fannie mae

Does the Short Sale Have a Future?

by Melissa Zavala | January 10, 2012

One of my Realtor® friends showed me a letter that her client had received about a deed-in-lieu of foreclosure program (à la Fannie Mae) whereby the seller would receive up to $7500. My friend was a little displeased that her client had received this letter because she was about to close the short sale transaction. [...]

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Real Estate Investing

A Glossary for Today’s Real Estate Investor

by Marty Boardman | September 29, 2011

So you want to get into real estate? Well, allow me to help you get up to speed on a few important terms, from an investor’s point of view. Short Sale: This is an oxymoron. Rarely are short sales short. It’s even rarer if a sale occurs at all. An extremely subjective process, the short [...]

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Housing

The Week in Housing: Pending Home Sales, Interest Rates, Delinquency, and More

by Ryan Hinricher | May 30, 2011

This week we cover the pending home sales release from the National Association of Realtors, new home sales, interest rates, and news on delinquency. Pending Home Sales Hit Skids The National Association of Realtors (NAR) reported pending home sales plunged 11.6% in April. Year-over-year pending home sales are down 25.6% when the second home buyer [...]

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Commentary

What a Private Mortgage Market Could Mean to You

by Kevin Kaczmarek | March 9, 2011

The New York Times featured an interesting article last week on life after the 30 year mortgage. More specifically, how the mortgage market would look like if Freddie Mac and Fannie Mae go away. Some would say, the reduction in government “guidance” in the mortgage market will be good for free enterprise and will create [...]

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Foreclosures

Short Sale Negotiating with Fannie and Freddie

by Melissa Zavala | March 8, 2011

Lately, I’ve been doing a lot of negotiating with Fannie and Freddie—you know… our friends Fannie Mae and Freddie Mac. These friends have been in the news quite often of late, and they certainly aren’t making short sale processing any easier. For homebuyers and home sellers not involved in short sales, there may be very [...]

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Real Estate Investing

The Incredible Vanishing Bulk REO Seller

by Marty Boardman | March 3, 2011

Catherine Bach was last seen in 2000. Famous for her role as Daisy Duke in the Dukes of Hazzard, her whereabouts have been unknown for more than a decade. Then there’s Jan-Michael Vincent. He gained stardom from the popular 80’s TV series Airwolf. No one has seen this guy since the show was cancelled in 1996. [...]

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Real Estate Investing

Look Who’s on Santa’s Naughty List This Year

by Marty Boardman | December 22, 2010

Daddy, this is boring – when are they going to talk? The Nutcracker had just started and already my 6 year-old daughter, Audrey, was complaining. Evidently no one had explained to her that there is no dialogue in a ballet. I blame my wife. It is not a Dad’s job to know the storyline of [...]

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Housing

Government Assistance to Investors, Interest Rates Spike, Purchase Activity Up

by Ryan Hinricher | December 13, 2010

Is the housing market turning a corner? Indicators show that not even the spiking interest rates are slowing the recovery. Also the government is considering programs geared towards assisting investors, and one bank is resuming 16,000 foreclosures. Government to Consider Helping Investors Real Estate Reporter for CNBC, Diana Olick discussed this week the potential for [...]

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Mortgages & Lending

Fannie Mae Outlaws Appraisal Cutting

by Justin McHood | July 27, 2010

I didn’t realize that underwriters cutting appraisals was still a problem. I mean, I remember it being a big deal when it seemed that everyone I knew wanted to refinance and take their equity out to spend on whatever they wanted. But I thought those days were long gone. Turns out maybe not. It must [...]

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Economy

Last Week’s Ugly Economic News Reveals Bright Spots

by Ryan Hinricher | February 1, 2010

Last week, a media storm took place with the large drop in existing home sales. The drop of 16% seemed to shock everyone who was predicting only a 10% decline after the expiration of the initial home-buyer tax credit. Right after this, the numbers came out on new home sales, which painted an even bleaker [...]

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Mortgages & Lending

Fannie Mae/Freddie Mac Put the Noose Around Investors’ Necks with New Lending & Underwriting Policy Changes

by Jeff Brown | December 10, 2009

There comes a point at which reasonable folk take a step back, survey the latest nonsensical trend in lending, and conclude their own rational thought has been the problem all along. We don’t need a rehash of why we’re sittin’ in the economic rubble of a woefully failed economy. Allow me to sum it up [...]

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Commentary

Meet Your New Landlord: Uncle Sam (aka Fannie Mae)

by Florence Foote | December 1, 2009

Fannie Mae is a government sponsored private company, with its roots in the Great Depression. Unfortunately, mere government-sponsorship was not enough to keep the company afloat during the recent financial crisis, and the U.S. government had to go all in on its bad bet and seize the company to prevent its imminent demise. While the [...]

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Financing Real Estate

Is Fannie Mae Killing the Golden Goose?

by Florence Foote | November 3, 2009

One study of mortgages during the Great Depression found that almost half of urban, owner-occupied homes (on which there was a mortgage) were in default by 1934. The government’s answer was to sponsor the creation of Fannie Mae in 1938 (or as it is really called, the Federal National Mortgage Association), which was, and still [...]

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Credit

Borrowers Should Be Aware of the Effects Foreclosures, Bankruptcies and Shorts Sales Will Have on Their Credit

by Christina Inman | October 19, 2009

fannie mae For homeowners facing foreclosure or bankruptcy–or considering a short sale of their property to avoid one or both–the effect the action will have on their credit is undoubtedly a huge concern. Though keeping their homes might not be an option at this point, there could very well be another one in the not-too-distant future, so knowing when they’ll be eligible to qualify for another mortgage is important.

Be Aware of the Rules of the Road

Earlier this year, Fannie Mae updated its credit guidelines for borrowers who experience one of these circumstances. And, in general, the wait time will now range from two to five years.

Homeowners who lose their properties to foreclosure or file multiple bankruptcies within a seven-year period will have the longest wait–five years.

In the case of foreclosure, additional requirements and restrictions will apply after five years and up to seven years as well, which include making a minimum 10% down-payment, having a credit score of at least 680, and having limited cash-out refinance options. Also, the purchase of second homes or investment properties is not permitted.

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Economy

Déjà vu All Over Again In The Mortgage World

by Richard Warren | October 12, 2009

FHA Logo3 Where have we seen this before? A major backer of home mortgages may need a bailout. Oh yeah, that was right here. Wasn’t it only a year ago that Fannie Mae and Freddie Mac needed a bailout to save them from themselves? They had so many bad loans on the books because of lax rules and loose oversight.

Now it seems that the Federal Housing Administration (FHA) is in trouble. According to an article in the New York Times (article) 20% of loans insured last year and another 24% of those from 2007, are in serious trouble.

Didn’t They Learn?

Banks all across the country have tightened lending standards requiring that the borrowers actually have the ability to repay. Imagine that! It seems that just throwing money at anyone who can fog a mirror is not good business. While people complain about how tough it is to get a loan now, they are better off in the long term.

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