Currently, FHA requires a waiting period of two years in bankruptcy cases and three years after a foreclosure or short sale before a borrower can apply for an FHA loan.
Roughly, 60 percent of real estate loans made by credit unions are sold to Fannie Mae and Freddie Mac, compared to only 44 percent for all financial institutions.
As expected, we dont believe any mortgages have been sold out of trusts to the city of Richmond, said Tom Deutsch, executive director of the American Securitization Forum.