Fannie Mae, Freddie Mac, and the other government-sponsored enterprises will no longer be able to use the Federal Reserve's payment systems as a source of intraday float, starting in July 2006.The decision by the Federal Reserve Board will increase the GSEs' costs, and it signals another attempt to take away the GSEs' special privileges. Under the new policy, the Fed will charge penalties for daylight overdrafts on the GSEs' corporate account activity, and it will stop releasing interest and redemption payments on securities when a GSE has insufficient funds in its account with the Fed. "The Fed is seeking comment by April 16, 2004 on how best to promote a smooth market adjustment while implementing this change in its Policy Statement on Payment System Risk," the Fed said. By law, the Federal Reserve acts as the fiscal agent for the GSEs, but it has allowed these entities certain privileges that are generally reserved for depository institutions.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18