Fannie Mae’s HomeSaver Advance Program Shows High Re-Default Rate, Regulator Says
May 28, 2009
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...