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Borrowers Successfully Stave Off Foreclosure
Borrowers in more than a dozen foreclosure actions in 10 states have recently received favorable rulings from the courts. Several of the cases either involve the Federal National Mortgage Association or the Mortgage Electronic Registration Systems Inc. Foreclosure processing services were named as defendants in lawsuits filed by the states of Illinois and Nevada.
A lawsuit was filed on Dec. 15 by Nevada Attorney General Catherine Cortex Masto against Lender Processing Services Inc. and subsidiaries including DOCX LLC and LPS Default Solutions.
The company is accused of using deceptive practices in the foreclosure process.
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Multifamily Business Strengthens at Freddie
Apartment lending took off last year at the Federal Home Loan Mortgage Corp., with the volume of multifamily activity leaping by nearly a third. Delinquency also improved.
Mass Refi Plan Unveiled for Non-GSE Borrowers
A massive refinance program for borrowers who don't have conventional agency mortgages was one of several initiatives announced Wednesday by President Obama. But the multi-billion-dollar tab for the program will be picked up by the nation's lenders.
REO-to-Rental Program Takes Shape
The much-anticipated program that will convert real-estate-owned properties into rentals is now underway.
Freddie Issuances Surge
The Federal Home Loan Mortgage Corp. gave a stunning performance in the first month of 2012 with issuance soaring 51 percent. While the Government National Mortgage Association also saw a gain, securitizations dropped by nearly a quarter at the Federal National Mortgage Association.
Fannie Outperforming Freddie by a Long Shot
For five consecutive months now, Fannie Mae has managed to increase its secondary activity, contrasting last month's activity at rival Freddie Mac. Annual business, however, was lower at both firms. Fannie's residential delinquency didn't increase a single time last year, while late payments at Freddie have deteriorated each of the last several months.
FHFA Addresses Freddie's Bets Against Refinances
Claims that the Federal Home Loan Mortgage Corp.'s investments gave it an incentive to keep borrowers in high-rate mortgages were addressed by its regulator.
Litigating Secondary Trades
Several recent lawsuits tied to secondary marketing involve criminal activity. The alleged schemes often involve selling loans that are lower quality than what is being marketed, while other cases involve trading mortgages that didn't even exist.
4 Months of Higher Delinquency at Freddie
New secondary business was down Freddie Mac as residential delinquency was higher for the fourth consecutive month. Past-due payments on multifamily loans, however, were better.
Multifamily Issuance Leaps at Fannie
The annual issuance of mortgage-backed securities backed by apartment loans and guaranteed by the Federal National Mortgage Association shot up 45 percent last year.
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