In an effort to reduce closing costs for low-income and first-time homebuyers, Freddie will now allow lenders to replace title insurance with attorney opinion letters in all but one state.
Freddie’s head of single-family acquisitions said programs, such as DPA One, BorrowSmart and HeritageOne, have helped the GSE lower closing costs and expand access to mortgage credit.
Freddie Mac’s new $2,500 credit for buyers earning less than 50% of area median income closely resembles an initiative announced last month by Fannie Mae.
Fannie Mae’s announcement of an update to its HomeReady program drew applause from the crowd at the MBA’s independent mortgage bankers conference this week.
The former FHFA director says Congress will never act, but that the GSEs should create subsidiaries, then complete an initial public offering to get out of government control.
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