The program provides borrowers a 3% downpayment assistance second lien with up to $15,000 in financing. The loan does not accrue interest and does not require a monthly payment.
After losing an appeal before a three-judge panel of the Federal Court of Appeals, plaintiffs are asking — for the second time — that the full court hear their case in light of a new Supreme Court decision.
Would a second Trump administration be more likely to take the GSEs out from under the government’s thumb? It didn’t work the first time around, but Biden hasn’t been interested at all.
The private market is providing adequate liquidity for closed-end second liens, according to the American Bankers Association. The trade group also questioned Freddie Mac’s motivations for a proposal to acquire seconds.
The Financial Stability Oversight Council wants Congress to provide FHFA and Ginnie Mae authority to supervise nonbanks given their growing dominance of the mortgage servicing market.
Some see Freddie Mac’s proposal to acquire second liens as a way to boost originations of the products. Others suggest that GSE involvement in the sector will have minimal impact as demand from borrowers appears to be limited.
A proposal from the Urban Institute calls for a revamp of the refi process to make it more equitable for lower-income borrowers and borrowers of color.
The guidelines lay out the process lenders must develop for borrowers to request an appraisal reassessment when they believe a valuation was inaccurate or biased.
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