Fannie and Freddie to Delist Stock from NYSE
The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to delist their common and preferred stock from the New York Stock Exchange (NYSE) and any other national securities exchange. To read the full article on DSNews.com, click here.
Lenders forced to buy back $3.1 Billion in Mortgages from Fannie and Freddie
Fannie Mae and Freddie Mac forced lenders to repurchase $3.1 billion in mortgages out of their books in the first quarter of 2010. In a regulatory filing explaining the forced repurchases, Fannie Mae stated that when they discover delinquent loans that do not meet underwriting and eligibility requirements, Fannie Mae makes demands for lenders to […]
FHA’s new principal reduction program
A new program issued by the Federal Housing Administration (FHA) requires lenders to reduce the principal by at least 10% for qualified borrowers. Borrowers can qualify for the FHA principal reduction program if they are current on their payments and their loan was acquired from a failed bank seized by the FDIC. Additionally, the program […]
New Mortgage Program for Unemployed
The Home Affordable Unemployment Program (UP) takes effect July 1, 2010, offering eligible unemployed borrowers an option to temporarily reduce or suspend mortgage payments for a minimum of three months. Applicants must qualify for the Home Affordable Modification Program (HAMP), currently receive unemployment benefits, and must request the option before missing three monthly payments. Homeowners, […]
60 Minutes Special: Walking Away
The incidence of negative equity in properties is unmatched in history. 65% of residences in Nevada are drowning and the water continues to rise. See the full 60 Minutes broadcast here.
Republicans Want to End Fannie and Freddie
On Wednesday, Republicans announced a plan to wind down bailed-out mortgage-financing giants, Fannie Mae and Freddie Mac. This proposal has the potential to create some political headaches for Democrats and the Obama administration which have bet heavily on the companies’ futures. Republicans submitted the measure as an amendment to the financial-regulatory bill in the Senate. […]
Two Programs Help Nevada’s Foreclosure Rate
Just as it has for the past 13 quarters, Nevada continues to lead the nation in foreclosures during the first quarter of 2010. One in every 33 Nevada housing units received a foreclosure filing which is more than four times the national average and an increase of nearly 15 percent from the previous quarter. However, […]
Credit and Its Problems – A Free Seminar
Randy M. Creighton, Esq. will host a free seminar April 13th @ 7 PM at the Sahara West Public Library. Mr. Creighton will be speaking about credit, what makes up a credit score, and how to manage credit to your advantage. RSVP Abe Geller at 869-8801 for more information
Even High-Score Borrowers at Risk of Mortgage Default
A New York Times article explains how a high credit score won’t necessarily insulate borrowers from the home-foreclosure crisis, according to a new study from FICO.
“Developers victimized by commercial real estate slump” Tisha Black Chernine quoted in the Las Vegas Business Press
A Las Vegas Business Press article discusses the growing trend of lenders coming after developers for their personal holdings Read the full story here