Freddie Mac has partnered with the Affordable Housing Partnership, HSBC Mortgage Corp. (USA), and HSBC Bank USA in a $25 million initiative that will provide affordable homeownership to residents of the New York cities of Albany, Schenectady, and Troy."SHOP-Capital marks our fourth SHOP initiative with HSBC in upstate New York," said Craig Nickerson, Freddie's vice president of community development lending. "By working together in Buffalo, Rochester, Syracuse, and now Albany, we are expanding affordable housing homeownership opportunities to some 4 million New York residents." SHOP offers consumer outreach and financial education through AHP, as well as flexible mortgage products provided by HSBC and Freddie, while focusing primarily on minorities and families who lack personal finance management skills, downpayment funds, or both. Products include Freddie's "community gold" mortgage that applies flexible underwriting and requires only $500 from the borrower's own funds, and HSBC's "community works" mortgage that allows for discounted interest rates and liberal credit criteria on either one- or two-unit properties. SHOP is part of Freddie's "Catch the Dream" national effort designed to support the Bush administration goal of adding 5.5 million minority homeowners by the end of the decade.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28