The high upfront fees Fannie Mae and Freddie Mac charge on certain single-family loans still do not “fully cover” all the costs and risks associated with those loan guarantees, according to Federal Housing Finance Agency acting director Edward DeMarco.
Online lending aggregator LendingTree said the average rate on its platform for a 30-year mortgage was 5.16% as of Dec. 28, down slightly from a week previous.
Allstate Insurance Co. has sued Bank of America to recoup losses suffered from its purchase of over $700 million in Countrywide-issued mortgage-backed securities.
You can upgrade an outfit from office attire to evening wear by switching out the shoes. What’s even better is to swap an unaffordable mortgage payment for an affordable one—and all you have to do is ask.
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Residential foreclosures have been rising for the past six months and will continue to accelerate in 2011, according to analysts at CoreLogic.
Anyone expecting a quick and narrow resolution of mortgage servicers’ troubles from foreclosure process failures probably hasn’t talked to Iowa Attorney General Tom Miller, who heads the 50-state coalition investigating the industry.
If Congress decided to wind down Fannie Mae and Freddie Mac and move toward a fully private secondary market, the Federal Housing Administration could act as backstop to ensure access to credit, according to a Congressional Budget Office report.
