According to an article in the Star-Telegram, Fannie Mae is offering homeowners facing foreclosure the option of leasing their home instead of going through the foreclosure process.

The article said:

“The government-controlled company, through its new “Deed for Lease” program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.”

Homeowners who want …

Tags: Fannie Mae foreclosure Mortgage Renting

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According to an article in the Star-Telegram, mortgage giants Fannie Mae and Freddie Mac, would topple over into bankruptcy without the lifeline of government funding that has poured into these behemoths since September 2008.

The article said:

“The companies, created by the government to ensure the availability of home loans, have tapped about $96 billion in government aid since they were seized a year ago this weekend. Without that money, they …

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… to an article in the Star-Telegram, a foreclosure moratorium implemented by Freddie Mac and Fannie may have decreased foreclosures in the Dallas- Fort Worth area by 8 percent. With over 2,000 foreclosures, Dallas County still has an extremely elevated level of foreclosures; but not as bad has it would be without the foreclosure moratorium.

As most already know, Freddie Mac and Fannie Mae are the largest mortgage lenders in the U.S. If this company allows all the struggling …

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Fannie Mae and Freddie Mace are launching its most radical program ever December 15 th, in an effort to save hundreds of thousands of delinquent homeowners from foreclosure. The program will allow delinquent homeowners to renegotiate their loans facing foreclosure through an accelerated process. Fannie Mae and Freddie Mac own or guarantee nearly 31 million U.S. mortgages or 6 out of every 10 …

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Fannie Mae and Freddie Mac buy billions of dollars worth of mortgages and have their own rules and regulations; but they both refuse to buy any loans containing binding mandatory arbitration clauses. Freddie Mac stopped purchasing loans with mandatory arbitration clauses August 2004 and Fannie Mae followed their example on October 31, 2004.

“Freddie Mac believes that all homeowners should …

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… of Foreclosure Listing Service.

“For several months, we had foreclosure moratoriums called by Fannie Mae and Freddie Mac,” the two big government-owned mortgage companies. During the first six months of the year, only about 30 percent of homes posted for foreclosure were actually auctioned by the lender. Typically, more than 40 percent of monthly foreclosure filings result in a forced sale.”

But many analysts fear that even if homeowners are able to avoid foreclosure in the …

… , the surge in April foreclosures may be the result of foreclosure moratoriums ending. Both Fannie Mae and Freddie Mac have ended their foreclosure moratoriums helping to push up the number of foreclosures posted for an April auction. Foreclosures have increased 32 percent since last year and 27 percent since last month. As the government has rolled out programs designed to help homeowners facing foreclosure, mortgage lenders have begun to move forward on foreclosures that were …

… percent of their monthly gross income.

Homeowners with a mortgage that does not exceed current Fannie Mae and Freddie Mac loan limits.

Homeowners who meet the above qualifications may be able to modify their home mortgages under the Homeowner Affordability and Stability Plan and avoid foreclosure.

On the other hand, homeowners who are current on their mortgage ; but who owe more on their home than it is worth may be eligible to refinance their homes with a 30 year or 15 year fixed …

… , the Obama administration announced that is giving another $200 billion in bail out funds to Fannie Mae and Freddie Mac as part of a plan to reduce foreclosures nationwide.

The article quoted Sheila Bair, Chairman of the Federal Deposit Insurance Company:

“There will still be some borrowers who lose their homes to foreclosure. Some of that will be inevitable. But this should have a significant reduction in the foreclosure rate, bringing it more in line with historical …

… NOT want to become renters. Homeowners facing foreclosure want companies such as Freddie Mac and Fannie Mae to modify toxic mortgages so that they can remain property OWNERS not renters. This is why it is critical that legislation is passed allowing homeowners to modify toxic loans during bankruptcy. We must not transform the middle-class into renters because they were given toxic loans. This rental scheme for homeowners facing foreclosure is fishy to say the least.

Fannie Mae and Freddie Mac have extended a moratorium on foreclosures until January 31, 2009. The foreclosure moratorium which has been in effect since November 26, 2008 was previously scheduled to end January 9, 2009. Over 6,000 homeowners facing foreclosure will receive another reprieve in an effort to give them time to take advantage of the companies’ Streamlined Modification Program …

… . As part of the $700 billion Emergency Economic Stabilization Act, which was passed in October, Fannie Mae and Freddie Mac (and other government entities) are required to allow renters living in foreclosed properties to remain in their homes until their leases end as long as they continue to pay their rent. But according to housing activists, Fannie Mae and Freddie Mac have not been adhering to this rule regarding foreclosures and renters, and are evicting renters in violation of the new …