Tag: FHFA

No Doc Loan Modifications Are Here: What Do You Need to Know?
By July 7, 2013 0 Comments Read More →

No Doc Loan Modifications Are Here: What Do You Need to Know?

On July 1, Fannie Mae and Freddie Mac launched the Streamlined Modification Initiative (SMI) nationwide. Servicers of loans owned or guaranteed by Fannie or Freddie are required to evaluate most borrowers for a streamlined modification if the borrower is between 90 days and 2 years in default on a first-lien mortgage. The servicer will send […]

Posted in: Features
By May 1, 2013 0 Comments Read More →

Evil Ed DeMarco Finally On His Way Out? Not So Fast Say Republicans

The big news in the mortgage industry today is the long-awaited announcement that Obama is finally ready to name a permanent replacement for Ed DeMarco, the controversial career bureaucrat and Acting Director of FHFA. DeMarco has come under fire repeatedly for being big bankers’ best friend at the expensive of consumers, taxpayers, and common sense. […]

Posted in: News and Events
Mortgage Servicers Fail To Timely Resolve or Report Tens of Thousands of Escalated Cases
By April 17, 2013 1 Comments Read More →

Mortgage Servicers Fail To Timely Resolve or Report Tens of Thousands of Escalated Cases

In late March, the Office of the Inspector General for FHFA, the agency that oversees Fannie Mae and Freddie Mac, issued a report on Freddie Mac’s oversight of mortgage loan servicers. In a nutshell, OIG found that servicers are failing to resolve escalated cases as required and Freddie Mac is failing to oversee those servicers. […]

Posted in: Features
By April 11, 2013 0 Comments Read More →

FHFA Extends HARP Another Two Years

Today FHFA announced that it is requiring Fannie and Freddie to extend the Home Affordable Refinance Program (HARP) until December 31, 2015. The program was set to expire at the end of this year. HARP allows homeowners Fannie or Freddie loans and little or no equity to refinance into low market rates. FHFA also announced […]

Posted in: News and Events
By March 11, 2013 0 Comments Read More →

Housing Recovery Impeded By Servicers Telling Short Sellers to Default, Inaccurate Credit Report Coding

According to the executive director of the National Consumer Reporting Association, the housing recovery is being impeded by loan servicers who wrongly advise short sellers that they must default on their mortgage loans in violation of the new FHFA short sale policy. The problem is exacerbated by the fact that the three major credit reporting […]

Posted in: News and Events
By February 12, 2013 0 Comments Read More →

Evil Ed Blocks Freddie’s Plan to Save Taxpayers Millions on Force-Placed Insurance

Even the bankers are asking why. American Banker is reporting that the Federal Housing Finance Agency, the federal agency overseeing Fannie Mae and Freddie Mac, has killed Freddie’s plan to slash force-placed insurance rates by 30%, which would save homeowners and taxpayers millions of dollars. Perhaps more shocking is the reason why: Freddie apparently has […]

Posted in: News and Events
By February 7, 2013 1 Comments Read More →

45 House Members Ask Obama to Replace “Evil Ed” For Taxpayers’ Sake

Ed DeMarco, the Acting Director of the FHFA, a federal agency that oversees the conservatorship of Fannie Mae and Freddie Mac, has been the deserving target of scorn and ridicule for the past few years. Now he is the target of Congressional calls for his replacement. For years, Evil Ed has consistently blocked attempts to […]

Posted in: News and Events
By January 12, 2013 0 Comments Read More →

Public Citizen Calls for Investigation Into Sweetheart Settlement Between Bank of America and Fannie Mae

Consumer watchdog group Public Citizen has asked the Inspector General of the Federal Housing Finance Agency (FHFA) to investigate the reasonableness of the sweetheart settlement deal between Bank of America and Fannie Mae. The recently announced settlement resolves buyback demands for more than a trillion dollars of defective loans that Countrywide originated and sold to […]

Posted in: News and Events
By October 25, 2012 0 Comments Read More →

Embattled FHFA Director DeMarco May Finally Get the Boot

A last minute election tease from the White House or a glimmer of hope for the future? The Financial Times reported today that Obama is finally prepared to give Edward DeMarco the boot. DeMarco is acting director of FHFA, the agency that oversees Fannie and Freddie, and he has been under heavy fire from housing […]

Posted in: News and Events