Mortgages MAX

Posted To: MND NewsWire
Freddie Mac is taking another step in the direction of historically responsible lending habits. The Enterprise today announced it would no longer offer interest only loans as of Sept. 2010. Lenders will undoubtedly enforce this guideline change well in advance of the deadline. HERE is the release: McLean, VA – Freddie Mac (NYSE: FRE) announced today that on or about September 1, 2010, the company will cease purchasing and securitizing interest only mortgages, including Freddie Mac Initial Interest fixed-rate and adjustable-rate mortgages. Additional information will be provided to Freddie Mac Seller/Servicers in an upcoming Single-Family Seller/Servicer Guide bulletin. Interest only mortgages, including Freddie Mac Initial Interest mortgages, provide for interest-only payments for a specified…(read more)
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Original post by Adam Quinones

Posted To: MND NewsWire
The central goal of the Federal Housing Finance Agency (FHFA) in managing its conservatorship of Freddie Mac and Fannie Mae is and conserving the assets of the corporations by minimizing their credit losses from delinquent mortgages. This goal and others were outlined in a letter earlier this month from Edward J. DeMarco, Acting Director of FHFA updating leadership of the House Financial Services and Senate Banking, Housing, and Urban Affairs committees on those conservatorships. The letter was released as part of a presentation made by DeMarco to the U.S. House of Representatives Committee on Financial Services Thursday. The presentation was primarily concerned with outlining FHFA's approach to executive compensation at the two government sponsored enterprises while the letter addressed…(read more)
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Original post by Jann Swanson