The Real Deal New York

Posts Tagged ‘fannie mae’

  • 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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  • From left: Scott Garrett and Mel Watt

    From left: Scott Garrett and Mel Watt

    Three Republican lawmakers spoke out on Wednesday in defense of mortgage fee hikes that were announced by the Federal Housing Finance Agency last month but later delayed by the agency’s new director.

    In December, the agency said that fees for certain Fannie Mae and Freddie Mac-backed loans would rise sharply, a move that would result in higher mortgage rates for many borrowers. The fee increases, the agency said, would affect loans made to borrowers with spotty credit history or those not making sizeable down payments. [more]

  • wells-fargo

    Fannie Mae’s Timothy Mayopoulos and Wells Fargo’s John Stumpf

    Wells Fargo Bank, the biggest mortgage lender in the U.S., agreed yesterday to pay $541 million to Fannie Mae in order to settle allegations over troubled home loans.

    The settlement was for a total of $591 million, but has been reduced due to credit from previous loan buybacks by the banks. As part of the same set of deals with the government-sponsored entity, Citigroup agreed to pay $968 million and Bank of America $3.6 billion, earlier this year. [more]

  • An important resource for first-time and other homebuyers who find themselves in unfair competition with deep-pocket investors bearing cash just got better: The two biggest players in the mortgage market, Fannie Mae and Freddie Mac, are now giving non-investor shoppers 20-day exclusive rights to bid on and buy new listings they are selling. [more]

  • Deutsche Bank co-CEO Anshu JAin

    Deutsche Bank co-CEO Anshu Jain

    Deutsche Bank will pay $1.9 billion to settle claims that it didn’t provide sufficient information about mortgage-backed securities it sold to Fannie Mae and Freddie Mac.

    The agreement struck with the Federal Housing Finance Agency covers the period of 2005 to 2007 and resolves the bank’s largest mortgage-related litigation case, the bank said in a statement on its website today. [more]

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  • Prompted by regulator the Federal Housing Finance Agency, mortgage finance companies Fannie Mae and Freddie Mac are raising the fees they charge lenders in an attempt to make non-government-backed lending more competitive. [more]


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