Freddie Mac nearly stopped purchasing mortgages on small apartment buildings in 2005 after the Department of Housing and Urban Development stopped providing bonuses under its affordable housing rules.HUD affordable housing data show that Freddie Mac's loan purchases in 2005 included only 14,000 units that qualified as small multifamily (5-50 units) loans. Freddie purchased small multifamily loans with 181,000 units in 2003 -- the last year HUD provided a bonus. In 2001, HUD started giving Freddie and Fannie Mae double credit for each unit financed to get the two government-sponsored enterprises more involved in serving the small apartment market. Fannie's purchases of small multifamily loans fell from 231,000 units in 2003 to 91,000 units in 2005. The 2005 AH data appeared in a research paper presented by a HUD economist at an American Real Estate and Urban Economics Association conference. Freddie could not be reached for comment by MortgageWire's deadline.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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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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