The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Mortgage

Fake press release announces Fannie Mae principal reduction program

Just to be clear: This is not happening.

A fake press release with Fannie Mae letterhead, links and contact information was sent to some media outlets, announcing a new principal reduction program.

The Federal Housing Finance Agency shut down the idea in August.

Outside of fully funded principal payments from fellow taxpayers as part of select state programs, no borrowers can receive write-downs from a GSE. Oddly enough, both GSEs did release legitimate announcements this week that they would participate in these Hardest Hit Fund programs as long as the servicers did not have to match what taxpayer dollars borrowers received to make payments toward their principal.

The fictional HomeRight Community Relief Program in the fake press release would force servicers to reduce principal “to reflect their current market value” through HAMP modifications. A phone number is even assigned to press contact Andrew Wilson, but the area code is from Georgia – not really close to Washington, D.C., where Fannie is based.

Groups protested at Fannie and Freddie Mac offices around the country this week, calling for the mortgage giants to reduce principal for borrowers who owe more on their loan their home is worth.

A Fannie legal team is tracking down who put out the release. A phone call to the number provided was not returned.

“Fannie Mae is focused every day on helping struggling borrowers avoid foreclosure,” the real Fannie Mae spokesman, Andrew Wilson, told HousingWire. “This fake news release does nothing to advance that goal.”

jprior@housingwire.com

Latest Articles

New home sales rise for second consecutive month

Regionally, on a year-to-date basis, new home sales fell 1.0% in the Northeast and 2.3% in the West, but rose 4.4% in the Midwest and 4.5% in the South.

Sep 24, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please