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Freddie Mac provides enviro loan guidance
WASHINGTON (9/9/10)--Freddie Mac recently released guidance on the purchase restrictions placed on mortgages secured by properties that are subject to Property Assessed Clean Energy (PACE) obligations. In general, Freddie Mac has said that it would not “purchase mortgages secured by properties subject to PACE obligations with first lien priority.” Freddie Mac in a release noted that this restriction has been waived for all mortgages that it settled before July 6 and “that were secured by properties subject to PACE obligations with first lien priority” originated before that date. “Nevertheless, if a borrower who has received a waiver wishes to refinance his or her mortgage with Freddie Mac, that borrower must payoff the existing PACE obligation as a condition to obtaining a new mortgage, unless the refinancing is conducted under Freddie Mac's Relief Refinance Mortgages offering,” Freddie Mac added. Freddie Mac also recently reported that both 30- and 15-year mortgage rates remained at record lows during the week ended Sept. 2. The weekly mortgage survey recorded average rates of 4.32% and 3.83%, respectively. The 5-year Treasury-indexed hybrid adjustable-rate mortgage also fell to record levels during that week, with a recorded average rate of 3.54%. For the Fannie Mae PACE announcement and the mortgage survey, use the resource links.
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