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February 3, 2010
Fannie and Freddie Getting Tough
Freddie Mac and Fannie Mae are working to strengthen their loan portfolios.
They are both reviewing loans they have and when they find improper documentation they force the original lender to buy back the loan.
So far Freddie has sold back loans worth $2.7 billion. Fannie won’t disclose sales but it is estimated that during the first nine months of 2009, they sold $4.3 billion.
It is good that Fannie and Freddie are strengthening their portfolios but there is a downside. Lenders, fearful they may have to buy back a loan, are now much tighter on buyer qualifications for a loan making it more difficult to get financing.
Don Grafues
Resource: REALTOR.org
Resource: REALTOR.org
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