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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.

HAMP Permanent Modifications Reach 340,000

by the zac team @ RE/MAX Greater Atlanta

Greetings neighbors,

According to recent reports from the Treasury Department, servicers participating with the Home Affordable Modification Program (HAMP) handled a total of 340,459 permanent modifications through May 2010 since the launching of the program last March. This number is up from the total number of permanent modifications through April of 2010 which were 299,092.

For borrowers to officially receive permanent modifications a total of three payments must be paid on time during the trial period and all documentation must be submitted.

Last month, servicers transformed a total of 47,724 trial modifications into permanent status. This number was actually a 30.1% decrease from April's number of 68,291. In addition, the month of May consisted of a total of 6,357 canceled permanent modifications with 124 mortgages being paid off.

Set to expire towards the end of 2012, the Obama Administration set an early goal for HAMP to provide aid to approximately 3-4 million borrowers before its expiration. Within the past 14 months servicers have reached over 10% of that number.

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
600 Virginia Avenue NE
Atlanta GA 30306
Office: 404-564-7272

 

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