The Real Deal New York

Posts Tagged ‘fannie mae’

  • Homeowners cashing in on the equity boom

    October 02, 2015 11:50AM


    Americans are tapping into their home equity at a pace not seen since the housing bubble aftermath nearly a decade ago, but here’s a key question: Is all this borrowing getting a little too frothy? Are we headed back to the bad old days when some owners hocked their houses to the hilt to finance autos, vacations and other consumer expenditures?

    New data provided by national credit bureau Equifax reveal that between January and June of 2015, lenders extended more than 657,000 new home equity lines of credit — popularly known as HELOCs — with a total credit limit of nearly $70 billion. [more]

  • RealtyTrac

    From left: Daren Blomquist and Paul Skeens

    Could a little-noticed policy change by giant mortgage investor Fannie Mae help homeowners who’d like to move but can’t because they’re underwater — they owe more to the bank than the likely selling price of their houses? Could it help you?

    Maybe. But you’re going to have to be able to qualify for a new mortgage to buy a new primary residence and rent out your current house, converting it into an investment property. [more]

  • From left: Ronald Faris and Kevin Watters

    From left: Ronald Faris and Kevin Watters

    JPMorgan Chase is buying roughly $45 billion worth of home loans from Atlanta-based Ocwen Financial Corporation.

    The deal — which starts on June 1 — includes servicing rights for 266,000 mortgages that are currently owned by Fannie Mae, according to Bloomberg. JPMorgan’s portfolio of billing, collections and foreclosures on mortgages in the U.S. will now be roughly $1 trillion. [more]

  • Rental fees

    From left: 505 West 47th Street and 555 West 23rd Street

    In a city where landing the right rental apartment is celebrated like the birth of a child, brokers and tenants are aware that landlords hold all the cards, and have become used to paying a multitude of fees. [more]

  • March 2015 National Housing Survey (credit: Fannie Mae)

    March 2015 National Housing Survey (credit: Fannie Mae)

    Homeownership may no longer be a central tenet of the American Dream. The number of Americans who would buy a home if they were to move hit a new five-year low, according to Fannie Mae. [more]

  • Rendering of Toll Brothers' Pierhouse in Brooklyn Bridge Park (credit: Marvel Architects)

    Rendering of Toll Brothers’ Pierhouse in Brooklyn Bridge Park (credit: Marvel Architects)

    New Yorkers’ down payments on their homes are about ten times the national average, according to a new report from RealtyTrac.

    Home prices in New York far exceed the national average of course, but New Yorkers are also paying a higher percentage of the total purchase price upfront. While the national average down payment is $31,723, or just 14 percent of the total purchase price, the average down payment for the New York and New Jersey markets is $347,614, or 37 percent of an average home price of $935,000. In Brooklyn, buyers paid $163,537, or 28 percent, on an average home price of $580,000. [more]

  • From left:

    From left: 301 West 53rd Street and Ziel Feldman

    It may sound like an oxymoron: affordable luxury. But lower asking prices might be the latest trend in the Manhattan condo market. [more]

  • Battle looms over US home appraisals

    January 09, 2015 11:10AM

    From left: Mike Turner and Fannie Mae’s Timothy Mayopoulos

    Could a controversial new program set for launch nationwide this month by giant mortgage investor Fannie Mae lead to slower and costlier home sale closings and more disputes over prices between sellers and buyers — busting deals when the appraised value comes in below what the parties agreed to in the contract?

    Fannie Mae doesn’t think so, but many appraisers are worried that the new program might mess up the marketplace. How? Here’s a quick overview of the issue and what it could mean to you as a seller or buyer.  [more]

  • fannie

    From left: David Lowman and Andrew Bon Salle

    When it comes to buying a house, are you in the “no way I could possibly qualify” category? Not enough cash in the bank for a down payment or closing costs? Credit scores good but not great? So much deferred student loan debt that you assume any lender would slam the door?

    Join the crowd. Large numbers of Americans feel the same, in part because they read and hear that qualifying standards for mortgages are the strictest they’ve been in decades.  [more]

  • In an effort to ease tight credit that’s slowing down the housing market, Fannie Mae and Freddie Mac reached an agreement with banks to better define when bad practices and faulty information would force lenders to buy back home loans.  [more]

  • From left: Dan Garodnick and Stuyvesant Town

    From left: Dan Garodnick and Stuyvesant Town

    Before asking Freddie Mac and Fannie Mae for funding for any potential purchase of Stuyvesant Town Peter Cooper Village, investor will first have to assure the mortgage giants that a portion of the units will be affordable. [more]

  • More borrowers are able to obtain jumbo loans

    More borrowers are able to obtain jumbo loans

    Lenders are loosening the rules when it comes to giving out jumbo mortgages, or home loans that total $417,000 or higher. Traditionally, such loans are only offered to the most creditworthy of borrowers. [more]

  • From the May issue: When you’re raking in tens of billions in profit by helping credit-elite borrowers purchase homes, couldn’t you lighten up on fees a little for everyday folks? [more]

  • Siegel-350-Eisenberg

    From left: Stephen Siegel, 450 Rockaway Parkway (Credit: PropertyShark) and Philip Eisenberg

    During the real estate boom of the last decade, the government-supported mortgage giant Fannie Mae took direct equity stakes in at least three majority affordable-housing portfolios in New York City, sources told The Real Deal. That’s two more than previously known. [more]

  • Clark-3333-Heritage-Eisenberg

    From left: Ric Clark, 3333 Broadway, the Heritage at 1295 Fifth Avenue and Philip Eisenberg

    The government-sponsored enterprise Fannie Mae holds a confidential, $60 million equity stake in the 3,962-unit apartment portfolio that Urban American and other partners bought for $938 million in 2007, several sources told The Real Deal. [more]

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  • From left: Fannie Mae, Credit Suisse and Freddie Mac

    From left: Fannie Mae, Credit Suisse and Freddie Mac

    Credit Suisse Group, one of 18 lenders sued by the Federal Housing Finance Agency in 2011 to recover losses on $200 billion in mortgage-backed securities, will shell out $885 million in a settlement over mortgages sold to Fannie Mae and Freddie Mac. [more]

  • From left: Fannie Mae, Freddie Mac

    From left: Fannie Mae, Freddie Mac

    Fannie Mae and Freddie Mac may soon cease to exist, should legislation introduced by the Senate banking committee Tuesday pass. [more]

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  • The legal tug-of-war over the more than $130 billion that mortgage giants Fannie Mae and Freddie Mac made last year, all of which was handed over to the Treasury Department, is looking grim for the government.  [more]

  • Morgan Stanley CEO James Gorman

    Morgan Stanley CEO James Gorman

    Morgan Stanley has agreed to pay $1.25 billion to settle a U.S. regulator’s claims that it sold toxic mortgage-backed securities to Fannie Mae and Freddie Mac that compounded their losses during the financial crisis.

    Morgan Stanley had disclosed in a November filing that the case revolved around the sale of about $11 billion worth of mortgage-backed securities, and said yesterday in a filing that it took a $150 million charge on its fourth-quarter earnings. [more]

  • The verdict was nearly unanimous at a recent hearing on Capitol Hill: The new federal “ability to repay” and “qualified mortgage” regulations that took effect Jan. 10 will make obtaining credit tougher, not easier, this year, and potentially force large numbers of credit-worthy homebuyers to defer or cancel their plans. [more]

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