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Volume 26 - Number 21

May 28, 2009

Fannie Mae’s HomeSaver Advance Program Shows High Re-Default Rate, Regulator Says

Fannie Mae’s unorthodox consumer loan program designed to help distressed homeowners restore their finances is showing high rates of re-default and raising questions about its viability, according to federal regulators. As of the end of March, Fannie had purchased some $516 million of HomeSaver Advance loans from its mortgage servicers. Under the program launched early last year, delinquent...

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Who "owns" the mortgage customer that’s brought to a wholesale lender through a loan broker?

The broker. It’s his/her client.


The wholesale/table funder. They’re taking the financial risk.


The broker, but only for the first year. After that, the borrower is fair game.


Hard to answer. It’s a complicated issue.