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HomeSaver a Success.(Federal National Mortgage Association)
Byline: Brian Collins
Washington-Fannie Mae servicers made 17,900 HomeSaver advances to seriously delinquent borrowers in the second quarter and substantially reduced the company's purchases of bad loans out of its securitized mortgage pools.
The mortgage giant purchased 4,600 seriously delinquent loans out of its mortgage-backed securities, down from 10,600 seriously delinquent loans in the first quarter.
Fannie executives hope this new loss mitigation tool - HomeSaver Advance - will save the company hundreds of millions of dollars because it can fix the loans in the pool without purchasing the loans and recognizing a loss.
In the second quarter, the unsecured HomeSaver loans helped the mortgage giant reduce its fair value losses on loan purchases to $494 million, down from $706 million in the previous quarter.
"We expect HomeSaver Advance to continue to reduce the number of delinquent loans that we otherwise would have purchased from our MBS trusts for the remainder of 2008," Fannie said in a securities filing.
In April, servicers began offering delinquent borrowers advances of up to $15,000 to cover missed payments, escrow advances, homeowner's association dues and even late fees so borrowers can resume timely payments.
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...the third quarter." Deihl added that, by selling the delinquent loans in a bulk sale, the company benefits by reducing future...assets with earning assets. As a result of the sale of delinquent loans and addition to reserves for real estate development projects...
Source: HighBeam Research, HomeSaver a Success.(Federal National Mortgage Association)