Fannie Mae has agreed to work with Hispanic and Asian real estate professionals through a new venture that will market the mortgage company's foreclosed properties to minority homebuyers.Gary Acosta, a co-founder of the National Association of Hispanic Real Estate Professionals, and Jim Park, president and chief executive of the Asian Real Estate Association of America, founded New Vista Asset Management to market real estate owned by using their connections with real estate brokers in minority communities. "New Vista is excited to work with Fannie Mae to create a new path to homeownership using these REO units," Mr. Park said. A former Freddie Mac executive, Mr. Park also wants to work with lenders to create loan products suitable for first-time homebuyers. "Our focus is to market and sell these units directly to first-time and minority homebuyers using a national network of real estate professionals with deep roots in minorities as well as initiate consumer-direct outreach efforts to pair up mortgage-ready homebuyers to available REO properties," Mr. Park said. Fannie Mae can be found online at http://www.fanniemae.com.
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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.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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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.
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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