Fannie Mae Bulletin
Freddie Mac Bulletin
In plain language, Fannie & Freddie would reduce fees and relieve lenders from some liability on home loans in order to lower the cost of borrowing to distressed homeowners. Fannie Mae, in its revised guidelines, said: “The lender is not responsible for any of the representations and warranties associated with the original loan.”
More info here: http://www.mortgagenewsdaily.com
As I indicated in my post on 10-27-11, lenders do not have to participate in these programs and may add their own overlay of restrictions to Fannie and Freddie Guidelines--as most did with HARP 1.0.
Contact me if you would like to be notified if and when lenders begin implementing this program.
Remember, as mortgage broker, I have access to hundreds of funding sources.
