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Dennis Norman Fannie Mae, after losing $59.8 Billion in 2008 and then $74.4 Billion in 2009, reported yesterday that things are looking up and they lost only $1.2 Billion in the 2nd quarter of this year. This “good” news comes on the heels of documents being released two weeks ago showing that Countrywide made, [...] Fannie Mae Rolls out New Loan Quality Initiative (LQI) Program – Tightens underwriting requirements and aims to reduce borrower fraud. These rules could derail some closings for buyers who rack up purchases or even take out new store credit cards before their home sales have closed. Tweet [...]
Dennis Norman So, you have the money to pay on your ‘underwater’ mortgage, or to afford the reduced payment amount offered to you under the HAMP program, but think, rather than throw good money after bad you’ll just do like so many borrowers are doing and ‘walk-away‘? Well, if you have any plans to buy [...]
Dennis Norman UPDATE June 21, 2010- I said I would update this post after the proposed rules were published on the Federal Register with info on how to submit a comment -If you would like to comment, see the comment instructions in the Federal Register (I highlighted them) by clicking here -end of update. June 4, [...]
Dennis Norman Last week both Fannie Mae and Freddie Mac announced relief for homeowners with a mortgage insured by either agency (which accounts for over 90 percent of the home loans in the U.S.) that either have drywall problems (the Chinese drywall issue) or are in the Gulf coast area and are affected by the [...] UPDATE- June 2, 2010: The National Association of REALTORS obtained answers from the Treasury Department on 3 common questions about HAFA: agents are not permitted to rebate a portion of their commission to the buyer,
Dennis Norman No doubt over the next couple of years you will have buyers that were forced to do a short sale or deed-in-lieu in the past, but are ready to buy again. Fannie Mae has made changes to their policy that are going to help these buyers by easing their policies with regard [...] Dennis Norman Housing is stabilizing but excess inventory and shadow supply are hindering recovery according to the April 2010 Economic Outlook released today by Fannie Mae’s Economics & Mortgage Market Analysis Group. The report projects that new home sales (which are at record lows) will be slow to recover until inventory of existing homes and the foreclosure [...] Dennis Norman According to the Economics and Mortgage Market Analysis report just published by Fannie Mae, the weather was the culprit for the slow-down in home sales at the beginning of this year however, we did not get the boost they were anticipating from the extension of the tax credits. “Unfortunately, despite the high hopes [...] Dennis Norman Today the Federal Housing Finance Agency released it’s “Foreclosure Prevention & Refinance Report for the Third Quarter 2009“. This report gives data on Fannie Mae and Freddie Mac, the two-quasi-government agencies that either own or insure most of the home loans in the U.S., including how foreclosure prevention and loan modification [...] Dennis Norman In a just a few days we will say goodbye to 2009; a year that has been brutal to the housing market. So as the new year comes in, what will 2010 hold in store for the housing market? To answer this question I turned to the housing forecast just released by Fannie [...] Dennis Norman By: Dennis Norman Practically the entire real estate industry seems to be abuzz about the Home Valuation Code of Conduct (HVCC) that went into effect May 1st. I first wrote about it back in early April in a post on this blog. Since Fannie Mae and Freddie Mac implemented the new rule there have been many questions [...] Dennis Norman By: Dennis Norman Yesterday I posted part one of my E-View TM with H. John Frank, a highly respected mortgage banker that is the President of Paramount Mortgage Co. Lets continue with part two of the E-View TM: H. John Frank, Jr., President, Paramount Mortgage Q-Investors, even those that are very qualified are struggling to obtain financing. Many [...] Dennis Norman By: Dennis Norman Earlier this month I did a post about the Home Valuation Code of Conduct (HVCC) which is scheduled to take effect May 1st (click HERE to see post) Last week, Charles McMillan, the President of the National Association of REALTORS(R) sent letters to Fannie Mae President and CEO Michael Williams and Freddie [...] By: Dennis Norman After May1st Fannie Mae and Freddie Mac will no longer accept loans that do not comply with The new Home Valuation Code of Conduct (HVCC). Since between Fannie Mae and Freddie Mac they control about 90% of the secondary mortgage market in America this will most likely affect real estate investors one way or another. The [...] By: Dennis Norman Beginning March 1, 2009, new rules will go in effect by Fannie Mae changing the limitation on the number of mortgages an investor may have and still be eligible for Fannie Mae financing from four to up to ten. In these very challenging times and, with banks clamping down, this is welcome news for investors! [...] |
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