January 12, 1986 |
Second mortgages or deeds of trust are loans secured by a portion of the equity of a home. They are called seconds because they are "junior liens" - that is, in the event of a foreclosure, they are paid off after the first mortgage is paid. For example, suppose, you own a home worth $125,000. Let's say, too, that you've paid your first mortgage down to $50,000. In other words, you have $75,000 worth of equity in your home. You can either let that equity sit untouched, or you can use it as collateral to borrow for the kids' college education, or for a business investment you want to make.
December 1, 2011
Freddie Mac and Fannie Mae will suspend, from Dec. 19 to Jan. 2, evictions involving foreclosed occupied single family and two- to four-unit properties that had their mortgages. The suspensions will apply only to eviction lockouts related to Freddie- and Fannie-owned properties. During this period, legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be permitted to remain in their home. - Alan J. Heavens
June 11, 2003 |
Area mortgage lenders are bracing for another flood of mortgage refinancings despite a management ouster at Freddie Mac, a key government-sponsored, mortgage-finance company. Freddie Mac's board of directors ousted the McLean, Va., company's president and chief operating officer Monday, saying they questioned his "cooperation and candor" in an ongoing investigation of accounting irregularities. Two other top executives resigned. "There's been almost no effect" of the controversy on mortgage rates, said Joseph A. Splendido, president of Colonial Mortgage Servicing Co., of Warrington, and a governor of the Mortgage Bankers Association of America.
November 17, 2011 |
URBANDALE, Iowa - Rising in polls and receiving greater scrutiny, Republican presidential candidate Newt Gingrich found himself on the defensive Wednesday over huge payments he received over the last decade from the federally backed mortgage giant Freddie Mac. Gingrich, the former House speaker, said he did not remember exactly how much he was paid. A person familiar with the hiring said it was at least $1.6 million for consulting contracts stretching from 1999 to early 2008. The person spoke on condition of anonymity in order to address a personnel matter.
August 27, 2006 |
Action on a Senate bill that critics say will make it more difficult to obtain low-cost financing for home purchases has been delayed until after lawmakers return from their summer recess on Sept. 5. Senate Bill 190 - the Federal Housing Enterprise Regulatory Reform Act of 2005, sponsored by U.S. Sen. Chuck Hagel (R., Neb.) - is designed to limit the amount of business Fannie Mae and Freddie Mac can do in the secondary-mortgage market. The two corporations are known as GSEs, or government-sponsored enterprises.
April 9, 1989 |
The Federal Home Loan Mortgage Corp. has changed its rules in an effort to help some homeowners get rid of their private mortgage insurance earlier. The change, which could enable a homeowner to save hundreds of dollars a year, applies to all new and existing mortgages from lenders that resell mortgages to the agency, known as Freddie Mac. When a home buyer puts less than 20 percent down on a house, Freddie Mac requires the borrower to buy mortgage insurance to guarantee payments.
August 1, 1988 |
It's not quite like winning the lottery or finding a pot of gold. But for Main Line Federal Savings Bank, it's darned close. Imagine that you have 150,000 shares of stock that almost overnight increase in value by a total of about $11 million. And that you're Main Line Federal and that's more than you've earned over several years. Now imagine that in six months that stock doubles in price, as some predict, more than quadrupling your initial investment. You feel? a.)
November 2, 1988 |
Ethel Napper-Johnson said she had stumbled upon too many drug deals on the way to her apartment. She had watched too long as her complex became an open door to crime. So when the managers of the complex disappeared this summer, Napper-Johnson and other residents took over at Norfolk Manor Apartments, at 1415-1423 Clearview St. in Ogontz. Some fixed plumbing leaks and did other routine maintenance. Others swept the halls. A number of tenants put rent money in bank accounts to hold the funds until problems with the landlord were resolved.
May 4, 2012 |
Fannie Mae and Freddie Mac are adopting new guidelines to streamline the process for short sales, which most real estate observers expect will outpace foreclosures in the coming year. The guidelines, required by the Federal Housing Finance Agency and effective June 15, would require servicers of mortgages backed by Freddie and Fannie to review and respond to requests for short sales within 30 calendar days of receipt of a buyer's offer. A short sale is a transaction in which a lender agrees to accept less than the amount owed on the mortgage.
January 12, 2015 |
More Americans may be able to buy homes this year, by making down payments of just 3 percent of the value of their mortgages. A 97 percent loan-to-value option announced last month by Fannie Mae and Freddie Mac will be available in the first quarter, industry observers said. Just because lenders can offer such mortgages doesn't mean they will. Still, the prospect of needing only 3 percent down is likely to be a help for first-time buyers. Though some market observers worry that the option might create another housing bubble, others believe 3 percent-down mortgages could be one of the few ways to lure new buyers, particularly millennials, who have largely avoided home ownership since the real estate bust of 2008.