Fannie Mae

Entries Tagged as 'Fannie Mae'

LOAN MODIFICATION PROGRAM ISN’T ON TRACK YET

January 24th, 2010 · No Comments

It would be unfair to say that the Obama administration hasn’t been trying to restore the health of the housing market. Unfortunately, it would be inaccurate to say that its programs are having much success. The loan modification program is a worrisome case in point.

On February 18, 2009 the Treasury Department announced the Homeowner Affordability […]

STANDARDIZED SHORT SALE PROCESS WILL BENEFIT ALL PARTIES

December 20th, 2009 · 1 Comment

Two years ago the National Association of Realtors® formed a task force to address the vexing issue of short sales. A multitude of members had complained of lengthy and often incomprehensible processes that – although they varied in detail from lender to lender – all seemed to share the characteristics of being inefficient and irrational. […]

DEED FOR LEASE PROGRAM IS ANOTHER ATTEMPT TO MAKE THINGS BETTER

November 9th, 2009 · No Comments

The world has not turned completely upside down, but, believe me, it is leaning precariously. Remember all those programs that were designed to turn renters into homeowners? Now we have a program to turn homeowners into renters! I refer, of course, to the Deed For Lease program rolled out by Fannie Mae on November 5, […]

Mortgage Money: Where Does the Money Come?

November 2nd, 2009 · No Comments

Boy, how things change. When I was in high school (Disco era of 1978), if my parents wanted a home loan they would walk downtown to the neighborhood bank or savings & loan in Granada Hills, CA. If the local bank in Granada Hills had extra funds lying around and considered my parents a good credit […]

COURT RULES AGAINST LENDER’S ATTEMPT TO CUT COMMISSION DURING A SHORT SALE

August 24th, 2009 · 1 Comment

One reason that many real estate agents are less than enthusiastic about short sales is that, too often, a commissionectomy may be involved. By demanding a certain amount of net proceeds, the lender effectively cuts the commission that had been stipulated in the listing agreement. (To be sure, since March 1, 2009 Fannie Mae has […]

[Read more →]

Tags: Fannie Mae · FNMA · Bob Hunt · Disclosure · The Market · Short Sales

SHORT SALE, FORECLOSURE, OR DEED IN LIEU: WHICH IS BEST FOR THE BORROWER?

August 3rd, 2009 · 3 Comments

If only the President’s foreclosure-prevention plan worked as well as “cash for clunkers”. But it hasn’t. When the Administration announced the Making Homes Affordable plan in February of 2009, officials said they hoped it would help 4 million distressed homeowners to stay in their homes. As of this writing (8/2/09), the Administration has acknowledged that […]

NEW APPRAISAL RULES ARE CAUSING PROBLEMS

July 5th, 2009 · No Comments

Like politics, all real estate is local. This is drummed into us time and time again. You hardly ever see a report about state or national real estate trends without the cautionary caveat that “local markets are all different.” So how, then, does it make any sense for real estate appraisals to be conducted by […]

From The Desk of Duane

April 21st, 2009 · 1 Comment

ABOLISH THE DRE

Assembly Bill 33 (Nava) was approved April 13th in the Assembly Banking Committee. This bill would abolish the Department of Real Estate, the Department of Corporations, the Department of Financial Institutions, and the Office of Real Estate Appraisers. AB 33 proposes to transfer the powers, duties, purposes, jurisdiction and responsibilities of those departments to the […]

NEW FANNIE MAE OWNER-OCCUPANCY REQUIREMENTS WILL HELP TO BOOST INVESTOR SALES

January 5th, 2009 · No Comments

On December 16, 2008, Fannie Mae released announcement 08-34 to lenders around the country. This document contains good news for investors, agents of investors, and lenders who are trying to reduce their REO (”real estate owned”) inventory. The good news consists of a loosening of Fannie Mae’s owner-occupancy ratio requirements for loans made to investor […]