freddie mac: Bank of America Pays $10 Billion in Settlement with Fannie Mae
- 01/07/13 12:40 AM
Bad home loans sold between 2000 and 2008 were at the center of the $10.3 billion settlement that was reached today between Bank of America and Fannie Mae. The loans, originally valued at $1.4 trillion, were sold to Fannie Mae by Bank of America at the height of the housing bubble, and are what led Fannie Mae’s government takeover and $116 billion bailout. As per the settlement arrangement, Bank of America will pay $3.55 billion in cash to Fannie Mae, as well as repurchase 30,000 of the original loans at a loss for the remaining $6.75 billion. Bank of America will also … (2 comments)
freddie mac: Mortgage Rates Reach Record Low!
- 09/24/12 03:06 AM
With the Federal Reserve’s announcement to invest in home loans last week, mortgage rates across the nation fell sharply, reaching some of the lowest levels ever seen and bringing in a new wave of opportunity for those currently looking at homes.According to Freddie Mac’s survey of mortgage rates last week, both 30-year and 15-year fixed-rate mortgages saw decreases. The 30-year rate fell from 3.55 percent to 3.49 percent, and the 15-year rate went from 2.85 percent to 2.77 percent.With a fresh influx of Reserve money, to the tune of $40 billion every month, being put into mortgage-backed securities, it is expected … (0 comments)
RE/MAX Exclusive Collection is a boutique real estate office located in College Park in Orlando Florida. Michael Kara, broker, has over 15 years of experience and closes more pro-consumer short sales than any other Realtor in Orlando.
Bad home loans sold between 2000 and 2008 were at the center of the $10.3 billion settlement that was reached today between Bank of America and Fannie Mae. The loans, originally valued at $1.4 trillion, were sold to Fannie Mae by Bank of America at the height of the housing bubble, and are what led Fannie Mae’s government takeover and $116 billion bailout.
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