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Fannie Mae Sends Christmas Cheer

Fannie Mae announces it’s annual eviction waiver over the Christmas holiday. From December 18th to January 3rd, if you’re about to be evicted due to a foreclosure, you’ll get a pass and be able to stay in your home.

In your real estate news and mortgage news today we learn that Fannie Mae is allowing those who are about to be evicted out of their homes time to enjoy the Christmas holiday.  That is if you can enjoy it knowing that on January 3rd the heat is back on right?  It’s a fine line when it comes to foreclosures and the process of evicting people from their homes.

foreclosure-crisis-santa-confused-christmas-ecards-someecardsOn a humanitarian level some may feel that this shouldn’t be rushed and that people should have ample time to move out of the property, but on a business level it does come at a cost.  That cost isn’t to the individuals being evicted for not paying, but to those who are paying on their mortgages as agreed.

New York is a perfect example.  They have very strict foreclosure laws that cause them to go through significantly slower than other parts of the country.  Well that’s one reason why the GSE’s have a .25% fee associated with loans made there.  So the cost of helping those that aren’t paying is paid by those who are paying.

We’re well aware that there are many reasons someone could go into foreclosure and lose their home, and there isn’t any instance where it would be a fun thing to go through.  However, when you default for whatever the reason, you have to go.  And from a business standpoint, the sooner that asset can get back on the market the better for the economy and the real estate market.

In other real estate news and mortgage news, some numbers have come out with respect to sales on existing and new homes showing they’re off in a negative way.  Not to panic here.  It’s December and during the last quarter of the year it’s very common to see a decrease in sales.  When the winter comes people tend to nest and slow their spending down with the exception of retail due to Christmas.  So don’t freak out just yet.  Get through your holiday and then get ready to rock your business at the beginning of the year.

Speaking about rocking you business, VanDyk mortgage is looking for you if you’re a mortgage broker.  They want to prove how good they are by letting you test drive their company for 90 days.  Yeah it sounds unusual and it is, but they can do it and they’d love to show you how.  So to start your VanDyk test drive click HERE.

With that you all have a wonderful weekend and we’ll see you on Monday.

Frank and Brian

Rates to Rise in 2014

December 2, 2013 Fannie & Freddie, Rates, Refi 21 Comments

Consumers are spending like never before.  A big reason is because HELOC’s are up and they are up big time.  Are we using our homes as ATM’s again?

Today’s real estate news and mortgage news is about the serge in HELOC’s.  Moody’s is reporting they have grown by 11% in 2012 and 16% so far in 2013.  In fact they are saying that they could hit a 5 year high in 2014 of over 300 Billion!  So it looks like we’re making a run on our homes as ATM’s again.  Seems the more things change the more they stay the same, yes?

frank nothaftIn more mortgage news, the Freddie Mac economist, Frank Nothaft, is saying that we can expect interest rates to be in the 5’s in 2014.  So as the saying goes, it’s best to get while the getting is good.  Couple this with tighter underwriting and QM and as real estate agents and mortgage loan originators we’d better step up our game and start getting back to the basics.  And if you’re a consumer, now would be a good time to get something started.

Not to escape any hard times, according to Rick Sharga the VP of Auction.com, lenders are going to have a tough Q1 in 2014.  Why?  FHA’s MI makes it tougher to get HUD financing, Affordability is fading and refinances are way off.  But this is nothing new to you, our NREP viewers, as we’ve all been talking about this for over a year now.

The good news is, there’s still time to take advantage of rates and programs now if you’re a consumer and as real estate and mortgage professionals we know how to create our own market to succeed.

Well thanks for finding your real estate news and mortgage news here at the National Real Estate Post with Frank and Brian.  We truly appreciate your viewership, sharing and your comments below.

Have a great day.

Frank and Brian

A New Bill to Pull the Plug on GSEs and FHA

November 26, 2013 Fannie & Freddie, FHA/HUD 9 Comments

The New Fair Deal Banking And Housing Stability Act of 2013 has arrive on the scene.

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Yes it has arrived and it’s more than likely going to get shot down of course.  And that’s a good thing for the most part.  I mean without the GSE’s and FHA, what the heck would we do.

We believe it’s grandstanding.  Someday when a politician screams stuff like “bad brokers, mortgages icky, GSE no good, bad FHA” people will say, “yeah, yeah.. get another platform to stand on”.   Man… time to find something of substance.  Hello…. They’re making a fortune over there, go like create jobs or something.

Anyway, you all have a wonderful Thanksgiving!

Frank & Brian

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