Lenders Want More Credit Information
Fair Isaac Corp., or FICO, the company behind our credit scoring system has announced that beginning next year lenders will be requiring more information than ever before from those applying for loans. A separate score that will include pay day loans, evictions and over due child support payments will be provided to mortgage lenders through [...]
Federal Reserve Targets Big Banks
Bringing to a close a three year investigation, Federal regulators are nearing a settlement with Fannie Mae and Freddie Mac. In a proposed agreement with the Securities and Exchange Commission, no monetary penalty or admission of fraud will be required of the loan giants. Regardless of any admission of guilt, the settlement would represent an [...]
The Impending Reform of Fannie Mae and Freddie Mac
According to the public listings of meetings, Treasury officials have met with executives from several leading banking institutions, including Wells Fargo, Morgan Stanley, Credit Suisse and Goldman Sachs. Executives from these banks are proposing ideas publicly through trade groups suggesting they become the new housing and finance leaders helping to bundle individual mortgages into securities [...]
Fannie and Freddie Planning to Aide Lenders
Mortgage insurers Fannie Mae and Freddie Mac are planning aide to mortgage lenders. The plan is to create a program to help independent mortgage banks get access to short term credit needed to make home loans. Fannie Mae and Freddie Mac will provide advance commitments for the purchase of home mortgages that meet specific standards. [...]
More Changes Ahead for Freddie Mac and Fannie Mae
A proposal released Wednesday by the Mortgage Bankers Association is asking congress to split Freddie Mac and Fannie Mae. The proposal outlines a detailed plan for restructuring the U.S. mortgage market by establishing a “proposed framework for a refined government role in the secondary mortgage market designed to ensure liquidity for mortgages without presenting unnecessary [...]
More Foreclosures Imminent
Assistant Secretary to Financial Stability, Herbert Allison, reported to the Senate Panel that the Government is considering a proposal to allow homeowners to remain in their homes as renters after foreclosure proceedings have ended… an attempt by the current administration to address the abundance of vacant homes across the country. Freddie Mac launched a similar [...]
Treasury May Buy Mortgage Debt
A plan being lobbied to the U.S. Treasury involves them buying mortgage debt in hopes of driving mortgage interest rates down to 4.5% . The plan has yet to be announced officially. The Treasury would buy mortgage backed securities from Fannie Mae and Freddie Mac.
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