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  By Easton L Starting July 1, 2013 mortgage servicers must offer eligible borrowers at least 90 days delinquent an easy way to lower their monthly payments and modify their mortgage without requiring the often pain in the neck financial or hardship documentation. However, the loans only apply, at this moment, to those owned by Fannie Mae and [...]

  By Easton L Lawrence A proposal which would take effect sometime in 2013, would  require new mortgage borrowers in five U.S. states, including Florida, to pay higher fees for a loan than those in other states. This move is opposed by Florida Chief Financial Officer Jeff Atwater, Florida Realtors and the National Association of Realtors® (NAR). [...]

  New York, Manhattan, top federal prosecutor sued Bank of America for more than $1 billion on Wednesday for mortgage fraud against Fannie Mae and Freddie Mac during the years around the financial crisis. U.S. Attorney Preet Bharara said Countrywide Financial, which was later bought by Bank of America, churned out mortgage loans from 2007 to 2009 [...]

By Easton L Cheap mortgage rates have made home-buying and refinancing more affordable than ever. And today their is more good news for those who can qualify as the average U.S. rates for 30-year and 15-year fixed mortgages fell to fresh record lows this week. Mortgage buyer Freddie Mac said Thursday that the rate on [...]

By Easton L The short sale process is poised to get a lot quicker starting this summer as housing giants Fannie Mae and Freddie Mac are adopting new guidelines to streamline the process for short sales, which most real estate observers expect will outpace foreclosures in the coming year. The guidelines, required by the Federal Housing Finance Agency [...]

The average U.S. rate on the 30-year fixed mortgage fell back below 4 percent this week, staying near historic lows. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.99 percent from 4.08 percent last week. Last month, the rate touched 3.87 percent, the lowest since long-term mortgages began [...]

As the Obama administration forges ahead this spring with plans to wind down mortgage giants Fannie Mae and Freddie Mac, community banks and credit unions are bracing for the impact. The government-sponsored entities are the most active buyers on the secondary market for residential mortgages, where a growing number of small financial institutions sell the [...]

Fannie Mae says it will provide more mortgage aid to the unemployed, possibly extending the forbearance period up to a year for those who qualify.  Starting on March 1, Fannie Mae will require mortgage servicers to extend the forbearance relief to qualified unemployed borrowers for six months – without any approval needed from Fannie Mae. [...]

By Easton L Almost a month after assuming full front runner status, Newt Gingrich, is now trying  to quiet unrelenting campaign criticism that he acknowledged had taken a toll as Mitt Romney stepped up insider attacks Saturday in hopes of regaining front-runner status with the first presidential vote little more than two weeks away. Gingrich, the [...]

The Securities and Exchange Commission has brought civil fraud charges against six former top executives at Fannie Mae and Freddie Mac, saying they misled the government and taxpayers about risky subprime mortgages the mortgage giants held during the housing bust. Those charged include the agencies’ two former CEOs, Fannie’s Daniel Mudd and Freddie’s Richard Syron. [...]