The amount of mortgages taxpayer-backed Fannie Mae financed in July nearly doubled from the same month last year, according to its monthly summary. The government-sponsored enterprise purchased $81.9 billion in mortgages during the month, up from $43 billion one year ago and roughly even from the month before. Fannie financed more than $494 billion in … Continue reading Fannie Mae mortgage purchases nearly double from last year
Month: August 2012
Foreclosure prices rise, take larger portion of total sales: RealtyTrac
The average price of foreclosures sold in the second quarter rose 7% from last year while the total number of foreclosures and REOs hitting the sales block declined 22%, RealtyTrac said Thursday. For the first time in two years, the average foreclosure sales prices jumped annually, RealtyTrac concluded. Overall, foreclosure-related sales accounted for 23% of … Continue reading Foreclosure prices rise, take larger portion of total sales: RealtyTrac
CoreLogic: Foreclosures decline 16% in July
The number of foreclosures completed in July totaled 58,000, down 16% from 69,000 a year earlier and 62,000 in June, according to analytics firm CoreLogic. “Completed foreclosures remain concentrated in five states, California, Florida, Michigan, Texas and Georgia, accounting for 48% of all completed foreclosures,” CoreLogic Chief Economist Mark Fleming said. About 1.3 million homes, … Continue reading CoreLogic: Foreclosures decline 16% in July
BofA Announces Plans to Donate Up to 1,000 Homes to Injured Vets
Bank of America announced Friday that it’s donating up to 1,000 properties for injured military veterans and first responders. The properties will go to nonprofits and local government programs over a three-year period. “This is an important expansion of our property donation and community revitalization initiatives and improves the inventory of homes these organizations focused … Continue reading BofA Announces Plans to Donate Up to 1,000 Homes to Injured Vets
Borrower fraud declines on FHA-backed mortgages
A study by quality control and assurance company Quality Mortgage Services shows that the percentage of misrepresentation of loans backed by the Federal Housing Administration declined 40% in 2011 from the prior year. But recent changes to the FHA streamlined refinance process could reverse that trend, analysts warn. Through a verification process and a series … Continue reading Borrower fraud declines on FHA-backed mortgages
Fannie Mae Exists to Expand the Affordable Housing Market
Fannie Mae exists to expand the affordable housing market and bring global capital to local communities to serve US housing markets. There are new changes for the short sales - (in an effort to stablize communities & avoid foreclosures) * The documentation requirements are to be streamlined * Deficiency judgements will be waived for borrowers … Continue reading Fannie Mae Exists to Expand the Affordable Housing Market
New FHFA short sale cap may equal big losses on some second liens
The new $6,000 limit Fannie Mae and Freddie Mac mortgage servicers will be allowed to pay out to second-lien holders is on par with some values but well below others. Morgan Stanley ($14.86 0%) researchers looked at loans backing Freddie mortgage bonds at between 5% and 6% interest rates originated during the 2005 to 2007 bubble. Candidates for short sales averaged a … Continue reading New FHFA short sale cap may equal big losses on some second liens
Housing recovery brightens Fannie Mae economic outlook
Housing remains a bright spot in an economy where consumer spending dropped nearly a percentage point in the second quarter and a looming year-end fiscal cliff is haunting the financial markets, Fannie Mae's Economic & Strategic Research Group said Tuesday. The group released its August 2012 Economic Outlook, which shows housing doing well with residential … Continue reading Housing recovery brightens Fannie Mae economic outlook
GSEs expected to unload delinquent loans after Treasury change
Analysts expect Fannie Mae and Freddie Mac to begin unloading more distressed mortgages from their portfolios after the Treasury Department accelerated their wind down. Both government-sponsored enterprises will now be required to cut their retained portfolios by 15% annually over the next several years until hitting $250 billion. Treasury increased this from a 10% annual … Continue reading GSEs expected to unload delinquent loans after Treasury change
Treasury aims to speed up Fannie, Freddie payback
The Treasury Department directed Fannie Mae and Freddie Mac to come up with a plan to replace their quarterly dividend payment with all profits going forward. The government-sponsored enterprises can only pay a 10% quarterly dividend on the preferred stock the government owns, according to its conservatorship agreements. As they begin to earn profits again, … Continue reading Treasury aims to speed up Fannie, Freddie payback
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