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Tag Archives: FHFA

GSEs’ Rep and Warranty Guidelines Expected to Bring Clarity for Lenders

Fannie Mae and Freddie Mac new representations and warranty guidelines for lenders Tuesday to clarify lenders' risk regarding repurchase claims and define steps lenders can take to challenge repurchase claims they feel are without grounds. Under the new guidelines, if a loan is current for 36 consecutive months, lenders ""will be relieved of certain repurchase obligations,"" according to the Federal Housing Finance Agency, regulator of Fannie Mae and Freddie Mac.

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First Winning Bidder Announced for FHFA’s REO Bulk Sale

After much anticipation, FHFA announced the first winning bidder for its REO bulk sale. San Diego-based Pacifica Companies, LLC, purchased 699 Fannie Mae properties in Florida through the REO pilot initiative. Out of the 699 properties, 506 were occupied units. In a release, the agency stated it will announce the winning investors for properties in other areas in the coming weeks when the transactions close.

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Ohio Homeowners Hold Town Hall Meeting to Discuss Housing Crisis

Homeowners and officials in held a town meeting Thursday in Akron, Ohio, to discuss the impact of the housing crisis on their communities. The event, called #MyHomeMyVote, was designed to put the housing crisis and voters' concerns at the forefront of the wave of issues surrounding this year's election season.

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Massachusetts AG Urges FHFA to Rethink Stance on Principal Reduction

Massachusetts attorney general Martha Coakley issued a letter Thursday to Fannie Mae, Freddie Mac, and their conservator, FHFA, reminding the agency and mortgage giants that they are required to offer reasonable loan modifications in the state and urging flexibility on principal reductions. In a letter addressed to FHFA acting director Edward DeMarco, Coakley outlines a law recently passed in Massachusetts that requires creditors to ""make commercially reasonable efforts to achieve a commercially reasonable loan modification.""

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FHFA: Q2 Price Growth Largest Since 2005, Distressed Sales Drop

This year's second quarter saw the largest quarterly growth in home prices in nearly seven years, according to FHFA's purchase-only home price index (HPI). The agency reported house prices rose 1.8 percent from the year's first quarter to the second quarter-the largest growth since the fourth quarter of 2005. In addition, distressed sales in the market fell to 29.1 percent, a sharp drop from the first quarter's 38.3 percent share.

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C.A.R. Calls for Transparency in FHFA Bulk Sales Pilot

In a release Wednesday, the association accused FHFA of ""moving ahead with its REO bulk sales pilot initiative in a highly secretive manner, despite vehement opposition from California congressional members, the negative economic impact to the state's housing market, and cost to taxpayers."" In response to what the C.A.R. calls ""FHFA's failure to implement the REO initiative in an open and transparent manner,"" the organization has filed a request for details through the Freedom of Information Act.

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Treasury Announces Plans to Wind Down Fannie Mae, Freddie Mac

Treasury announced Friday a set of modifications to agreements between itself and FHFA designed to help speed up the wind down of Fannie Mae and Freddie Mac. In addition to reducing the GSEs' mortgage portfolios in a more timely manner, these modifications are designed to ensure that each firm's earnings benefit taxpayers and help reform the housing finance market.

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Eight Companies Sued for Alleged ‘Abusive Foreclosure Practices’ in Ohio

A lawsuit against eight companies in the mortgage industry alleges the defendants used fraudulent mortgage documents to process foreclosures on Ohio homeowners and charged the foreclosed homeowners inflated, unfair fees. According to the lawsuit, the companies were involved in ""abusive foreclosure practices"" that involved preparing, executing, and notarizing fraudulent court documents and assignments of mortgages used to initiate and prosecute foreclosures.

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Agencies Propose New Appraisal Rules for Higher-Risk Loans

Higher-risk mortgage loans may have a new set of rules to go by when it comes to appraisals. A proposed rule from six federal agencies would set out new requirements when conducting appriasals for higher risk mortgages. For example, the rule would require creditors to use a licensed or certified appraiser when preparing reports based on the physical inspection of a property.

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FHFA Expresses ‘Significant’ Concern Over Eminent Domain Proposal

FHFA issued a notice Wednesday to warn of the controversial use of eminent domain proposed in San Bernardino County. In the notice, which was sent to the Federal Register, FHFA stated it had 'significant concerns"" about the use of eminent domain to revise existing contracts and alter the value of GSE or Federal Home Loan Bank securities holdings. FHFA said that in relation to the Fannie Mae and Freddie Mac, the use of an eminent domain program could result in a cost to taxpayers.

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