PlanMaestro Posted September 11, 2012 Share Posted September 11, 2012 Turn, turn, turn, there is a season, turn, turn, turn. Damn Alex Rubalcava and his song recommendations in Twitter. http://www.ft.com/cms/s/0/6b35fddc-fb91-11e1-b5d0-00144feabdc0.html#ixzz267fHtsOT The new policies were announced on Monday by the companies’ regulator, Edward DeMarco of the Federal Housing Finance Agency. They include giving lenders a reprieve from possible “putbacks” if borrowers have made their monthly payments for the first 36 months of a loan and earlier reviews of possible underwriting breaches. .... BofA, once the largest mortgage lender in the US, had about $11bn in outstanding repurchase requests from Fannie Mae and Freddie Mac as of June 30, according to the bank’s securities filings. Bank analysts have pointed to Fannie Mae and Freddie Mac’s repurchase requests as a reason for investors to be cautious when debating whether to purchase shares of large US home loan lenders like BofA. BofA said that during the first six months of this year, it received $6.3bn of repurchase requests from Fannie Mae, of which $4.4bn had been on loans for which the borrower had made at least 25 payments. Borrowers had made at least 37 payments on $2.1bn of the loans. The new rules will not affect existing disputes over loans that have defaulted. Mortgages sold or delivered to the housing financiers beginning in 2013 will be eligible under the new guidelines. Link to comment Share on other sites More sharing options...
PlanMaestro Posted September 11, 2012 Author Share Posted September 11, 2012 According to Nick Tirimaos from the WSJ: "The new rules won't have any impact on the current battle over who winds up with the bad loans made during the boom years." http://online.wsj.com/article/SB10000872396390443779404577643814065823718.html Link to comment Share on other sites More sharing options...
BargainValueHunter Posted October 22, 2012 Share Posted October 22, 2012 The Freddie preferreds are up over 90% recently. Any idea what is going on here? Link to comment Share on other sites More sharing options...
Green King Posted October 23, 2012 Share Posted October 23, 2012 personally i think its because the us housing market is improving Link to comment Share on other sites More sharing options...
BargainValueHunter Posted October 26, 2012 Share Posted October 26, 2012 The Freddie preferreds are up over 90% recently. Any idea what is going on here? Also, I think this very good news has something to do with it. http://www.fhfa.gov/webfiles/24611/Projections102612.pdf I wish I had bought when the the preferreds were trading around 50¢! Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now