Fannie Gives Servicers Authority to Provide HomeSaver Advances, Makes Them Preferred Loss Mitigation Option
June 19, 2008
Fannie Mae this week dove headfirst into unsecured consumer loans as a primary tool in efforts to mitigate losses from rising mortgage default rates. The government-sponsored enterprise told servicers its new HomeSaver Advance program should be the first loss mitigation option they consider if a distressed homeowner can’t make up missed payments through a traditional repayment plan. According to...
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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