Freddie Mac has expanded its affordable mortgage program to give active-duty soldiers and reservists more purchasing power when they buy a home.Under its Home Possible program, Freddie will purchase low- or zero-downpayment loans with flexible credit underwriting standards. If the borrower receives a gift from relatives or veterans' organization, the initial interest rate can be reduced by 150 basis points in the first year. This buydown of the interest rate effectively increases the soldier's or sailor's home purchasing power "by as much as 30%," Freddie Mac said in announcing its decision to expand the Home Possible program to 1.5 million military personnel. The secondary-market agency acted in response to requests by Sen. Ben Nelson, D-Neb., and the Hispanic War Veterans of America. The reduction in the interest rate is phased out over three years, and the source of the interest rate buydown funds can come from a wide range of sources, Freddie said.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11