Fannie Mae and Freddie Mac, the companies that federally insure the majority of the nation’s mortgages, are relaxing their FICO score requirements, sometimes as low as 620.
Is the Obama administration failing the housing market? Maybe.
To refinance or not to refinance, for many homeowners these days, that’s the question. The interest on a 30-year fixed rate mortgage is now averaging 3.87 percent. So does it make sense to refinance? Or if you already have refinanced does it make sense to do it again?
A landmark $25 billion settlement with the nation’s top mortgage lenders was hailed by government officials Thursday as long-overdue relief for victims of foreclosure abuses. But consumer advocates countered that far too few people will benefit.
In addition to Standard and Poor’s cutting the AAA rating of the United States this week, it also cut the rating of government-backed mortgage brokers Fannie Mae and Freddie Mac.