In an effort to expedite REO sales, Fannie Mae has adopted a new policy. The GSE says it will begin accepting offers to purchase homes it has repossessed without notifying loan servicers, and if it is determined that the home's original mortgage did not meet Fannie's underwriting requirements, the loan servicer may be required to reimburse the GSE for any losses incurred from the sale. These changes come after recent reports from Fannie Mae showing an increase in the acquisition of foreclosed properties and an escalating rate of seriously delinquent single-family home loans.
Sen. Christopher Dodd announced Wednesday that he will not pursue a sixth term in November to represent the people of Connecticut in the U.S. Congress. The 35-year veteran Democratic lawmaker has come under fire for actions taken over the last year in support of big institutional bailouts and executive bonuses, as well as mortgage-related scandals his name has been linked to - namely Countrywide and CEO Angelo Mozilo's ill-famed VIP program.
Economists have dubbed 2010 as a buyers' market for commercial real estate, and it appears opportunistic investors are already jumping on that bandwagon, with two high-profile hotel assets seeing enough activity to grab headlines this week. When it comes to residential properties, though, the Federal Reserve's head of real estate finance departs from the age-old adage peddled for years by Washington policymakers that everyone should pursue the American Dream, and argues instead that a home is a "lousy" investment.
Demand for home loans closed out the year at its lowest mark in six months, according to the Mortgage Bankers Association. Granted it was the Christmas and New Year holiday season, but rising interest rates certainly did their part to stifle borrower interest. Total loan application volume fell by about 22 percent during the final days of 2009, led by a plunge of more than 30 percent for refinances.
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