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Fannie Mae

Fannie Mae Deed for Lease Program Allows Homeowners to Rent Back

by Moe Bedard

WASHINGTON, DC — Fannie Mae (FNM/NYSE) is implementing the Deed for Lease™ Program under which qualifying homeowners facing foreclosure will be able to remain in their homes by signing a lease in connection with the voluntary transfer of the property deed back to the lender.

“The Deed for Lease Program provides an additional option for qualifying [...]

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Mortgage bankers ask for more bailout money

by Moe Bedard

Mortgage bankers are pushing Congress to expand the U.S. government’s support of the market by guaranteeing private-industry home-loan securities and replacing finance companies Fannie Mae and Freddie Mac.

The first step builds off the model for Ginnie Mae, the agency that guarantees payments on bonds backed by government- insured mortgages, according to a report today by [...]

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Another Fannie Mae Bailout

by Moe Bedard

Will bailouts of mortgage giants Fannie Mae and Freddie Mac ever stop? Today, Fannie Mae made public to the Securities and Exchange Commission their profit and loss statement to the Securities and Exchange Commission. Total losses at Fannie Mae for 2008 are greater than 58 billion dollars.
Given President Obama’s recent plans for normalizing the housing [...]

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Meet My New Landlord, Fannie Mae

by Moe Bedard

“While it may be sometimes tougher for us to sell a property when people are in it, we understand that lots of people are in tough situations right now,” said Chuck Greener, a Fannie Mae spokesman. “If a renter wants to stay in their home, we’ll make that happen. And if they [...]

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Fannie Mae Finally Gets Loan Modification Friendly

by Moe Bedard

It looks like Fannie Mae is finally implementing stronger loan modification methods and starting to progress with the foreclosure prevention times by implementing their new “Stream Lined Loan Modification Program” or (SMP).
Read the Fannie Mae Guidelines here

What does this mean “only” to Fannie Mae borrowers?
Key changes are that Fannie Mae mortgage servicers will now [...]

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NACA Shines Media Spotlight on Fannie Mae Foreclosure Follies

by Moe Bedard

NACA, the Neighborhood Assistance Corporation of America says Fannie Mae was bailed out by the government with taxpayer money, but now Fannie Mae is turning its back on the same people whose money bailed them out.
NACA is led by one of the most controversial and effective consumer advocates in the country, Bruce Marks. A [...]

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Let’s Use Fannie to Clean Up the Mess It Made

by Moe Bedard

Earlier this week, James Lockhart, the director of the Federal Housing Finance Agency and the government conservator of Fannie Mae and Freddie Mac, said that the two companies need to begin writing

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Killer Mortgages

by Moe Bedard

The social impacts that this mortgage and foreclosure crisis are having on people, families and our communities are nothing short of devastating.
What was once a rare occurrence has now become daily normal life in many neighborhoods across the country. Suicides, murder, divorce, depression, crime and blithe are all attributes of the foreclosure crisis and [...]

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Fannie & Freddie Offer More Carrots (Cash) for Servicers to “Try” and Entice Them to Help Struggling Borrowers

by Moe Bedard

Cash is king and when it comes to helping people in need, cash seems to light a fire under people’s arses to make them help a little bit more than they would if there were no cash incentives involved.
This is the “new” American way, right?
The facts are that it costs a servicer more money to perform some type [...]

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Fannie, Freddie: Taxpayers on the hook

by Moe Bedard

A number of senators on the banking committee – from both parties – characterized Paulson’s request as asking lawmakers for a “a blank check,” and they were none too keen on the idea, knowing they have to answer to taxpayers.
How lawmakers might alter the Treasury’s proposals isn’t clear yet. But if the government uses federal [...]

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The House Approves Massive Housing Bill – But Will it Help You?

by Moe Bedard

The House approved a massive plan Wednesday to try and put the brakes on the foreclosure crisis that is sweeping the nation and causing the worst housing decline since the Great Depression. The goal of this new bill is to provide aid to homeowners facing foreclosure and also a “bail out” of government backed mammoths Fannie Mae and [...]

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Taxpayer Groups Sign Coalition Letter Opposing Dodd-Countrywide Mortgage Bailout Bill

by Moe Bedard

Proposed Legislation Rewards Risky Borrowers and Banks with Hundreds of Billions of Taxpayer Dollars at Risk, Potentially Bankrupting the Federal Housing Administration

WASHINGTON–(BUSINESS WIRE)–As the Dodd-Countrywide mortgage bailout bill comes to the Senate floor this week for debate, leading taxpayer advocates stand in opposition to the legislation.
The Dodd-Countrywide bill would create $300 billion in new taxpayer [...]

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Fannie Mae boosts mortgage counseling program

by Moe Bedard

NEW YORK (Reuters) – Fannie Mae, the largest provider of funding for U.S. residential loans, is boosting its program that pays counseling fees for delinquent borrowers as it works to curb foreclosures and its own losses.
Fannie Mae (FNM.N: Quote, Profile, Research) is extending a temporary program to reimburse mortgage servicers for counseling costs through the [...]

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Fannie Mae Will Reimburse Its Servicers for Referrals to HOPE Hotline

by Moe Bedard

As part of its ongoing commitment to support borrowers facing potential foreclosure, Fannie Mae (NYSE: FNM: 34.23, +0.18, +0.52%) will reimburse its servicing partners when they refer homeowners who are behind in their mortgage payments to the HOPE Hotline for counseling.”We have to do everything we can, and early intervention and delinquency counseling are key [...]

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