FHFA

WASHINGTON, D.C. - July 6, 2010 - (RealEstateRama) -- After careful review and over a year of working with federal and state government agencies, the Federal Housing Finance Agency (FHFA) has determined that certain energy retrofit lending programs present significant safety and soundness concerns that must be addressed by Fannie Mae, Freddie Mac and the Federal Home Loan Banks. Specifically, programs denominated as Property Assessed Clean Energy (PACE) seek to foster lending for retrofits of residential or commercial properties through a county or city’s tax assessment regime. Under most of these programs, such loans acquire a priority lien over existing mortgages, though certain states have chosen not to adopt such priority positions for their loans.

Washington, DC - June 24, 2010 - (RealEstateRama) -- The Federal Housing Finance Agency today reported that the average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or less remained unchanged at 5.12 percent in May. The average interest rate on 15-year, fixed-rate loans of $417,000 increased 6 basis points to 4.58 percent in May. These rates are calculated from the FHFA’s Monthly Interest Rate Survey (MIRS) of purchase-money mortgages. These results reflect loans closed during the May 24-31 period. Typically, the interest rate is determined 30 to 45 days before the loan is closed. Thus, the reported rates depict market conditions prevailing in mid- to late-April

WASHINGTON, DC - June 22, 2010 - (RealEstateRama) -- U.S. house prices rose 0.8 percent on a seasonally adjusted basis from March to April, according to the Federal Housing Finance Agency’s monthly House Price Index. The previously reported 0.3 percent increase in March was revised to a 0.1 percent increase. For the 12 months ending in April, U.S. prices fell 1.5 percent. The U.S. index is 12.8 percent below its April 2007 peak

Washington, DC - June 22, 2010 - (RealEstateRama) -- Loan modifications and refinancings by Fannie Mae and Freddie Mac increased significantly in the first quarter as the volume of permanent modifications under the Administration’s Home Affordable Modification Program (HAMP) tripled, and refinancings steadily grew under the Home Affordable Refinance Program (HARP). Loans 60-plus-days delinquent also declined for the first time in two years. The data were released in FHFA’s First Quarter 2010 Foreclosure Prevention & Refinance report, which includes data on all of the Enterprises’ foreclosure prevention efforts.

Washington, DC - June 1, 2010 - (RealEstateRama) -- The Federal Housing Finance Agency (FHFA) has sent to the Federal Register a proposed rule implementing provisions of the Housing and Economic Recovery Act of 2008 (HERA) that establish a duty for Fannie Mae and Freddie Mac (the Enterprises) to serve very low-, low- and moderate-income families in three specified underserved markets -- manufactured housing, affordable housing preservation, and rural markets. The proposed rule, implementing HERA’s pre-conservatorship provisions, would require the Enterprises to take actions to increase the liquidity of mortgage investments and improve the distribution of investment capital available for mortgage financing for underserved markets while adhering to the requirements of conservatorship.

Washington, DC - May 27, 2010 - (RealEstateRama) -- The Federal Housing Finance Agency (FHFA) has sent to the Federal Register a proposed rule to establish a framework for affordable housing goals for the 12 Federal Home Loan Banks (Banks). The proposed rule implements provisions of the Housing and Economic Recovery Act of 2008 that require FHFA to establish housing goals for the Banks’ purchases of mortgages consistent with the housing goals established for Fannie Mae and Freddie Mac, taking into account the unique mission and ownership structure of the Banks.

Washington, DC - May 27, 2010 - (RealEstateRama) -- The Federal Housing Finance Agency today reported that the average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or less increased 3 basis points to 5.12 percent in April. The average interest rate on 15-year, fixed-rate loans of $417,000 decreased 5 basis points to 4.52 percent in April. These rates are calculated from the FHFA’s Monthly Interest Rate Survey (MIRS) of purchase-money mortgages. These results reflect loans closed during the April 26-30 period. Typically, the interest rate is determined 30 to 45 days before the loan is closed. Thus, the reported rates depict market conditions prevailing in mid- to late-March.

Washington, DC - May 24, 2010 - (RealEstateRama) -- The Federal Housing Finance Agency (FHFA) has announced a major new initiative by Freddie Mac and Fannie Mae (the Enterprises) to improve the consistency and quality of data for appraisals and other loan information. This will enhance the depth of collateral, borrower and loan data submitted to the Enterprises. The Uniform Mortgage Data Program is a long-term, joint effort to create improved and uniform data standards and collection processes. The Enterprises have worked with industry participants to develop the uniform standards.

Washington, DC - May 20, 2010 - (RealEstateRama) -- Fannie Mae and Freddie Mac will deploy a complaint process for violations of the Home Valuation Code of Conduct (HVCC), according to a letter from FHFA Acting Director Edward J. DeMarco to New York Attorney General Andrew Cuomo. The letter, which outlines developments with the HVCC and related agreements, states that Fannie Mae and Freddie Mac, now in conservatorship, will not be funding the Independent Valuation Protection Institute (IVPI).

Washington, DC - April 27, 2010 - (RealEstateRama) -- The Federal Housing Finance Agency today reported that the average interest rate on conventional 30-year, fixed-rate, mortgage loans of $417,000 or less decreased 4 basis points to 5.09 percent in March. The average interest rate on 15- year, fixed-rate loans of $417,000 decreased 8 basis points to 4.57 percent in March. These rates are calculated from the FHFA’s Monthly Interest Rate Survey (MIRS) of purchase-money mortgages. These results reflect loans closed during the March 25-31 period. Typically, the interest rate is determined 30 to 45 days before the loan is closed. Thus, the reported rates depict market conditions prevailing in mid- to late-February.

Washington, DC - April 27, 2010 - (RealEstateRama) -- The Federal Housing Finance Agency has sent to the Federal Register a final rule that restructures the board of directors of the Federal Home Loan Bank System’s (System) Office of Finance (OF) and enhances the responsibility of the OF board of directors audit committee for the System’s combined financial reports. The OF is responsible for issuing consolidated obligations on behalf of the 12 Federal Home Loan Banks, serves as their fiscal agent, and prepares disclosure materials associated with the marketing and sale of that debt, including the System’s quarterly and annual combined financial reports