Local nonprofit housing groups may have a new source of downpayment assistance under a pilot program that is being backed by Fannie Mae.Under the pilot program, second mortgages made by local NeighborWorks organizations and purchased by the Neighborhood Housing Services of America will be sold to Fannie Mae for cash. The ultimate goal is to securitize the second mortgages and sell the mortgage-backed securities into the capital markets so more low-income families can receive downpayment assistance. "If we could provide loans to low-income homeowners through the capital markets, we could solidify the gains we have been making in homeownership financing over the last 30 years," Federal Reserve Governor Edward Gramlich said at an NHSA meeting in Washington. For the past 30 years, NHSA has acted as a secondary-market agency for nonprofit housing groups and community development organizations.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
3h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
7h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
10h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24