Short Sale Soundoff: FHFA considers making short sales “short”
The Federal Housing Finance Agency (FHFA), the agency that controls Fannie Mae and Freddie Mac, has a serious effort under way to remove or minimize some of the major hurdlesassociated with short sales and to put those changes in the field as soon as this fall.
Officials at the FHFA have said they are actively seeking input from lenders, servicers, REALTORS®, investors and housing counselors about how to speed up short sales on loans connected with Fannie and Freddie.
Officials from NAR, who have already met with the agency’s special short-sale task force, confirm that the effort is for real and promise potentially significant reforms. FHFA officials say their deadline to wrap up their review of short-sale obstacles is June 30, and they plan to announce detailed improvements to the process no later than Sept. 30.
FHFA is considering making changes to the following:
• Second liens.
• Mortgage insurers
• Mandatory timelines
• Valuation issues
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