Excessively delaying Fannie Mae foreclosures to cost servicers

Fannie Mae will now review the compensatory fees due to servicers in cases where the government sponsored entity feel servicers are unnecessarily delaying foreclosure.
In a letter sent to servicers, Fannie Mae said it plans to review compensation when it deems it applicable, stating that loans “must not be put on hold on a blanket basis.”
Fannie Mae is clear that servicers must not jump the gun either, but rather must follow the letter of the law as it pertains to the Home Affordable Modification Program (HAMP) and Home Affordable Foreclosure Alternatives (HAFA) guidelines.

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Excessively delaying Fannie Mae foreclosures to cost servicers

Fannie REO VP: 70% of sales in 2009 went to key owner-occupants

Roughly 70% of the 123,000 Fannie Mae REO sales in 2009 went to owner-occupants, a group of buyers key to a housing recovery, according to Jay Ryan, Jr., Fannie Mae’s vice president for REO alternative disposition.
The government-sponsored enterprise’s (GSEs) First Look program, which gives owner-occupants and Neighborhood Stabilization Program (NSP) grantees a 15-day head start on purchasing an REO before investors. In Las Vegas, it’s 30 days.
In a research paper for the Federal Reserve summit on neighborhood stabilization this week, Ryan wrote that the First Look program has been well received by homebuyers. He added that because the program was launched in the summer of 2009 there isn’t enough historical data to draw conclusions, but Fannie Mae will provide metrics in 2011.

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Fannie REO VP: 70% of sales in 2009 went to key owner-occupants