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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, Continue reading… Countrywide VIP Loans To Fannie Mae Execs Are Under Investigation 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 This Post Dennis Norman Last month I wrote about a new policy implemented by Fannie Mae that would “lock-out” borrowers from getting a Fannie-Mae insured loan for 7 years if they did a “strategic default” or otherwise did not act in good faith and were foreclosed upon. In a nut shell, the borrower that Fannie Mae Continue reading… Fannie Mae Cracking Down on ‘Strategic Defaults’ 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 Continue reading… Fannie Mae’s New Rule Punishes Borrowers That ‘Walk-Away’ 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, Continue reading… Is The Government Going to Push Us Into Another Housing Bust? 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 Continue reading… Relief Available For Homeowners with Drywall Issues or Affected by Gulf Oil Spill 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, Continue reading… Fannie Mae Issues Guidelines For HAFA Short-Sales and Deed-in-Lieu Dennis Norman No doubt over the next couple of years you will have clients 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 to Continue reading… Can your buyers obtain a mortgage if they have done a short sale or deed-in-lieu? 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 overhang are worked Continue reading… Housing Recovery Dependant on Inventory Reduction 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 Continue reading… Housing Recovery ‘Setback’ According to Fannie Mae Report
Dennis Norman Fannie Mae is offering 3.5 percent in closing cost assistance or an equivalaent amount in appliances for people purchasing a Fannie Mae-owned HomePath® property. Fannie Mae is trying to entice buyers to buy one of their HomePath® homes by offering to pay up to 3.5 percent in closing cost assistance or an equal amount Continue reading… Fannie Mae offering buyers incentives on HomePath Properties 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 programs under the Continue reading… Update on Fed’s Foreclosure Prevention and Loan Modification Programs 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 Continue reading… What does 2010 hold in store for the Housing Market? Dennis Norman Freddie Mac, Fannie Mae and CitiMortgage give borrowers a break over the holidays… Within the past day Freddie Mac and Fannie Mae have both announced that they are suspending evictions from December 19, 2009 through January 3, 2010 on foreclosed homes, two families and four families, that they hold. CitiMortgage and CitiFinancial announced Continue reading… Evictions and foreclosure activities suspended over holidays for some borrowers Dennis Norman Fannie Mae just announced their new “First Look” initiative which is aimed at supporting neighborhood stabilization and promoting home purchases by owner occupants by providing owner occupants an advantage in purchasing Fannie-Mae-owned foreclosed properties. Under the First Look program only offers from owner occupants and buyers using public funds are considered during the first 15 Continue reading… Owner occupants get first shot at Fannie Mae foreclosures under ‘First Look’ initiative Dennis Norman As if the fragile housing market didn’t already have enough deadlines to be concerned about, namely the home-buyer tax credit that has been a much-needed shot in the arm to the housing market and is set to expire November 30th, now there’s another deadline looming on the horizon: The American Recovery and Reinvestment Act Continue reading… Upcoming Expiration of Increased Loan Limits for GSE’s and FHA already impacting buyers Charles McMillan 2009 President, NAR By: Dennis Norman National Association of REALTORS(R) 2009 President, Charles McMillansent an email to members stating “as a direct result of my recent meetings with the New York Attorney General’s office, the Federal Housing Finance Agency, Fannie Mae and Freddie Mac this week issued new guidance to all lenders on the Continue reading… NAR’s President Charles McMillan’s meeting with NY AG re HVCC produces results Dennis Norman By: Dennis Norman Short sales are on the rise. Yesterday I did a post on an investor blog on short sales in which I cited stats showing short sales in the first quarter of 2009 were up over 200% from a year ago. While the increase in short sales has created a market niche for Continue reading… Having problems with commissions on short sales? |
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