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2011 August · WAHomeowners.com

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Who are Fannie Mae and Freddie Mac?

Y0u may hear about them a lot in the news when it comes to the housing market, but do you really know who they are? Check out this helpful article from The Seattle Times to learn more…

Who are Fannie Mae and Freddie Mac?

“Fannie Mae and Freddie Mac are publicly traded companies that guarantee the majority of new mortgages in the U.S. They are key players in the government’s foreclosure-prevention initiative.

Fannie Mae, officially the Federal National Mortgage Association, and Freddie Mac, the Federal Home Loan Mortgage Corp., were taken over by the government in 2008 after billions of dollars in losses and years of mismanagement.

Fannie and Freddie operate in the secondary mortgage market. They don’t sell mortgages directly to homeowners; they buy mortgages from banks and other lenders, which can use the money to issue new home mortgages.”

Read More…

Foreclosed homeowner squats her way back in

Interesting story, however we do not recommend this course of action. Check out our Avoiding Foreclosure section for information on ways we do recommend…

Foreclosed homeowner squats her way back in

“Tanya Dennis is finally home again. As in, she owns the house she’s lived in for 27 years again — after breaking into it and living there illegally following a foreclosure.”

Read Story…

Foreclosures made up 31 pct. of home sales in 2Q

Foreclosures made up 31 pct. of home sales in 2Q

Foreclosures made up roughly one-third of all home sales this spring. While that’s a smaller share of sales from the previous quarter, it’s six times the percentage of foreclosures in a healthy housing market.

Foreclosure sales, which include homes purchased after they received a notice of default or that were repossessed by lenders, accounted for 31 percent of the market in the April-June quarter, foreclosure listing firm RealtyTrac Inc. said Thursday.

Read More…

Financial turmoil intensifies home buyers’ anxiety

Financial turmoil intensifies home buyers’ anxiety

The past month wasn’t exactly a confidence-booster for would-be home buyers and sellers.

They’ve witnessed a turbulent stock market, a downgrade of U.S. credit, a spreading European debt crisis and a U.S. economy that seems to be running in place.

And now many say they’re even more hesitant – a retreat that could further delay a rebound in housing. It could hold back the overall economy, too.

Read More…

Home mortgage applications fall to 15-year low

Home mortgage applications fall to 15-year low

Mortgage applications to purchase a home fell last week to a 15-year low, despite the lowest mortgage rates in decades.

Many potential buyers are holding off because they are worried about job security and fear the economy could slip back into another recession.

Read More…