Home / Media / DS News Webcast: Tuesday 6/16/2015
Print This Post Print This Post

DS News Webcast: Tuesday 6/16/2015

The Federal Housing Finance Agency's activities in 2014 to achieve the strategic goal of maintaining foreclosure prevention activities and fostering resilient housing markets included HARP outreach, loss mitigation strategies, and non-performing loan sales, according to FHFA's 2014 Report to Congress released Monday. One of the things FHFA did in 2014 in the area of loss mitigation and foreclosure prevention was reviewing the Home Affordable Refinance Program for the GSEs to determine if any impediments existed to keep borrowers from participating in the program.

 

Also in 2014, FHFA and the GSEs reviewed and made enhancements to requirements for foreclosure alternatives, forbearance plans, and rate-reset notifications. Fannie Mae and Freddie Mac announced in July the expansion of home retention solutions for Standard and Streamlined modifications, enabling eligible borrowers with mark-to-market LTV ratios below 80 percent to obtain a loan modification. In August 2014, Freddie Mac completed its first bulk sale of deeply delinquent, non-performing single-family residential mortgage loans to private investors totaling about $596 million in UPB.

 

Those affected by the U.S. Department of Housing and Urban Development's decision on Friday, June 12, to allow servicers to allow surviving non-borrowing spouses in HUD's reverse mortgage program to stay in their home if the mortgage was originated prior to August 4, 2014, widely applauded the Department's decision on Monday. Advocates issuing a joint statement praising HUD were National Consumer Law Center; California Reinvestment Coalition; Elder Abuse Program, Institute on Aging; National Housing Law Project; Sandy Jolley; and Housing and Economic Rights Advocates.

 

About Author: Jordan Funderburk

x

Check Also

REO Agents to Share Some Scares

An upcoming webinar presented by Five Star’s FORCE group will explore a number of horror stories told by experienced REO agents, and the lessons learned from these perilous tales.