Federal Housing Finance Agency - Articles

New Finance Agency Chief Mel Watt Might Loosen Credit

Susan Walsh/The Associated Press By Margaret Chadbourn Mel Watt, who was sworn in on Monday to head the agency that regulates mortgage finance firms Fannie Mae and Freddie Mac, has signaled a new approach to U.S. housing policy that will put more of an emphasis on ensuring access to credit. Watt, a 68-year-old North... Continue Reading »

Fannie and Freddie's Mortgage Size Limits Won't Drop in 2014

Alamy By Margaret Chadbourn WASHINGTON -- The maximum size of U.S. home loans that taxpayer-owned Fannie Mae and Freddie Mac can buy will hold steady next year, their regulator said on Tuesday, deferring a decision on when to pull back government support for the housing market. The mortgage financiers will continue to... Continue Reading »

Obama's Pick for Housing Agency Head Faces Big Headaches

By James O'Toole The next head of the Federal Housing Finance Agency will have quite the task waiting. President Obama nominated Mel Watt, a Democratic congressman from North Carolina, this week to be the next head of the FHFA. Should Watt be confirmed by the Senate, he will play a critical role in shaping the future of... Continue Reading »

Existing Home Sales Jump, Home Prices Rise More than Expected

By Paul Ausick We have two data points on the U.S. housing market this morning. The National Association of Realtors reports that the seasonally adjusted annual rate of existing home sales in November rose 5.9 percent to 5.04 million from a downwardly revised total of 4.76 million in October. Sales are up 14.5 percent... Continue Reading »

REO to Rental: Fannie Mae Dips Further Into Foreclosure Pool

Fannie Mae waded further into the foreclosure pool on Monday as it released new details on its plan to sell its repossessed homes as rental properties. The pilot program, first announced in August as an effort to clear the mortgage giant's backlog of foreclosures, is launching with an initial offering of 2,490 residential... Continue Reading »

Fannie Mae, Facing Deficit, Asks Fed for Another $4.5 Billion

WASHINGTON -- Mortgage giant Fannie Mae said Wednesday that it lost money in its fourth quarter and is asking the federal government for $4.57 billion in aid to cover its deficit. Washington-based Fannie said it lost $2.41 billion in the October-December quarter, stung by declining home prices. Revenue was $4.53... Continue Reading »

FHFA Plan for Government Lenders Could Hike Loan Cost

WASHINGTON -- The government regulator for Fannie Mae and Freddie Mac has submitted a plan to Congress that would shrink the mortgage giants' roles in the housing market. The Federal Housing Finance Agency's proposal for a leaner Fannie and Freddie was released Tuesday and would mean fewer mortgages are backed by the... Continue Reading »

Mortgage Principal Reduction Plan Too Costly, FHFA Says

A massive principal reduction program applied to underwater loans held by Fannie Mae and Freddie Mac would cost the mortgage giants more than $100 billion, says to an analysis released Monday by the Federal Housing Finance Agency. The FHFA disclosed the analysis, conducted in 2010, in response to Democrats' requests made... Continue Reading »

State AG Sues Fannie and Freddie for Answers

SAN FRANCISCO -- California's attorney general filed lawsuits against mortgage giants Fannie Mae and Freddie Mac on Tuesday, demanding that the companies that own some 60 percent of the state's mortgages respond to questions in a state investigation. Attorney General Kamala Harris, whose office filed the lawsuits in San... Continue Reading »

BofA Plans to Rent Foreclosed Homes to Former Owners

By Jon Prior Bank of America is looking at a new program to rent a home back to the borrower after foreclosure. "There are programs that we are quite interested in," said Ron Sturzenegger, who leads the bank's legacy asset servicing division, in an interview with HousingWire. "We are talking with investors that would... Continue Reading »

Obama to Announce Refi Help for Underwater Homeowners

WASHINGTON -- Seeking to circumvent congressional opposition, President Barack Obama will promote a series of executive branch steps aimed at jumpstarting the economy this week, beginning with new rules to make it easier for homeowners to refinance their mortgages. An administration official said the housing initiative... Continue Reading »

Obama May Turn 250,000 Foreclosures Into Rentals

WASHINGTON -- The Obama administration may turn thousands of government-owned foreclosures into rental properties to help boost falling home prices. The Federal Housing Finance Agency said Wednesday it is seeking input from investors on how to rent roughly 250,000 homes owned by government-controlled mortgage companies... Continue Reading »

Taxpayers May Owe $400 Billion for Bailout of Fannie and Freddie

So far $148 billion have been paid by the taxpayers to bail out Fannie and Freddie for single family mortgages gone bad, and as much as $400 billion more could still be needed. That's according to testimony by Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA), which is the conservator for Fannie... Continue Reading »

Private Transfer Fees: Hidden Homebuyer Fee Coming to an End

Buried in the arcane pages of many homebuyers' contracts is a hidden fee with an equally esoteric name: private transfer fee covenants. Essentially, these cryptic addenda, which are still legal in more than 30 states, require payment to a third party every time the property changes hands. On average, these fees can average... Continue Reading »

Real Estate Ripoffs:  Private Transfer Fees Gouge New-Home Buyers

You've probably never heard of them, but private transfer fee covenants exist in new-home real estate contracts in 45 states. These nasty little debt agreements hidden in the hundreds of pages of a new-home contract can mean someone gets a part of the profits on that home over a 99-year period. Now the Federal Housing... Continue Reading »

AOL RealEstate on Facebook