fannie mae: Fannie / Freddie "Streamlines" Are Here - 02/14/12 04:25 AM
Fannie / Freddie
"Streamlines" Are Here
 
 No appraisal...No Limit on LTV....Marginal Credit "OK".
Good Morning Agents!
 
You heard it. This loan program will give you an opportunity to contact your farm, data base or inner circle of friends.
 
The new  HARP "2. 0  program will start being funded March 17th 2012. Borrowers can begin applying immediately! Before the rush of applications begins bogging down lender's capacity.
 
Many homeowners will still not qualify because of debt to income ratios, multiple mortgage lates or simply or (terrible) credit.
 
Those  homeowners are prime possibilities for future short sales.
 
(3 comments)

fannie mae: FOR PROFESSIONALS: Closing Costs Up 8.8 Percent This Year - 07/21/11 07:07 AM

 
Mortgage closing costs have risen consistently since the housing market meltdown began several years ago. The latest survey by Bankrate Inc. shows that the trend continues this year, with the average closing costs on a $200,000 home loan growing to $4,070, up 8.8 percent from 2010.
Bankrate says that the increase is due to tightened lending rules as a result of the housing crisis. Fannie Mae and Freddie Mac, the now government-controlled mortgage finance companies and who buy up a majority of the nation’s home loans, require higher fees these days. Those costs apparently are getting passed on to … (1 comments)

fannie mae: BREAKING NEWS: Government Shut Down and FHA Loans - Who and what will be affected? - 04/07/11 10:50 AM
Government Shut Down and FHA Loans  - Who and what will be affected?
 

This is the season when the highest number of sales occur in the real estate industry.
Unfortunately, an interruption by the federal government just might happen. If Republicans and Democrats cannot come to an agreement on the budget, the Federal Housing Administration will be shut down. This shutdown would not affect Fannie Mae and Freddie Mac, but it could potentially stop FHA and other government-backed loan guarantee programs.
With the potential shutdown, the Federal Housing Administration will not be able to endorse any single-family loans, and … (3 comments)

fannie mae: MBA Urges Split of Fannie and Freddie - 09/21/09 06:51 AM
The Mortgage Bankers Association is urging the split of mortgage giants Fannie Mae and Freddie Mac 
into smaller companies that would continue to function normally; buying loans from banks and issuing mortgage securities with government guarantees.
The MBA has proposed a federally run insurance fund, similar to the program run by the Federal Housing Administration, to back bonds made by new entities.  The fund would be paid for by fees, which means that tax payers do not pay for losses but would be forced to if losses exceed the pool of money in the fund. Investors take on interest-rate risk but … (0 comments)

fannie mae: TALF Extended To March - 08/18/09 02:08 PM
The Federal Reserve has extended its Term Asset-Backed Securities Loan Facility (TALF) through March 31 for most of the types of loans it makes.  The program was originally scheduled to end on December 31.

The Federal Reserve has extended the TALF program, which is intended to spur lending to consumers and small businesses at lower rates. The program began in March with the intention to ease credit, stabilize the financial system and help end the recession.  Under the program, investors use the funds to buy securities guaranteed by the Small Business Administration such as auto and student loans, credit cards … (1 comments)

fannie mae: Freddie Mac Getting Back On It’s Feet - 08/11/09 12:20 PM
For the first time in two years Freddie Mac reported its first profit and chose to not seek more aid from the U.S. Treasury.  Freddie had a positive net worth of $8.2 billion and gave the government a $1.1 billion dividend on the Treasury’s senior preferred stock.  
All of Freddie’s report was not as positive. Their report stated that “ The second-quarter net income of $768 million stemmed partly from a decrease in provisions for future credit losses.” Freddie Mac said the results included one-time accounting adjustments and mark-to-market gains due to the rise in long-term interest rates and lower … (0 comments)

fannie mae: Fannie Mae’s MBS Rose 44% In June - 08/03/09 12:16 PM
The number of mortgage backed securities that Fannie Mae issued jumped 44% in June from the previous month, but they have not reported their monthly purchases of refinanced loans. 
In the month of May the number of mortgage back securities issued only reach $67.7 billion, compared to the $97.7 billion reached in June.  The huge jump can probably be blamed on high refinancing volumes but we are lacking the data to support this theory since Fannie Mai omitted data on its purchases of refinanced loans in its monthly report. 
The GSE claims that Fannie Mae and Freddie Mac have refinanced over … (0 comments)

fannie mae: Should I Refinance My Rental Property? - 05/06/09 12:38 PM
Q.  After I relocated to California nearly 4 years ago I refinanced my house in Colorado in anticipation of selling it the following year once my entire family had moved out west.  I tried to sell the house for over a year and ended up making it a rental.  Now my home in Colorado has been a rental for over 2 years.  I went to my current mortgage lender and tried to refinance but the rate they were offering for the investment property is high.  I was wondering if there was a way for me to reduce my monthly payments on … (0 comments)

fannie mae: Volume of Borrowers Refinancing Continues to Increase - 04/19/09 07:44 AM
In March Fannie Mae said its refinancing volume totaled $77 billion which was an increase from the $41 billion reached in February.   Borrowers took advantage of lower mortgage rates and a new flexible refinancing program in the last month.   Fannie Mae has not had this level of activity since the refinancing boom that occurred back in 2003.   
As the number of eligible homeowners increase due to the Home Affordable Refinance Initiative, Fannie Mae is expected to have even more homeowners coming to refinance.  The Home Affordable Refinance Initiative allows Fannie Mae and Freddie Mac to use flexible underwriting to refinance … (0 comments)

fannie mae: Who Qualifies Under Obama’s Bailout Plan? - 03/14/09 05:33 PM
Q. When investigating if I qualified for Obama’s new housing bailout plan I read that homeowners who are “underwater” whose home loan was backed by Fannie Mae or Freddie Mac would still be able to refinance.  I wanted to know if I qualify but I can’t seem to find if my loan was backed by Fannie Mae or Freddie Mac.  How to I find out if my loan is backed by them and if I qualify for the housing bailout plan?
                                                            
A.  To see if Fannie Mae owns your loan go to www.fanniemae.com/homeaffordable. Or for Freddie Mac check out … (0 comments)

fannie mae: Net $30 Billion In Mortgage Bonds Purchased By Fed - 03/08/09 02:39 PM
This week the Federal Reserve bought $30.1 billion dollars net worth of mortgage bonds from Fannie Mae, Freddie Mac and Ginnie Mae.  The Federal Reserve is trying to create a program that aims to lower home-loan rates using for the first time resources other than purchases.
The Fed is planning to buy $59 billion of the securities and sell $28.9 billion making these purchases the largest so far by either gross or net amount.  The U.S. central bank is reporting that these purchases had to with dollar rolls.
Dollar rolls are similar to repurchase agreements which create what can be compared … (0 comments)

fannie mae: Can You Ease The Affect Of A Short Sale On Your Credit? - 02/03/09 03:50 PM
Q. How can you ease the affect of a short sale in order to avoid a huge hit to one’s credit? Do short sales have an increasing negative effect as the property value gets lower and lower?
 
A.  Unfortunately short sales, foreclosures and signing a Deed in Lieu of Foreclosure will all negatively impact your credit.  You should do everything in your power to stay in your home and continue to make payments on the loan.   Don’t give up.  Foreclosures are happening everywhere but you should check with you lender to see if they have a better solution for you.  … (0 comments)

fannie mae: Interest Rates Fall, No Help for Borrowers - 09/15/08 06:03 AM
With the recent buy out of lending giants Fannie Mae and Freddie Mac interest rates on thirty year fixed loans fell.
Rates fell from 6.29% to a modest 5.76%, but the flip side is a borrower’s credit score must now be a near perfect 740 to qualify.
Originally, a person with a median score of 580 would get close to the best interest rate.
Experts say that your credit score is going to affect your interest rates like never before. The aim of the buyout is to make mortgages more accessible but only to highly qualified buyers.
In addition to … (6 comments)

fannie mae: Federal Takeover Caused Rates to fall - 09/11/08 10:03 AM
The takeover of Fannie Mae and Freddie Mac by the US Government has caused mortgage rates to fall.
This brought the thirty year fixed rate mortgage down to it’s lowest in six months. It was brought down to about 5.5 percent which amounted to a one half percent drop in one day.
Economists had not expected rates to drop this much, although they did expect some drop, but not as must as a one half percent. In an unstable economy these rates can drop dramatically and jump back up just as quick.
Fannie Mae and Freddy Mac are home … (7 comments)

fannie mae: Fannie Mae and Freddic Mac - Bailed Out by the Fed - 07/14/08 10:53 AM
Fannie Mae and Freddie Mac are following the in the slippery and sliding slope that has befallen many mortgage companies. They are a state of financial distress. Unlike many of the smaller mortgage firms Fannie Mae and Freddie Mac are going to be bailed out by the Fed. The Fed has decided to help these mortgage giants to try and ease any fears about the failing mortgage systems. Fannie Mae and Freddie Mac hold over half of the US mortgages and have needed to in recent times borrow more money from the Fed to keep afloat.The Fed’s plan is to extend … (0 comments)

 
Adam Brett, The Adam and Eric Group, Fullerton's Finest (The Adam and Eric Group)

Adam Brett

The Adam and Eric Group, Fullerton's Finest

Fullerton, CA

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The Adam and Eric Group

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