Fannie Mae (http://www.fanniemae.com) issued its private mortgage insurance cancellation guidelines on Wednesday to conform its policies to the PMI cancellation law passed by Congress last year.For mortgages originated on or after July 29, PMI policies will be automatically canceled once the homeowner's equity reaches 22% of the loan amount. In addition, Fannie Mae is adopting automatic cancellation for all existing mortgages when the loan reaches its half -life - in the 15th year of a 30-year mortgage. The new PMI law does not apply to existing mortgages, but Fannie Mae says it does not believe homeowners should "pay for private mortgage insurance that is not necessary...." Freddie Mac issued similar guidance in early May.
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Horton, who stepped back from an executive role at his company D.R. Horton in October, died suddenly on Thursday.
May 17 -
A recommendation to give Ginnie Mae expanded authorities is drawing focus in the reactions to a Financial Stability Oversight Council report on nonbank risks.
May 17 -
The April and May announcements from the U.S. government, down payment assistance firms and lenders on easing the homeownership affordability crunch.
May 17 -
Rohit Chopra, director of the Consumer Financial Protection Bureau, said Friday that the agency will be moving forward with rules and enforcement actions after the defeat of a Supreme Court challenge to the agency's constitutionality.
May 17 -
Roam Boost eases the path for FHA and VA mortgages held by sellers to be assumed by the buyer.
May 17 -
The House Financial Services Committee passed eleven bills, including a Democratic-sponsored bill on homeless veteran housing and a Republican-led package on bank regulation.
May 17