Tag: Freddie

By July 11, 2013 3 Comments Read More →

Did You Know? How the Terms of a HAMP Modification Are Determined

Have you ever wondered how the servicer decides what terms to offer when evaluating a borrower for HAMP? Despite appearances, the terms that are modified are not arrived at randomly. The servicer applies a “waterfall” that specifies which terms will be adjusted, to what extent, and in what order. The waterfalls—there are a few—are described […]

Posted in: Did You Know?
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 24, 2013 0 Comments Read More →

Did You Know? Fannie and Freddie Now Call Deeds-In-Lieu “Mortgage Releases”

HouseKeeping Report is launching a new series called Did You Know? in which we will highlight, explain, or review a single term, program feature, or other item of interest to foreclosure mediators, housing counselors, attorneys and even homeowners. This week: Did you know that Fannie and Freddie now call deeds-in-lieu of foreclosure “Mortgage Releases”? A […]

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 […]

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Freddie Mac’s Diabolical Solution to Oregon’s Recording Requirement: Locate and Destroy the Assignment
By January 31, 2013 4 Comments Read More →

Freddie Mac’s Diabolical Solution to Oregon’s Recording Requirement: Locate and Destroy the Assignment

One of the most hotly contested issues in Oregon foreclosure law is whether lenders who do not obtain written assignments of trust deeds can foreclose non-judicially. While other lenders fret about their missing assignments, Freddie Mac has taken a different approach. Freddie instructs servicers to destroy them prior to foreclosure. In Oregon, a lender can […]

Posted in: Features
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 […]

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Is a New Refinance Program On the Horizon for Underwater Homeowners With Non-GSE Loans?
By December 29, 2012 0 Comments Read More →

Is a New Refinance Program On the Horizon for Underwater Homeowners With Non-GSE Loans?

In the past year there have been rumblings about the need for a program like the Home Affordable Refinance Program (HARP) that allows underwater homeowners to take advantage of today’s historically low interest rates. Unfortunately, only loans owned by Fannie Mae or Freddie Mac are eligible for refinancing through HARP. That means up to half […]

Posted in: Features
By December 4, 2012 0 Comments Read More →

Happy Holidays! Fannie and Freddie Temporarily Suspending Post-Foreclosure Evictions

This week Fannie Mae and Freddie Mac announced that they are suspending evictions for foreclosed properties with 1-4 units during the holidays. The suspension will run from December 19 through January 2 for Fannie and from December 17 through January 2 for Freddie. Pending legal proceedings will not be suspended during that time, but the […]

Posted in: News and Events