Fannie/Freddie Friday Links

Fannie Mae to Loosen Refinancing Rules (Washington Post 2/06)
"The District company, which accounts for more than 40 percent of the $12 trillion in U.S. residential mortgage debt, is seeking to break a "logjam" in refinancing and allow more homeowners to take advantage of near-record low interest rates, according to Brian Faith, a spokesman for Fannie Mae, which like its rival, Freddie Mac, is under government control."

Fannie Mae sent out email notification of the "enhancements" on Wednesday. Their announcement can be viewed HERE (pdf).

Complexes with many deadbeats may lose out on Fannie Mae loans (palmbeachpost.com, 2/02)
"Yet another barrier to landing a mortgage after the housing crash: Mortgage giant Fannie Mae isn't buying loans backed by condos in developments where more than 15 percent of unit owners are behind on their monthly fees."

Feds say virus plot could have destroyed all Fannie Mae data (USA Today, 1/30)
"The Justice Department says it has foiled an alleged plan by a fired Fannie Mae contract employee to unleash a virus that would have destroyed data on all of the finance company's 4,000 computers on Saturday, the Associated Press reports."

Fixed Mortgage Rates Rise to 5.25%, Freddie Mac says (Bloomberg, 2/05)

Freddie Mac launches plan for high-risk loans (bizjournals.com, 2/04)
"A selected portfolio of higher risk mortgages that are at least 60 days delinquent will handed off to a specialty servicer for intensive attention using Freddie Mac’s workout opportunities."

Freddie Mac to keep borrowers in foreclosed homes (LA Times, 1/31)
"Freddie Mac, the government-sponsored mortgage finance institution, said Friday that it would allow some borrowers whose houses are in foreclosure to remain in their homes as renters. The new policy's direct effect will be modest. Freddie Mac has only about 8,500 properties in foreclosure, and many are vacant. Nationwide, various estimates place the number of homes in foreclosure at more than 2 million."

Friday Links 1/09/2009

Life around the office has been busy lately. Understandably, the lowest mortgage rates on record are making everyone want to refinance (and a few to purchase). We're in a "refi boom". And from our perspective it appears to be picking up steam.

But it's also cutting into my blogging time. So here are some links :-)

Mortgage Rates Set Another Low (Housing Wire, 1/08)

Bernanke's buzz killer: China Losing Taste for Debt From US (NYT, 1/07)

Realtors Slam New Fannie Mae Fees, Bloggers (thetruthaboutmortgage.com, 1/05)
"Realtors slam..." is a over reaching and a bit harsh. "NAR has issues with.." is more like it. NAR's "downpayment clarification" from Dec. 31, 2008.

BOE Cuts Rates To Lowest Since Bank's Creation in 1694 (Bloomberg, 1/08)
The Bank of England takes a cue from the FED.

I received an email from Fannie Mae (that doesn't make me special - you can get on their email list if your so inclined) on Thursday. The HVCC, or Home Valuation Code of Conduct, has been amended and will be implemented May 1, 2009. Here's their announcement with FAQs.
Also reported on at the Appraisal Scoop (01/08).

Local:
Some PHA clients escape foreclosure (C-ville Weekly, 1/08)

Jim Duncan on the problems with Charlottesville's housing market (cvillepodcast.com, 1/08)

Video: Today Show on UVA's Ranking (UVA Today News Blog, 1/08)
Meredith Vieira: "... and number one is the University of Virginia, a fantastic school."

Fannie/Freddie Friday Links

Freddie Mac: 30-year fixed mortgage rate at 37-year low (MarketWatch.com, 12/18)
"The average rate fell to 5.19% with an average .7 point for the week ending Dec. 18, down from 5.475% last week and 6.124% a year ago."

"... lowest since the survey began in April 1971."

Fast Track Workouts for Delinquent Borrowers with Freddie Mac-Owned Mortgages Underway (MarketWatch.com 12/18)

Fannie Mae, Freddie Mac foreclosures slow-regulator (Reuters.com 12/16)
"Fannie Mae and Freddie Mac, the largest providers of funding for U.S. home mortgages, slowed the pace of foreclosure starts on delinquent loans for the second straight quarter, their regulator said on Tuesday."
"...but loans reinstated by the former's HomeSaver Advance loan program to borrowers jumped to 27,277 last quarter from 16,658 in the second quarter, the FHFA said."

Loan terms can now be modified before you're late (Chicago Tribune 12/19)
"Starting immediately, Fannie Mae—the mortgage giant with an estimated 18 million home loans in its portfolio or in mortgage bond pools it guarantees—will allow borrowers who face imminent financial difficulties to request "early workout" loan alterations, even if they've never been late."

Homeowners Are Rushing To Refinance As Rates Fall (CNBC, 12/18)
I concur.

Friday Links

Mortgage rates remained steady this week compared to last. However, Fannie Mae's recent decision to increase fees will likely bump up rates in the next several weeks.

Could the HELOC freezes being implemented at major banks across the country backfire?

Paulson and Co.'s quick action to put together the Fannie/Freddie bailout plan had good reason: The perception of our creditworthiness by Asian investors.

Finally, this is just shocking: Almost Half of Indiana's Brokers See Licenses Yanked.