After years of laser focus on underserved borrowers, the top lender is taking the next step in the journey
The firm expects to emerge from Chapter 11 by the end of January
The Federal Housing Finance Agency (FHFA) is ready to streamline the mortgage modification process for hundreds of thousands of borrowers in the United States. According to a statement by acting FHFA director Edward J. DeMarco, who has been a polarizing figure in the housing market recovery, delinquent and underwater mortgages guaranteed by Fannie Mae and Freddie Mac could be modified in a no-doc fashion starting in July.
After July 1st, 2013, borrowers who are late on their mortgages guaranteed by Fannie Mae or Freddie Mac may see a letter from their servicer explaining their eligibility for the new Streamlined Modification Initiative (SMI). According to the official press release by the Federal Housing Finance Agency (FHFA), the program aims to add a simplified option for homeowners to save their homes from default and foreclosure.
(Reuters) - Private equity firm Cerberus Capital Management wants to provide financing to small investment firms that are buying foreclosed homes as part of a long-term bullish bet on the housing recovery, according to four sources familiar with the situation.
(AP) — Federal prosecutors say a former Orange County foreclosure specialist for Fannie Mae has been named in a grand jury indictment saying he took kickbacks from a real estate broker in exchange for granting him properties to sell.
(Fannie Mae) -- The strong jobs report and the rebound in consumer confidence in February suggested that businesses and consumers set aside their worries about fiscal drag ahead of the looming sequestration deadline, according to Fannie Mae’s (FNMA/OTC) Economic & Strategic Research Group. Activity in both the stock and housing markets also picked up recently and continues to act as a tailwind for the economy. Furthermore, the pace of manufacturing and service activity has expanded at a healthy pace and should contribute to growth this quarter. Although income and consumer spending took a hit at the start of the year and may slow again due primarily to tax increases, overall economic growth is expected to pick up in the second half of the year, coming in at 2.1 percent in 2013.
Buying a house makes a national list of the most foolish mistakes American adults feel they have made, according to a survey released to coincide with April Fools’ Day.