The Department of Housing and Urban Development says Fannie Mae and Freddie Mac met or exceeded their affordable housing goals for 2006 even though Freddie missed one of the home purchase subgoals by a tiny fraction.The government-sponsored enterprise purchased 179,145 mortgages that qualified for the special affordable home purchase subgoal, but "missed by 634 loans," Freddie said in its annual affordable housing report to HUD. Freddie Mac's report also shows that its purchases of asset-backed securities accounted for 32.5% of single-family units qualifying for the low- and moderate-income housing goal, and its purchases of commercial mortgage-backed securities accounted for 56.4% of the qualifying multifamily units. Fannie noted that it started purchasing CMBS in 2006, but did not discuss its ABS purchases.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
8h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
9h ago -
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.
April 17 -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
April 17 -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
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.
April 16