FNMA Doing away with Agency Stated???

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Chargers all the

41 Posts

Posted - 08/08/2008 : 1:12:17 PM

I just got an email saying this is the case by the end of the year. Does anyone have any info on this? Are they doing away with income waivers? Please copy/post...thx

nutesch

401 Posts

Posted - 08/08/2008 : 1:42:08 PM

quote:
Originally posted by Chargers all the way

I just got an email saying this is the case by the end of the year. Does anyone have any info on this? Are they doing away with income waivers? Please copy/post...thx

AP
Fannie Mae loses $2.3B in quarter as defaults rise
Friday August 8, 4:01 pm ET
By Alan Zibel, AP Business Writer
Fannie Mae announces quarterly loss and cutbacks that will reverberate through the market

WASHINGTON (AP) -- Fannie Mae is making bold cutbacks that will send shock waves through the mortgage market, after posting a quarterly loss Friday that was three-times larger than Wall Street expected.
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To slow its financial decline, the mortgage finance giant slashed its dividend to 5 cents a share from 35 cents a share and said it will eliminate loans for borrowers with solid credit scores, but little proof of income or small or no down payments.

soxfanbroker

68 Posts

Posted - 08/08/2008 : 1:44:03 PM

Interesting. who knows more?

Chargers all the

41 Posts

Posted - 08/08/2008 : 1:47:07 PM

Thank you, nutesch... You all right!

LOFROMCO

56 Posts

Posted - 08/08/2008 : 1:48:32 PM

Most lenders have done away with agency stated for awhile now. I am thinking that even the "verbal voe" on du findings will go away too eventually. This whole market will be full doc only for awhile, but eventually the niche market will come back simply because there is a demand for it.

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