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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: default reserves Posted by Travis-CA on May 23, 2003 at 3:54 PM In Reply to: Re: default reserves posted by FrankO on May 23, 2003 at 2:41 PM : Thanks, almost. What about FNMA, FHLMC? Would they have to keep : reserves for non performing mortgages? What about FHA insured : loans? Is there a specific statute that I could read? : I know that you have a lot of people asking questions of you, and : I appreciate your time. If you know the answer offhand, great. : If not, I understand. Fannie Mae and Freddie Mac are not actual lenders, they are part of the secondary market who buy and sell conventional loans made by lenders in bulk, and do not fall under the same rules and regulations as lenders. If loans do not perform that they purchase, they will usually just force the lender to take the loan back in trade for a good loan. FHA does not make loans either, they only insure them, and lenders must be approved by the FHA to offer their loan programs. Each of these agencies have its own rules and strict guidelines that all loans must adhere to in order for them to purchase/insure the loans. I hope that is of some help to you. Travis Follow Ups: Re: default reserves SeanW 6:41 PM, 05/23/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Thanks, almost. What about FNMA, FHLMC? Would they have to keep : : reserves for non performing mortgages? What about FHA insured : : loans? Is there a specific statute that I could read? : : I know that you have a lot of people asking questions of you, and : : I appreciate your time. If you know the answer offhand, great. : : If not, I understand. : Fannie Mae and Freddie Mac are not actual lenders, they are part of the secondary market who buy and sell conventional loans made by lenders in bulk, and do not fall under the same rules and regulations as lenders. If loans do not perform that they purchase, they will usually just force the lender to take the loan back in trade for a good loan. : FHA does not make loans either, they only insure them, and lenders must be approved by the FHA to offer their loan programs. : Each of these agencies have its own rules and strict guidelines that all loans must adhere to in order for them to purchase/insure the loans. : : I hope that is of some help to you. : Travis Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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