GSEs to Allow Short Sales for Borrowers Who Are Current on Mortgage

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Aug 21, 2012 3:48PM GSEs to Allow Short Sales for Borrowers Who Are Current on Mortgage The Federal Housing Finance Agency ( FHFA ) announced today that Freddie Mac and Fannie Mae (the GSEs) are revising their short sale guidelines and delegating authority to their mortgage servicers to approve short sales as of November 1. The new procedures are part of the Servicing Alignment Initiative which the Federal Housing Finance Agency has directed the GSEs to develop. The streamlined program rules will enable lenders and servicers to quickly and easily qualify borrowers, who do not have to... Aug 21, 2012 3:35PM Mortgage Rates Erase Yesterday's Improvement Mortgage Rates moved higher today, falling back in line with Friday's levels, continuing a recent trend of smaller sideways movements around the new 3.625% Best-Execution rate. Before rates began rising in late July, the Best-Execution levels for 30yr fixed conventional loans were centered on 3.5% with a few instances of 3.375%. (Read More: What is A Best-Execution Mortgage Rate? ) Once again, underlying market events today were relatively silent. In fact, compared to the usual fare consisting of... Consumer Defaults Down Again in July, Second Mortgages Increase MBS RECAP: Coasting Out Near Unchanged Levels After Fighting AM Weakness Rating Agencies' Thoughts on Servicing Changes; More on Treasury and GSE's MBS MID-DAY: Weaker To Start, Sideways Through Mid-Morning, Now Weaker Again Spotlight Back on LO Comp and Potential Penalties; Why Mortgage Rates Maybe Shouldn't Be Here The Day Ahead: Do Bears Flag In The Woods? View: Front Page | Headline Viewer Micro News 2:53 PM: Positive Reprices A Better Possibility As MBS Hit New Highs On The Day 1:19 PM: MBS, Treasuries Returning To Morning Range, Reprice Risk Ebbs 11:17 AM: Bond Markets At Weakest Levels Of The Day. Reprice Risk Increases 8:59 AM: Possibility Of "Concessions" For Greece Hits Bond Markets Overnight 1:08 PM: Holding Gains As Slow Morning Becomes Slow Afternoon 9:32 AM: After Opening Weaker, Bond Markets Reapproach Unchanged Levels 3:35 PM: MBS Outpeform Into The PM, Moving Sideways Vs Weaker Treasuries 1:17 PM: Black Box Selling Ramps Up. MBS, TSYs Unable To Break Resistance »View All Micro News Around the Web What Happens to Homeowners Seeking Help (HAMP) NAR: 85% of Responding REALTORS® Expect Constant or Higher Residential Prices in Next 12 Months SEC Pays $50000 in First Dodd-Frank Whistleblower Reward - Bloomberg Housing-Related Assets Attractive as Prices Bottom, Pimco Says Regulator streamlines foreclosure prevention program News Release | Fannie Mae Announces New Short Sale ... »View More Around the Web Video News The Santelli Exchange Santelli's Morning Bond Update Pre-Market Report: What You Need to Know »View More Video News Today's Comments "This compensation plan is what is causing the investors to flock over the lower price homes and offer lowwer bids, therefore killing the chance of those..." "I have heard from local LOs (not at my husband's company but at some) that while they are not allowed to be compensated for charging overages to select..." "http://www.fincen.gov/financial_institutions/lfc/" »View More Comments Today's Q&A "my mortgage company said they are not autherized to do a HARP lian in my state, how do I proceed?" "What is a quit deed" "My home is worth less than I owe & i am in a bankruptcy, Would I still have some equity?" »View More Q&A jeffer90576 Profile View Edit Market Data Mortgage Rates 30YR 3.76 0.02 15YR 3.03 0.02 FHA30YR 3.69 0.02 Jumbo30YR 4.25 0.02 5/1ARM 3.02 0.00 MBS Quotes 30YR FNMA 3 104-28 0-01 30YR FNMA 4 106-14 0-02 30YR FNMA 4 107-24 0-03 30YR FNMA 5 108-22 0-01 Treasuries 2 YR 0.2907 0.0047 3 YR 0.4110 0.0000 5 YR 0.7892 -0.0028 7 YR 1.2450 -0.0070 10 YR 1.8019 -0.0091 30 YR 2.9013 -0.0227 Recent Housing Data Visit our Market Data Center for all of the latest housing numbers, graphs, etc. FHFA Home Price 0.78% Building Permits 6.84% Housing Starts -1.06% Construction 0.10% NAHB Builder 5.71% Mortgage Application 0.22% Forward Know someone who might be interested in this email? Forward it. Newsletter Archive Front Page | Headline Viewer | Video | Forums | Q&A | Market Data | Rates | Marketplace : Consumer - Industry © 2012 Brown House Media, Inc. All rights reserved. Brown House Media Inc. - 19706 One Norman Blvd - Cornelius, NC 28031