Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing fixed mortgage rates trending higher for the third consecutive week and putting pressure on refinance momentum. This week, the 30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.7 point for the week ending May 23, 2013, up from last week when it averaged 3.51 percent. Last year at this time, the 30-year FRM averaged 3.78 percent.Click to continue

The Mortgage Bankers Association (MBA) has released "Up-Front Risk Sharing: Ensuring Private Capital Delivers for Consumers," a concept paper suggesting the Federal Housing Finance Agency (FHFA) require Fannie Mae and Freddie Mac to offer risk sharing options to lenders at the “point of sale” rather than on the back end after loans have been delivered to the government-sponsored enterprises (GSEs).Click to continue

Bay Equity Home Loans has been approved by Freddie Mac as a direct lender. Chartered by Congress in 1970 and commonly known as Freddie Mac, the FHLMC mission is to provide liquidity, stability and affordability to the U.S. housing market. Approved lenders can help people get lower housing costs and better access to home financing.Click to continue

Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing fixed-rate mortgages following U.S. Treasury bond yields higher this week on signs of stronger consumer spending. This week, the 30-year fixed-rate mortgage (FRM) averaged 3.51 percent with an average 0.7 point for the week ending May 16, 2013, up from last week when it averaged 3.42 percent. Last year at this time, the 30-year FRM averaged 3.79 percent. The 15-year FRM this week averaged 2.69 percent with an average 0.7 point, up from last week when it averaged 2.61 percent.Click to continue

Both Fannie Mae and Freddie Mac have implemented policies to expedite the short sales process, including new resources to help determine property values, according to panelists at a property valuation forum during the Realtors Midyear Legislative Meetings & Trade Expo. Short sales continue to represent a significant portion of the real estate market. According to the National Association of Realtors (NAR), short sales accounted for nine percent of transactions during the first quarter of 2013.Click to continue

Freddie Mac has unveiled its latest Streamlined Modification program, which is set to go into effect immediately and will be available to all eligible borrowers. The essential goal of streamlining this process would be to expedite financial relief for potentially thousands of distressed families while also making the process simpler in general for anyone seeking to use the Streamlined Modification program.Click to continue

The Federal Housing Finance Agency (FHFA) has announced that it is directing Fannie Mae and Freddie Mac to limit their future mortgage acquisitions to loans that meet the requirements for a qualified mortgage (QM), including those that meet the special or temporary qualified mortgage definition, and loans that are exempt from the “ability-to-repay” requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act.Click to continue

The Home Affordable Modification Program (HAMP) was established to assist the nation’s underwater borrowers get out from under their massive mortgage debt. High default rates, coupled with a 30 percent decrease in home values, has resulted in an incredibly difficult situation for homeowners. With HAMP, incentives are being provided for mortgage holders and servicers to help borrowers avoid foreclosure.Click to continue

The Federal Housing Finance Agency (FHFA) released reports prepared by Fannie Mae and Freddie Mac on their multifamily businesses. The reports were conducted at the direction of FHFA pursuant to its goal of contracting Fannie Mae and Freddie Mac’s overall market footprint and generating potential value for taxpayers.Click to continue

New York Gov. Andrew M. Cuomo has announced that Fannie Mae and Freddie Mac–in response to a request from the Cuomo Administration–are unveiling a new mortgage relief program to protect victims of Superstorm Sandy from large spikes in their mortgage payments. Sandy victims who received forbearance will be eligible for a special mortgage relief program that allows those homeowners to lower their monthly payments and avoid sudden payment spikes.Click to continue