Obama eyes tighter controls on banks, Wall Street – Yahoo! News

WASHINGTON – President Barack Obama is ready to roll out an overhaul of the intricate rules and systems that govern America’s troubled financial institutions, proposing the most ambitious revision since the Great Depression. Continue
Tags: Bail+Out, Banks

Housing-Rescue Plan Adds ‘Short Sales’ – WSJ.com

The government will pay mortgage-servicing companies up to $1,000 and borrowers up to $1,500 for successful short sales or “deeds in lieu” transactions. It will also spend up to $1,000 to help defray the cost of getting holders of second mortgages to release their liens so these transactions can be completed.
Short sales have accounted for [...]

Home Valuation Code of Conduct (HVCC)

“To help enhance the integrity of the home appraisal process in the mortgage finance industry, in March 2008, Fannie Mae entered into an agreement with our regulator – the Federal Housing Finance Agency (FHFA) (then the Office of Federal Housing Enterprise Oversight) – and the New York Attorney General’s office to adopt certain policies relating [...]

Freddie Mac – Avoid Fraud

Realcomp, Fannie Mae Partner on Short Sale Speedup

Realcomp II Ltd., Michigan’s largest Multiple Listing Service provider to real estate professionals, Thursday announced a partnership with Fannie Mae to create a pilot program for homeowners in fear of foreclosure or staring down the barrel of a short sale.The program will help streamline the short sale process, making it easier for homeowners who are [...]

Fannie Mae Suspends Foreclosure Sales Pending Administration Announcement

WASHINGTON, DC — Fannie Mae (FNM/NYSE) today announced it is suspending all foreclosure sales and evictions of occupied properties through March 6 in anticipation of the Administration’s national foreclosure prevention and loan modification program.The company had previously put in place a suspension of foreclosure sales through January and had previously suspended all evictions through the [...]

Fannie Mae is testing a Short Sale Program

Mortgage giant Fannie Mae is testing a program to pre-approve short sales in Phoenix and Orlando, two of the areas hardest hit by foreclosures. The goal is to expedite the often difficult short-sale process by Fannie Mae agreeing on a sales price for a home on the brink of foreclosure and the loss it will [...]