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Future of Mortgage Giants Freddie Mac and Fannie Mae Shall Be Determined Next Month

by the zac team at Ponce Realty

Greetings neighbors,

According to recent reports, The Obama Administration has decided to hold a conference in August to determine the fate of Fannie Mae and Freddie Mac after being criticized for not having a set plan for the mortgage giants.

As for a little background of the two, these companies were created by the U.S. government as a combination of private company and federal agency to assist with the availability of mortgages. The two companies purchase home loans from lenders, package them into bonds with a guarantee against default, and sell them to investors. Both companies combined own or guarantee approximately 31 million home loans in the U.S. that are worth more than $5 trillion. This number makes up more than half of all the country's mortgages.

Two years ago, the two companies started experiencing financial difficulty and was soon taken over by the government.

Early this week, the Obama Administration said they will hold the conference on August 17th at the Treasury Department.

Fannie Mae Launches 'Five Step' Guides to Help Home Owners and Future Homeowners

by the zac team @ RE/MAX Greater Atlanta

Hello neighbors,

Fannie Mae has recently released some very useful information for current home owners, those who are interested in purchasing a home, and those who have already purchased a home but may be experiencing some difficulties paying their current mortgage. The first three of a series of "Five Step" guides will educate owners and future owners on different topics and will provide five specific tips.

The first 3 guides launched will consist of subjects such as:

Actions to take before buying a home

As many may know, buying a home is just the beginning but actually keeping the home over a long period of time is another story. This is a very important part of homeownership. Fannie Mae can offer five important tips for those who are considering the purchase of a home and will provide information on how to choose the right home and improve understanding of affordable financing options.

How Housing Counselors Can Help

For current homeowners or future homeowners, Fannie Mae's second guide will highlight 5 key ways housing counselors can help you in becoming a successful homeowner. Housing Counselors can provide professional advice to owners and future owners on how to sustain your home over an extended period of time.

Protect Yourself from Mortgage Modification Scams

Normally, borrowers who are struggling to pay their mortgages are prone to these types of scams. Although these scammers promise to help those in distress they often times put in little to no work and charge outlandish fees. Within this guide, owners will find 5 key ways to protect themselves.

Fannie Mae Offers Some Relief to Victims of the BP Oil Spill

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

In wake of the recent BP oil spill in the Gulf of Mexico, Fannie Mae announced today the authorization of servicers to suspend or reduce mortgage payments immediately for those affected by one of the most tragic oil spills in U.S. history to date.

Fannie Mae will allow servicers to suspend or reduce oil spill victims’ payments for up to 90 days under their "Special Relief Measures" policy.  During these payment suspensions, servicers will be given the chance to evaluate the oil spill's true impact on the borrowers’ property and financial condition.

After completing the assessments, servicers will determine the appropriate alternatives for distressed borrowers which can include an additional forbearance for up to 3 months, loan modifications, and etc.

Scams In Real Estate: Fannie Mae & Freddie Mac Join Forces to Fight Mortgage Modification Scams

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

Some big names in the industry have decided to join forces to fight mortgage modification scams.

Fannie Mae and Freddie Mac have decided to launch a national campaign called the Loan Modification Scam Prevention Network to stop loan modification scams within the real estate industry.

This network will consist of community development and affordable housing organizations such as Lawyer's Committee for Civil Rights Under Law and NeighborWorks America. The chief purpose of the network will be to educate borrowers, receive complaint reports, and to communicate with local, state, and federal enforcement agencies.

The Loan Modification Scam Prevention Network will have a website available which will name both individuals and companies that have been recognized by law enforcement agencies to have allegedly committed scams within the loan modification process.

Note: Other partners of the Loan Modification Scam Prevention Network include:

Treasury Department, the Department of Housing and Urban Development, the Department of Justice, Federal Bureau of Investigations, the Federal Deposit Insurance Corp. and the Federal Trade Commission.

Displaying blog entries 1-4 of 4

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
1189 S. Ponce de Leon Avenue
Atlanta GA 30306
Office: 404-564-7272

 

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