Meanwhile, housing, financial, and philanthropic leaders have announced the completion of a $2 billion affordable housing initiative begun in 1998, and Fannie Mae has pledged to buy an additional $2.5 billion in loans over the next five years.Representatives from Self-Help (a community development group), the Ford Foundation, Bank of America, Chevy Chase Bank, and Fannie Mae gathered in Washington Oct. 28 to mark the occasion. "I commend Fannie Mae and the Ford Foundation for their vision in helping make homeownership a reality for nearly 30,000 families across the nation through this initiative," said Martin Eakes, chief executive officer of Self-Help. "Together we have helped prove that low-income families are creditworthy, with low levels of losses and foreclosures, as documented in new research conducted by the initiative." The research, conducted by the University of North Carolina, found that participating lenders experienced a 0.7% foreclosure rate over five years, below the national rate of 1.1%. Self-Help's new initiative will focus on expanding homeownership for low-income rural families by targeting areas where they have migrated for job opportunities, the organizations said.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
2h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
3h ago -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
9h ago -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16 -
In a motion to dismiss UWM's suit, Ramon Walker argues the trademark infringement claim made by UWM is a "pretext to muzzle [his] criticism."
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
April 16