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fannie mae: Fannie Mae sees 2012 home sales up 3.5% to 4.74 million - 01/13/12 05:05 PM
According to Fannie Mae economists, the housing sector is expectd to take steps forward in 2012, though total originatons will fall on fewer refinances. 
They also say that the second half of the year should outpace the first 6 months, with relation to growth, and political uncertainty and fiscal policy in Washington is expected to drive consumer & business activity.  
Chief Economist Doug Duncan said positive consumer activity and challenges in housing and the global economy will equate to moderate growth for the year. He stated that we're moving into 2012 with decent employment on the employment side which is … (3 comments)

fannie mae: FHA Loan Max Dropped - 11/09/11 03:28 PM
The limit on loans that Fannie Mae and Freddie Mac can guarantee dropped to $625,500 on October 1st. This mostly affects the upper end housing in the US. FHA loan limits vary based upon the area median home prices, but they fall within a range of $271,050 and $625,000. 
Those homebuyers wanting to purchase a home in the upper-cost housing markets will face larger mortgage rates, higher down payments and stricter loan qualifications. Therefore resulting in higher interest rates and down payments. 
By the end of the year, loan limits will be reviewed for 2012 and certain counties will see dramatic … (0 comments)

fannie mae: Troubled homeowners get a lifeline
 - 10/28/11 12:24 PM

The Home Affordable Refinance Program (HARP) is seeing some changes, made by the government, making it easier for homeowners to refinance their underwater, high-interest mortgages.
This isn't for everyone thought. There are still millions who are pas the point of no return and do not qualify for participation. Those homeowners who owe 125% of market value can refinance into new loans. There is help for those who are current in their payments and it helps to reduce the fees that prevented them from refinanciing in the past. 
Apprasals, title insurance and closing cost fees are among a few other fees … (1 comments)

fannie mae: FHFA revises HARP to help more borrowers - 10/27/11 12:36 PM

Fannie Mae, Freddie Mac and the Federal Housing Finance Agency announced changes to the Home Affordable Refinance Program (HARP) to help more borrowers.

 Loans that were sold to Fannie Mae and Freddie Mac that were sold on or before May 31, 2009 will continue to be available for this program. Both Fannie Mae adn Freddie Mac are in the proecess of sending out details about the HARP changes by November 15th to servicers and mortgage lenders. Implementation will vary as participation in HARP is not mandatory. New program points also include:
1. Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and … (0 comments)

fannie mae: REO sales may not peak until 2013 - 10/18/11 12:57 PM
Home prices may be held from a meaningful recovery for some time, as the sale of properties repossessed through foreclosure may not peak until 2013.
Private banks held almost half of the 1/2 million REO properties liquidated. Analysts say that in the future, Freddie Mac, Fannie Mae and the Dept. fo Housing and Urban Developemnt will begin to take on a large deal of these assets. 
Bank of America and Merrilly Lynch project that REO sales could reach nearly 1.5 million units in 2013 which is a projected 10% increase from 2012.
Most of the projected increase will come as the … (0 comments)

fannie mae: Home prices could dip another 7% - 10/14/11 06:33 PM
Barclays Captial states home prices could fall up to 7% by the end of the 2012 first quarter. They also noted that a bigger home price collapse from current levels is low.
In another survey conducted by Fannie Mae found that most of those surveyed believe home prices will continute to fall around 1% over the next year. 
CoreLogic & Clear Capital also expect home prices to continue to drop. Clear Capital is predicting for the last quarter of 2011, another drop in home prices and believe it will continue to decline through the first quarter of 2012. 


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fannie mae: Congress fails to extend thed $729,750 loan limits - 10/11/11 01:48 PM
It's unforntuate to note that Congress failed to extend the $729,750 loan limits, despite extensive efforts by the California Association of Realtors and the National Association of Realtors in their fight for Freddie Mac, Fannie Mae and FHA conforming loan limits. The limits expired September 30th. What this means is that anything above $625,500 will be non-conforming, therefore a jumbo loan would be required. Jumbo loans generally have a larger mortgage interest rate and a higher down payment is required. Subsequently, the borrowers monthly payments would be higher and will cause greater difficulty with "middle class" seller and buyers. 
… (2 comments)

fannie mae: Neighborhood Preservation Act of 2011 - Leasing Foreclosed Properties - 10/06/11 03:25 PM
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fannie mae: Housing survey finds job loss a top concern for American workers
 - 08/21/11 07:23 PM
Concerns about job loss and increasing consumer pessimism reveal that 64 percent of Americans surveyed during the second quarter say the economy is on the wrong track, according to Fannie Mae's latest quarterly National Housing Survey.
The monthly survey found that 70 percent of respondents now believe the economy is on the wrong track, and just 23 percent say the economy is heading in the right direction.
More than a quarter (26 percent) of American workers reported being concerned about losing their job in the next year. While 44 percent of concerned American workers reported having a home mortgage (compared with … (0 comments)

fannie mae: Expiring October 31, 2011: Home Path Buyer Incentive Offer
 - 08/21/11 06:36 PM
Fannie Mae recently extended its HomePath Buyer Incentive Offer, in which buyers may be eligible to receive up to 3.5% in closing cost assistance, through October 31, 2011. To qualify, your initial offer must have been submitted on or after June 14, 2011 and you must close by October 31, 2011. In addition, buyers and/or selling agents must request the incentive upon submission of the initial offer in order to be eligible, and only buyers purchasing a HomePath property as their primary residence qualify.

… (0 comments)

fannie mae: Mortgage rates are great, if you qualify - www.4Malibu.com - 07/15/11 01:56 PM
 
Interest rates are near historic lows and home prices are affordable; however, many borrowers are finding they must have nearly pristine credit records and hefty down payments to get the best rates.
Making sense of the story
Since 2009, credit standards have become much tighter.  For borrowers, this emphasizes the importance of paying close attention to credit scores. New rules unveiled last week, the result of last year’s Dodd-Frank financial-services legislation, require banks and other lenders to disclose to consumers the scores used to determine interest rates charged borrowers, or to deny credit, making it easier for borrowers to see … (2 comments)

fannie mae: Americans expect falling home prices and higher rental rates - www.4Malibu.com - 07/07/11 07:07 PM
The average consumer expects home prices to decline by at least 0.5% in the next 12 months, according to a new monthly consumer survey from Fannie Mae.
That forecast reverses the trend from May when most consumers interviewed by the government-sponsored enterprise said they expect at least a slight home price increase in the next year.
Those consumer revelations are part of the GSE's Monthly National Housing Survey, a reflection of consumer sentiment based on 1,000 interviews with Americans.
Only 22% of respondents in June see higher home prices on the horizon, compared to 25% of consumers who expect prices to decline and … (0 comments)

fannie mae: How Long Is the Wait to Buy After Foreclosure? - www.4Malibu.com - 06/30/11 05:30 PM
Fannie Mae and Freddie Mac have a three-year waiting period following a foreclosure, and a two-year wait following a short sale, deed in lieu, or discharge or dismissal of bankruptcy. However, if borrowers can justify that the circumstance for the foreclosure or bankruptcy occurred because of an illness or job loss — or other “extenuating circumstance” — that may help reduce their wait. But with no such extenuating circumstances, these former home owners may have to wait longer, even up to seven years following a foreclosure or four years after bankruptcy, the article notes.For loans insured by the Federal Housing Administration, borrowers with perfect credit … (0 comments)

fannie mae: Buy Again After Bankruptcy Short Sale or Foreclosure? 2011- Waiting Guidelines - www.4Malibu.com - 05/31/11 01:08 PM
2011 FHA Waiting Guidelines Bankruptcy – You may apply for a FHA insured loan after your bankruptcy has been discharged for TWO (2) years with a Chapter 7 Bankruptcy.
You may apply for a FHA insured loan after your bankruptcy has been discharged for ONE (1) year with a Chapter 13 Bankruptcy
Foreclosure - You may apply for a FHA insured loan THREE (3) years after the sale/deed transfer date.
Short Sale / Notice of Default – You may apply for a FHA insured loan THREE (3) years after the sale date of your foreclosure. FHA treats a short sale the same … (0 comments)

fannie mae: Fannie Mae offers help with closing costs on HomePath properties - www.4Malibu.com - 04/12/11 12:09 AM
As the housing market continues to lag in sales, Fannie Mae is laying the groundwork to entice buyers by announcing it will offer up to 3.5% in closing cost assistance on Fannie Mae-owned HomePath properties.
To qualify, the buyer's initial offering on the HomePathproperty  must be submitted on or after April 11 and the sale must close by June 30.
The buyers must use the home as a primary residence since sales to investors are not included in the offering.
The lackluster recovery in the housing sector continues to haunt federal officials. The Federal Reserve Open Market Committee recently blamed weak housing activity on low demand … (2 comments)

fannie mae: Without Loan Giants, 30-Year Mortgage May Fade Away - www.4Malibu.com - 03/11/11 04:32 PM
How might home buying change if the federal government shuts down the housing finance giants Fannie Mae and Freddie Mac?
The 30-year fixed-rate mortgage loan, the steady favorite of American borrowers since the 1950s, could become a luxury product, housing experts on both sides of the political aisle say.
Interest rates would rise for most borrowers, but urban and rural residents could see sharper increases than the coveted customers in the suburbs.
Lenders could charge fees for popular features now taken for granted, like the ability to "lock in" an interest rate weeks or months before taking out a loan.
Life … (0 comments)

fannie mae: Fannie, Freddie REO continues to rise in 4Q - www.4Malibu.com - 03/02/11 05:49 PM
The amount of repossessed homes held by Fannie Mae and Freddie Mac rose considerably in the fourth quarter from a year earlier, according to financial supplements.
Fannie reports its real estate owned inventory by volume of properties. In the fourth quarter, it reported 162,489 in REO that needed to be resold, up 88% from the year before. Freddie reports its inventory in the unpaid principal balance on the underlying mortgages that the borrower defaulted on. As of the fourth quarter, Freddie held $12.9 billion in REO, up 55% from one year ago.
The government holds more REO exposure than what is … (0 comments)

fannie mae: Fees for home mortgages increase - www.4Malibu.com - 02/04/11 03:52 PM
For the first time since 2009, Fannie Mae and Freddie Mac are raising risk fees charged to lenders on loans they buy for resale to investors.  Fannie and Freddie also are adding risk fees to more loans offered to borrowers with exemplary credit.  Although lenders could absorb the cost, most are expected to add the fees to loan costs.
To avoid a fee or to receive a discount, most borrowers will need FICO scores of 740 or better and down payments of at least 25 percent.
The fee increases likely will affect most loans with terms longer than 15 years that … (0 comments)

fannie mae: Foreclosures Still Dragging Down Housing - www.4Malibu.com - 12/28/10 02:02 PM
The housing market has remained at the center of the nation's economic troubles throughout 2010. The housing market started the year flat on its back, and it's ending the year in nearly the same condition.
Home sales are still depressed, home-building remains near a 50-year low, and home prices are still about 30 percent below their peak.
Part of the problem this year has clearly been high unemployment. But the ongoing foreclosure crisis also keeps glutting the market with unsold homes. Meanwhile, the government's efforts to prevent foreclosures over the past year were a pretty big disappointment to many people.
A … (5 comments)

fannie mae: Fannie Mae to Charge Strategic Defaulters, for Everything - www.4Malibu.com - 06/28/10 02:01 PM
 
 
 
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Malibu California Real Estate ׀ Malibu Homes for Sale & Lease ׀ Malibu Land
Fannie Mae to Charge Strategic Defaulters, for Everything
Fannie Mae is sifting through borrower data to determine who is strategically defaulting and who is not after announcing more efforts this week to crack down on those who walk away from their homes. And if the GSE determines someone strategically defaulted, then they say they will hold the borrower accountable for all associated costs of getting the house back on the market, in areas that lawfully allow deficiency … (0 comments)

 

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