NEWS YOU CAN USE

Freddie Mac CEO: Housing Is Near Bottom
Inventory of foreclosed homes poses the biggest risk to the markets, but overall the housing sector seems to be at or near the bottom, says Freddie Mac CEO Charles Haldeman.  Read more.


Fannie to Offer Closing Cost Aid on Foreclosures
Fannie Mae plans to pay 3.5 percent in closing costs on purchases of foreclosed homes in its inventory.  Read more.

FHA Relaxes Anti-Flipping Rule
The Federal Housing Administration has changed an "anti-flipping rule" to try to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes.  Read more.

Fannie Loosens Refinancing Rules

Fannie Mae plans to eliminate some credit-score requirements, scale back income-documentation standards, and waive the need for appraisals in some cases, starting on April 4. Read more >

Fannie Mae Announces REO Rental Policy

Qualified renters in Fannie Mae-owned foreclosed properties can stay in their homes under a national real estate owned (REO) rental policy the company released in mid-January. The policy applies to renters occupying a property at the time Fannie Mae acquires the foreclosure. Renters occupying any type of single-family property are eligible, including residents of two- to four-unit properties, condos, co-ops, single-family detached homes, and manufactured housing. Eligible renters are offered a new month-to-month lease with Fannie Mae or other assistance for their transition to new housing should they choose to vacate the property. The properties must meet state laws and local code. For more info contact Jeff Lischer, 202/383-1117.

Existing-home Sales Slide on Tight Mortgages

Existing-home sales were down in August following a healthy gain in July as tight mortgage credit curtailed activity, click here. Sales rose in the Midwest and South but fell in the Northeast and West. Nationally, existing-home sales, including single-family, townhome, and condo, declined 2.2 percent to a seasonally adjusted annual rate of 4.91 million units from an upwardly revised pace of 5.02 million in July. "Sales reflect higher interest rates before the government takeover of Freddie Mac and Fannie Mae," says NAR Chief Economist Lawrence Yun.