The Real Deal New York

Posts Tagged ‘freddie mac’

  • 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]

  • 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]

  • 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]

  • 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]

  • 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]

  • On the heels of the Federal Reserve’s announcement that it will reduce bond purchases, U.S. mortgage rates largely maintained status quo this week. The average for 30-year fixed rate mortgages rose to 4.48 percent this week from 4.47 percent, according to Freddie Mac data. The average 15-year rate saw similarly slight growth – to 3.52 percent from 3.51 percent week-over-week. [more]

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  • 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]

  • The average 30-year fixed-rate mortgage took a minor hit in the week ending today, dropping to 4.42 percent from 4.46 percent week-over-week, according to data from Freddie Mac.  [more]

  • edward-demarco

    Edward DeMarco

    Government-sponsored Fannie Mae and Freddie Mac said that they will increase fees charged to lenders by 0.1 percentage points — even though costs have already doubled in the past four years.

    The Federal Housing Finance Agency, which regulates both firms, hopes to balance out the rate hikes by cutting other fees that arose after the financial crisis. However, lenders in four states — New York, New Jersey, Connecticut and Florida – won’t be so lucky and will continue to have to pay both sets of fees. [more]

  • ackman

    William Ackman

    Pershing Square Capital’s William Ackman is spearheading a push to keep some segments of Fannie Mae and Freddie Mac’s business a private, for profit enterprise in a risky, counter-intuitive move. The move also pits Ackman against the Obama administration, which has moved to “wind down” the government sponsored enterprises’ business.

    Pershing, Ackman’s $12 billion hedge fund, acquired a 9.98 percent stake in the common shares of Fannie Mae and a 9.77 percent stake in those of Freddie Mac last week. Now, Ackman hopes to begin talks with the government and shareholders to privatize the two GSEs, which began making a profit in 2012, despite needing a taxpayer bailout just two years earlier. [more]

  • Former Freddie Mac CEO Richard Syron

    Former Freddie Mac CEO Richard Syron

    A federal appeals court in New York has dismissed a shareholder suit against Freddie Mac.

    The shareholders alleged that they suffered losses because Freddie Mac failed to disclose the possibility that it would become insolvent prior to the 2008 economic crash. The plaintiffs, led by Central States, Southeast and Southwest Areas Pension Fund, accused the government-sponsored mortgage backer of hiding its precarious finances and investments in subprime mortgages. [more]