The two government-controlled mortgage giants Fannie Mae and Freddie Mac are poised to roll out a program that would thaw out the frozen home-lending market by funding short-term credit to independent mortgage banks, the Wall Street Journal reported this week. Insiders say the plan builds on a little-known pilot venture between Freddie and two major lenders - California-based Provident Funding Associates and the Florida warehouse lender NattyMac.
National home prices continue to increase - although a bit slower than before - and bank-owned properties are making up a smaller percentage of total sales, lending hope for a fuller recovery soon, according to the data provider Clear Capital's new report. The monthly study showed that national quarterly price gains "softened" to 6.3 percent through September 25. At the same time, Clear Capital's national real estate-owned saturation rate - a ratio of REO sales to all properties sold in the last rolling quarter - dropped to 28.6 percent.
The Federal Deposit Insurance Corporation is set to sell off a massive $554.4 million share of its assets in the ailing Corus bank to a private group headed by Starwood Capital, the Associated Press reported this week.
As new rules to protect borrowers come into effect, some prospective homeowners may find themselves protected out of the market. On October 1, new Federal Reserve rules went into effect, requiring greater diligence on the part of mortgage lenders and brokers who make high-cost loans.
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Rob Alley, Realtor
Keller Williams Realty
540-250-3275
roballeyrealtor@gmail.comhttp://www.charlottesvillevarealestate.blogspot.com http://www.robsellscharlottesville.comOh, by the way, I am never too busy to work any of your referrals.
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Licensed to Sell Real Estate in the Commonwealth of Virginia
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