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 number of homes purchased by foreign buyers increased for the first time in 8 years, with many making all-cash purchases of vacation and rental homes.
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Prosecutors said the defendant will pay back $13,784 in restitution for federal housing assistance he fraudulently obtained between 2019 to 2020.
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Most indicators cited by Morningstar DBRS are favorable to a good securitization market the rest of the year, but inflation is one of several challenges.
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While Sunbelt markets were more likely to see softening property values, the Northeast saw growth continue, according to Intercontinental Exchange.
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Mortgage professionals are more often subject to non-compete and non-solicitation agreements and aren't likely to be impacted by the new Sunshine State law.
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New limits for forward commitments add to indications the secondary mortgage market is watching builder partnerships with home lenders closely.
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