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Freddie Mac Posts $2.1 Billion Loss in Second Quarter
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Freddie Mac Posts $2.1 Billion Loss in Second Quarter
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Freddie Mac Posts $2.1 Billion Loss in Second Quarter

August 15, 2011 (Shirley Allen)

Government Sponsored Enterprise (GSE) Freddie Mac reports that it posted a net loss of $2.1 billion in the second quarter of 2011, compared to a net profit of $676 million in the first quarter of 2011. The second quarter results were still significantly less than the same quarter in 2010 when the GSE lost $4.7 billion.

The mortgage giant also stated in its Second Quarter Results report that it was making a $1.6 billion dividend payment to the Treasury Department, as a consequence, Freddie Mac’s net worth deficit was $1.5 billion as of June 30, 2011, prompting the Acting Director of the Federal Housing Finance Agency (FHFA) to submit a request for $1.5 billion in funds to the Treasury Department to eliminate the mortgage giant’s net worth deficit.

FHFA oversees the operation of Freddie Mac since the company was taken over by the government in September of 2008 after massive loses threatened to topple the company when the housing market collapsed.

The latest request for funds puts the total cost to taxpayers for Freddie Mac alone at $66.2 billion.

Despite significant losses in its portfolio, Freddie Mac reports that credit quality of single-family loans acquired after 2008 has been strong as measured by original loan-to-value (LTV) ratios, FICO scores, and the proportion of loans underwritten with fully documented income and expects better performance from its portfolio in the future.

As of June 30, 2011, approximately 46 percent of the company’s single-family guarantee portfolio of mortgage loans was originated after 2008.

Freddie Mac’s single-family serious delinquency rate dropped to 3.5 percent at the end of the second quarter, down from 3.63 percent at the end of the first quarter of 2011.

The mortgage giant was also able to help 53,777 borrowers avoid foreclosure in the second quarter which included 31,049 loan modifications, 7,981 repayment plans, 3,709 forbearance agreements, and 11,038 short sales and Deed-in-lieu transactions.

“Freddie Mac again played a leading role in the housing finance system and the U.S. economy, providing nearly $180 billion in needed liquidity to the market in the first half of 2011 while helping over 116,000 families avoid foreclosure,” said Freddie Mac Chief Executive Officer Charles E. Haldeman Jr. shedding some positive light on an otherwise dreary quarter-over-quarter loss. “We also continued to make progress in our efforts to strengthen the company and build value for the mortgage industry. One of our biggest priorities has been implementing the Servicing Alignment Initiative, an essential and joint effort with Fannie Mae that will improve the industry’s ability to help borrowers facing foreclosures.”

Tags: Freddie Mac, Second Quarter Results, FHFA, mortgage market, loan modifications, mortgage giant, GSE, single-family mortgages

Source:
Freddie Mac

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
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BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

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August 15, 2011 (Shirley Allen)

Government Sponsored Enterprise (GSE) Freddie Mac reports that it posted a net loss of $2.1 billion in the second quarter of 2011, compared to a net profit of $676 million in the first quarter of 2011. The second quarter results were still significantly less than the same quarter in 2010 when the GSE lost $4.7 billion.

The mortgage giant also stated in its Second Quarter Results report that it was making a $1.6 billion dividend payment to the Treasury Department, as a consequence, Freddie Mac’s net worth deficit was $1.5 billion as of June 30, 2011, prompting the Acting Director of the Federal Housing Finance Agency (FHFA) to submit a request for $1.5 billion in funds to the Treasury Department to eliminate the mortgage giant’s net worth deficit.

FHFA oversees the operation of Freddie Mac since the company was taken over by the government in September of 2008 after massive loses threatened to topple the company when the housing market collapsed.

The latest request for funds puts the total cost to taxpayers for Freddie Mac alone at $66.2 billion.

Despite significant losses in its portfolio, Freddie Mac reports that credit quality of single-family loans acquired after 2008 has been strong as measured by original loan-to-value (LTV) ratios, FICO scores, and the proportion of loans underwritten with fully documented income and expects better performance from its portfolio in the future.

As of June 30, 2011, approximately 46 percent of the company’s single-family guarantee portfolio of mortgage loans was originated after 2008.

Freddie Mac’s single-family serious delinquency rate dropped to 3.5 percent at the end of the second quarter, down from 3.63 percent at the end of the first quarter of 2011.

The mortgage giant was also able to help 53,777 borrowers avoid foreclosure in the second quarter which included 31,049 loan modifications, 7,981 repayment plans, 3,709 forbearance agreements, and 11,038 short sales and Deed-in-lieu transactions.

“Freddie Mac again played a leading role in the housing finance system and the U.S. economy, providing nearly $180 billion in needed liquidity to the market in the first half of 2011 while helping over 116,000 families avoid foreclosure,” said Freddie Mac Chief Executive Officer Charles E. Haldeman Jr. shedding some positive light on an otherwise dreary quarter-over-quarter loss. “We also continued to make progress in our efforts to strengthen the company and build value for the mortgage industry. One of our biggest priorities has been implementing the Servicing Alignment Initiative, an essential and joint effort with Fannie Mae that will improve the industry’s ability to help borrowers facing foreclosures.”

Tags: Freddie Mac, Second Quarter Results, FHFA, mortgage market, loan modifications, mortgage giant, GSE, single-family mortgages

Source:
Freddie Mac

What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

August 15, 2011 (Shirley Allen)

Government Sponsored Enterprise (GSE) Freddie Mac reports that it posted a net loss of $2.1 billion in the second quarter of 2011, compared to a net profit of $676 million in the first quarter of 2011. The second quarter results were still significantly less than the same quarter in 2010 when the GSE lost $4.7 billion.

The mortgage giant also stated in its Second Quarter Results report that it was making a $1.6 billion dividend payment to the Treasury Department, as a consequence, Freddie Mac’s net worth deficit was $1.5 billion as of June 30, 2011, prompting the Acting Director of the Federal Housing Finance Agency (FHFA) to submit a request for $1.5 billion in funds to the Treasury Department to eliminate the mortgage giant’s net worth deficit.

FHFA oversees the operation of Freddie Mac since the company was taken over by the government in September of 2008 after massive loses threatened to topple the company when the housing market collapsed.

The latest request for funds puts the total cost to taxpayers for Freddie Mac alone at $66.2 billion.

Despite significant losses in its portfolio, Freddie Mac reports that credit quality of single-family loans acquired after 2008 has been strong as measured by original loan-to-value (LTV) ratios, FICO scores, and the proportion of loans underwritten with fully documented income and expects better performance from its portfolio in the future.

As of June 30, 2011, approximately 46 percent of the company’s single-family guarantee portfolio of mortgage loans was originated after 2008.

Freddie Mac’s single-family serious delinquency rate dropped to 3.5 percent at the end of the second quarter, down from 3.63 percent at the end of the first quarter of 2011.

The mortgage giant was also able to help 53,777 borrowers avoid foreclosure in the second quarter which included 31,049 loan modifications, 7,981 repayment plans, 3,709 forbearance agreements, and 11,038 short sales and Deed-in-lieu transactions.

“Freddie Mac again played a leading role in the housing finance system and the U.S. economy, providing nearly $180 billion in needed liquidity to the market in the first half of 2011 while helping over 116,000 families avoid foreclosure,” said Freddie Mac Chief Executive Officer Charles E. Haldeman Jr. shedding some positive light on an otherwise dreary quarter-over-quarter loss. “We also continued to make progress in our efforts to strengthen the company and build value for the mortgage industry. One of our biggest priorities has been implementing the Servicing Alignment Initiative, an essential and joint effort with Fannie Mae that will improve the industry’s ability to help borrowers facing foreclosures.”

Tags: Freddie Mac, Second Quarter Results, FHFA, mortgage market, loan modifications, mortgage giant, GSE, single-family mortgages

Source:
Freddie Mac

THINKING OF BUYING
A NEW CAR?


WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS