the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac introduced the Independent Dispute Resolution (IDR) process to help resolve mortgage repurchase related issues. Though the IDR does not annex the Enterprises’ authority over appeals, it allows lenders to approach an independent third-party entity with loan disputes that remain unresolved…
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Cities Where You Can Pay Off Your Mortgage the Fastest
What are my payments, what is the interest rate and how long will it take me to pay this off? Those are the big three factors we all consider when we have settled on a significant new purchase and especially the biggest purchase of most people’s lives, a new home. The lowest the answer to…
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Distressed Home Sales and NPLs: The Effect on Homeowners and Agents
Recent data released by CoreLogic shows that there has been a steady reduction in the number of distressed home sales, in 2015. This is despite the seasonal spike we noticed towards the end of the year.
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CFPB Officials Say Agency Fails to Protect its Employees
Multiple Consumer Financial Protection Bureau (CFPB) employees are scheduled to testify before the House Financial Services Committee this morning on the matter of discrimination and retaliation against CFPB employees.
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Protect Yourself from Mortgage Assistance Scams
A recent uncovering of a mortgage assistance scheme involving a Detroit man and his “faith-based” company has borrowers asking, “How do we protect ourselves from foreclosure relief scams?” Freddie Mac offers tips to help borrowers become cautious of companies that seem too good to be true.
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Change in ‘Loan Prospector’ Affecting Lenders and Borrowers
Beginning June 1, Freddie Mac will no longer charge for its automated underwriting service–Loan Prospector–which will affect lenders and borrowers.
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New Financial Rule Set by Fannie Mae and Freddie Mac
The Federal Housing Finance Agency stated Wednesday that Fannie Mae and Freddie Mac are issuing new operational and financial requirements for all sellers and servicers who work with the GSEs.