Fannie and Freddie were really the only ones buying loans from banks since pretty much all the other investors are now extinct. If they did fail, it would almost be impossible for anyone to get a home loan.
Thanks to heavy advertising, a catchy tune, and a great domain name - it’s quite easy to mistake [freecreditreport dot com] as the source for a free credit report.
What’s that? An energy efficient mortgage you say? Well, this may not be the answer we were all hoping for but it still quite an interesting option.
These two companies work a little bit differently, and they are making such headlines because of their massive hand in the nation’s housing market.
Here is the email sent by Downey Savings and Loans regarding their portfolio product, the Pay Option Arm (NegAm) - otherwise known as the Equity Crusher, Janitor Loan, or the Foreclosure Application.
Effective immediately, we will be eliminating the Portfolio Products A100 and A141. All loans in the system will need to lock by close of [...]
