home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

GSE News | Fannie/Freddie Share Statistics
Fannie, Freddie and FHLB news. Coverage of government sponsored enterprise regulation, operations and litigation.

Fannie Halts N.Y. Subprime Purchases

New law cited

August 19, 2008

By MortgageDaily.com staff

Fannie Mae has followed Freddie Mac's lead on New York subprime mortgages.

Fannie will no longer purchase or securitize loans on New York properties that are considered subprime under Senate Bill 8143-A, according to Announcement 08-21 released today.

The legislation, which was signed into law by Gov. David A Paterson on Aug. 2, requires a 90-day notice before foreclosure proceedings may be initiated and establishes a mandatory settlement conference for foreclosure proceedings involving some subprime borrowers. It also mandates a suitability standard requiring verification of income to determine the ability to repay the fully indexed loan, a state assembly statement said.

A week ago, Freddie issued a bulletin to its sellers and servicers indicating it would not purchase New York mortgages that are considered subprime under the new law.

In today's bulletin, Fannie highlighted its prior efforts to combat predatory lending and noted it has previously prohibited the purchase of high-cost or high-risk mortgages under various state anti-predatory lending laws.

The Washington, D.C.-based secondary lender said the New York law is effective on loans closed on or after Sept. 1, and it "will not purchase or securitize any mortgage loan that meets the definition of a subprime home loan under New York law, regardless of whether any provision of the law is preempted by federal law with respect to a particular mortgage or for a particular originator."


Freddie to Stop Buying Some N.Y. Mortgages
A new mortgage law in New York has prompted Freddie Mac to quit buying some loans in that state.

Foreclosure Friends and Foes
A legal firm says it helps some delinquent borrowers stay in their homes up to eight months without making payments and helps others who have had no hardship but are upside down in their mortgages. Meanwhile, more companies are coming to the aid of overwhelmed servicers -- with two recruiting displaced mortgage professionals.

States Boost Lending Oversight
Mortgage professionals in Pennsylvania, Alaska, Indiana, New York and Arizona now face new laws regarding licensing, background checks and lending practices.

Nonprime and Subprime News | Subprime Statistics
Stories about non-QM products. Coverage of subprime, Alt-A and
hard money lending. Home-equity loans and home-equity lines of credit.

Secondary Marketing News | Correspondent Lender Directory
Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders