Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Fannie and Freddie will buy more delinquent loans
WASHINGTON (2/12/10)—Fannie Mae and Freddie Mac have announced that they are gearing up their efforts to purchase as much as $200 billion of delinquent loans that carry their guarantees. The government-sponsored enterprises are required to buy out nonperforming mortgages, which have been packaged into mortgage-backed, when they modify the loans or when the loan has been delinquent for two years. However, now Fannie and Freddie say they will buy loans that are just 120 days past due on payments. (Wall Street Journal Feb. 11) The change in operations is the result of an accounting change that became effective Jan. 1 that makes it less costly for Fannie and Freddie to purchase delinquent loans. Previously, it was more cost effective to make principal and interest payments to bondholders on nonperforming loans because buyouts sparked steep write-downs.


RSS





print
News Now LiveWire
.@Bankrate breaks down 5 top fee-fighting #creditunions http://t.co/MNyj3uWeVs
17 minutes ago
#creditunions celebrate #EarthDay2015 by being green aware with e-statements, hosting shred events, planting trees
15 hours ago
From @WSJ: 33% of companies say it took them more than 1 yr to discover a data breach. http://t.co/a0MxV68X6t http://t.co/lkglx6WvKs
19 hours ago
.@CAMCouncil taps into @MICreditUnions' career, tech training resources http://t.co/sotnfCUgIo
20 hours ago
#Inflation ticks up in March, still relatively flat #NewsNow #Market http://t.co/PyAvwdkJ4M
20 hours ago