Freddie and Fannie to Lower Some Fees 4-15-2015
The federal regulator of Fannie Mae and Freddie Mac plans to lower the mortgage fees paid by some borrowers, but the move would amount to only modest help for risky buyers with checkered credit histories. The Federal Housing Finance Agency is expected to announce in coming days changes to fees that Fannie and Freddie charge lenders to guarantee mortgages, according to people briefed on the matter. For those borrowers affected by the changes, the benefits would be tiny, amounting to less than one-tenth of a percentage point. Fannie and Freddie, which back most home loans, will raise fees for other borrowers, like those who buy investment properties, to balance out the cost of the fee reduction. The changes are not expected to have any effect on revenue. Read More at the New York Times
Foreclosure to Home Free, as 5-Year Clock Expires 3-29-2015
The statute of limitations does not halt a foreclosure case that is continuing in court. But in some Florida courts, homeowners’ lawyers have argued that once a foreclosure is dismissed even for technical reasons, the lender cannot refile a new foreclosure to seize the home if the statute of limitations has passed. Still, the lender has some recourse: It can keep a lien on the house that must be paid off if the property is ever sold. The issue is now before the Florida Supreme Court. The lenders’ lawyers have warned in court papers that if the state’s high court sides with the homeowners, “it would spawn a public policy hazard” and dissuade banks from extending mortgages in Florida in the future. Read More at the New York Times
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