ANN ARBOR, Mich. — In early May, Fannie Mae announced several key changes to its residential mortgage guidelines that will have a major impact on helping homebuyers and may assist lenders in easing the mortgage crisis, said Gibran Nicholas, chairman of the CMPS Institute (www.cmpsinstitute.org), an organization that certifies mortgage bankers and brokers.
"When Fannie Mae changes their policies and procedures, it has a widespread impact on homeowners," Nicholas told Credit Union Times. "This is because over 60% of U.S. home mortgages are securitized, meaning that they are owned by investors like Fannie Mae and Freddie Mac who issue bonds on the bond market using these mortgages as collateral."
Another bright spot is that Fannie Mae is teaming up with the Self-Help Credit Union in Raleigh, N.C., one of its long-time partners, to help families in hard hit real estate markets get into foreclosed properties through a rent to own program.
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