Monthly Archives: December 2014

Fannie Mae Announces Eviction Moratorium for the Holidays

WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that it will suspend evictions of foreclosed single family properties during the holiday season. From December 17, 2014 through January 2, 2015 families living in foreclosed properties will be allowed to remain in the home, although legal and administrative proceedings for evictions may continue during this period. As in previous years, we believe it is important to extend the timeline of help for struggling borrowers during the holidays, said Joy Cianci, Senior Vice President of Credit Portfolio Management for Fannie Mae. If you are in trouble or facing foreclosure, reach out today to get help. There are more options than ever before to avoid foreclosure. HPAHELP.COM...
Read more Comments are closed

Foreclosure Starts Rose 6% In Q3

About 468,000 homeowners received non-foreclosure solutions from mortgage servicers during the third quarter, according to  a voluntary, private-sector alliance of mortgage servicers, investors, mortgage insurers and nonprofit counselors. Of those actions, about 109,000 were loan modifications and about 30,000 were short sales. Other solutions - including repayment plans, deeds in lieu, other retention plans and liquidation plans - made up the rest. There were about 108,000 foreclosure sales for the quarter - down about 6% from the 115,000 recorded in the second quarter to reach the lowest level since tracking loan data in 2007. There were about 166,000 completed foreclosure sales during the third quarter of 2013. Of the 109,000 loan modifications completed for the third quarter, about 79,000 were proprietary and 29,384 were through the Home Affordable Modification Program (HAMP). Loan modifications were down about 40% compared to the approximately 181,000 processed in the third quarter of 2013. As mentioned, short sales also continued...
Read more Comments are closed

Fannie Mae Survey: Consumers Struggle To Guess Future Mortgage Rates, Home Values

con-fail Fewer U.S. consumers believe the economy's "on the right track" and less than half think "it would be easy" to get a mortgage. It's data which belies economic fact, including a record-number of lenders confirming that mortgage guidelines have loosened since last quarter. FHA loans are now available for credit scores below 600, and conventional loans require less documentation. Like usual, consumer sentiment is failing to track the reality of today's housing and mortgage market. Home values are rising and current mortgage rates are low.

HOME VALUES RISE MORE THAN CONSUMERS EXPECT

Each month, Fannie Mae conducts a survey of 1,000 U.S. households, measuring how consumer opinion has changed on housing, mortgages, and the economy; and, which asks consumer to predict what market will look like in one year's time. Not surprisingly, consumer expectations are rarely in line with reality. What can be surprising, though, is how "wrong" consumers tend to be. For example, one...
Read more Comments are closed