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The GSEs Fannie Mae and Freddie Mac were both placed in conservatorship in September 2008. [7] The two GSEs guaranteed or held mortgage-backed securities (MBS), mortgages, and other debt with a notional value of more than $5 trillion. [8] Merrill Lynch was acquired by Bank of America in September 2008 for $50 billion. [9]
Verification of Income and Employment (VOIE) is a process [1] used by banks and mortgage lenders in the United States to review the employment history of a borrower, [2] to determine the borrower's job stability and cross-reference income history with that stated on the Uniform Residential Loan Application (Form 1003). Lenders require complete ...
The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (or FHEFSSA, Pub. L. 102–550, title XIII of the Housing and Community Development Act of 1992, H.R. 5334, Oct. 28, 1992, 106 Stat. 3941, 12 U.S.C. § 4501 et seq.).
"Over the past decade Fannie Mae and Freddie Mac have reduced required down payments on loans that they purchase in the secondary market. Those requirements have declined from 10% to 5% to 3% and in the past few months Fannie Mae announced that it would follow Freddie Mac's recent move into the 0% down payment mortgage market." [153]
The Fannie Mae Mortgage Help Network is free for homeowners who are experiencing financial challenges or who have been impacted by disaster. The program provides free counseling services from ...
Ironically, the so-called “unavailable list” of properties that do not qualify for Fannie Mae is unavailable for public inspection. As a result, owners, buyers, sellers, associations, mortgage ...
After initially stonewalling, Fannie Mae has recently acknowledged the list’s existence. Fannie officials say they will create a searchable database for use by owners and associations, though it ...
The Federal Housing Finance Agency initiated litigation against 18 financial institutions involving allegations of securities law violations and, in some instances, fraud in the sale of private-label securities (PLS) to Fannie Mae and Freddie Mac. Below is a list of the cases, with amounts of any settlements reached in 2013 and 2014. [22] [23] [24]