Fannie Mae Cracks Down on Strategic Defaulters
Fannie Mae Cracks Down on strategic defaulters borrowers who are determined to have the ability to make their monthly payments but walk away from their homes will not be able to secure a Fannie Mae backed mortgage for seven years after the foreclosure, according to a new policy announced by the mortgage giant this week.
Fannie Mae announced plans Wednesday to get tough with strategic defaults. fannie said that borrowers who default when they are able to pay won’t be able to get another Fannie Mae mortgage for seven years. The current wait is five years.
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About the author: The above Real Estate information on Fannie Mae strikes against strategic defaults was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at firstname.lastname@example.org or by phone at 508-435-5356.
More foreclosures would send prices down even further, exacerbating the problem that produced strategic defaults in the first place. government about $100 billion a year in lost revenue. fannie mae.
Canadian Real Estate Bubble Is Making The Country’s Banks Look Anything But Sound – Mr. Clark said it is impossible to expect any bank to crack the whip on borrowers because "market share loss is perceived as a strategic loss. a crown corporation equivalent to Fannie Mae. Anything.
Fannie Mae to Charge Strategic Defaulters, for Everything.. Fannie Mae Cracks Down on Strategic Defaulters. Fannie Mae to retroactively charge mortgage servicers for foreclosure delays.
Bank of America shifts West Coast foreclosures into overdrive It depends on who is representing the listing and the bank. I have sold Bank of America foreclosed homes with little complication, and closed within our time period on the contract. The glitch seems to be that the corporate office that handles the foreclosure closings, was on the west coast.
Flashback Commentary: Fannie Mae Cracks Down on Strategic Default. out of town was that Fannie Mae decided to get tough on "strategic defaulters"–people who default not because they can’t make.
The two firms, facing growing losses on sour mortgages in perhaps a worsening housing market, have already taken $145 billion from taxpayers. Fannie Mae is responsible for $83.6 billion of that bailout. Freddie Mac did not say it would take a similar position on strategic defaulters. Fact is, everything has changed.
The regulator for government-run housing finance giants Fannie Mae and Freddie Mac said on Tuesday that. mortgage insurers and home builders as it removed the threat of a new wave of strategic.
Foreclosure mess scares off homebuyers: Campbell/Inside Mortgage Finance For homebuyers, mortgages are safer but tougher to come by. – Mortgage-backed securities issued by private firms now represent about 4.5 percent of the market, according to data from Inside Mortgage Finance and the Urban Institute. In 2006, the peak of the.
Fannie Mae cracks down on borrowers . Fannie Mae is boosting penalties for strategic defaulters by prohibiting them from getting a mortgage, backed by the company, for seven years from foreclosure.