Fannie Mae is the largest owner of REO properties in the United States. The government-sponsored enterprise reported in its second quarter 2010 financial statement that it had more than 129,000 properties in its inventory as of June 30 — more than double the 62,000 that fellow GSE Freddie Mac reported owning during the same period and nearly three times the estimated 44,000 REO properties that the Department of Housing and Urban Development owns from the Federal Housing Administration mortgage guarantee program.
Editor's note: This excerpt highlights coverage in this month's HW Magazine. Subscribe now to get the full story.
Modern mortgage loan servicing requires vigilant attention to detail, roundtable participants say
At a recent industry conference, HousingWire sat down with with Jay Loeb, vice president and a principal owner of National Creditors Connection, Inc (NCCI), Gagan Sharma, president and CEO of BSI Financial Services and M.E. Mike Wileman, president and CEO, Orion Financial Group.
Freddie Mac said mortgage rates were unchanged this week, while another rate survey set new record lows.
The Freddie Mac weekly survey put the average for a 30-year fixed-rate mortgage at 4.37% with an average 0.7 point for the week ending Sept. 23, stable from last week's slight increase. A year ago, the average rate was 5.04%.
U.S. Rep. Shelley Moore Capito met with HousingWire for an exclusive interview just days before President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act to talk about financial reform, Fannie Mae and Freddie Mac, the future of HUD and the Federal Housing Administration.
TO READ THE FULL STORY, SUBSCRIBE NOW.
Although quarterly losses at the government-sponsored enterprises (GSEs) continued to mount in Q210 — requiring cash infusions in the range of billions of dollars — analysis out today indicates losses will begin to level out as the companies set aside fewer capital reserves.
Hope LoanPort, the service provider that connects housing counselors with mortgage servicers to help borrowers apply for mortgage modifications, recently offered journalists a hands-on demonstration of its Web-based software.
The Hope LoanPort service is the brainchild of the Hope Now Alliance's technology committee. Hope Now is a consortium of servicers, housing counselors, the government-sponsored enterprises (GSEs) and other industry players working to find solutions to the foreclosure and mortgage crisis.
The national median existing home sales price was increased slightly in Q210 compared to the same quarter a year ago, as 100 of 155 markets the National Association of Realtors (NAR) tracks experienced year-over-year price increases during the quarter.
JPMorgan Chase [JPM]] today purchased a $3.5bn portfolio of 3,800 performing multifamily and other commercial real estate (CRE) loans from a Citigroup [stock C][/stock] subsidiary.
While JPMorgan declined to specify the terms of the deal in a news release, it did say the loans are primarily multifamily CRE mortgages backed by properties in California, New York and Illinois. All of the loans in the portfolio are performing and the properties show strong credit performance, JPMorgan said.
For the 14th consecutive quarter, national US home values declined 3.2% year-over-year during Q210, according to a quarterly market report produced by real estate listing website Zillow.
As HousingWire first reported in this week's edition of "Monday Morning Cup of Coffee," the report also found a bit of positive news, as the rate of borrowers underwater on their mortgage declined.
The first thing you notice about New American Funding's Rick and Patty Arvielo is how much they like each other. That might seem like a foregone conclusion when you meet a married couple, but when that couple also runs an incredibly successful business together, I imagine it could get complicated. Read on to find out more about how this successful couple manages their life, and business, together.
For the first time since 1981, our industry is experiencing a rising interest rate environment. Some people may assume that the current market shift means their business will take a downward turn from which they will never recover. I don’t buy it. The way I see it, challenging times force us to refine our processes and practices.