HousingWire: Fannie increases condo fees
Fannie Mae will charge higher fees to review condominium projects for financing. Condos accounted for roughly 9% of the government-sponsored enterprise’s conventional book of business in the first nine months of 2011, according to its financial filings. Since 2009, Fannie allowed lenders to submit a condo project to Fannie for review. Once a project is approved, a lender can send mortgages on individual units to the GSE for funding.
Fannie Mae will offer up nearly 2,500 distressed properties in eight locations to investors who are willing to buy them in bulk and rent them out for a set number of years. The properties, which are located in Atlanta, Phoenix, Las Vegas, Los Angeles/Riverside, and three Florida regions, include all types of housing units, from single-family homes to co-op apartment buildings.
CNNMoney: Foreclosure rates plunge in 2011
Foreclosure filings and repossessions fell to their lowest level since 2007 last year. Total filings, including default notices and bank repossessions were down 33% for the year to 2.7 million, according to RealtyTrac, the online marketer of foreclosed properties.
Fannie Mae will require mortgage servicers to install a new program providing forbearance relief to unemployed borrowers beginning March 1, according to guidance released Wednesday. Servicers will be able to provide up to six months of relief without getting approval from the government-sponsored enterprise. Special consideration can be given to borrowers who require up to 12 months of forbearance.