Freddie Mac turns to YouTube to help troubled homeowners

Freddie Mac turns to YouTube to help troubled homeowners
Chicago Sun-Times

Mortgage giant Freddie Mac is using YouTube.com to educate homeowners at risk of foreclosure on how they can help reduce the stress and time it takes to get a mortgage modification under President Obama's Making Home Affordable program or Freddie Mac's other workout programs.

Freddie Mac posted a new video on the site that tells borrowers what financial documents they need to have available before calling a mortgage servicer. The documents will enable the mortgage servicer to determine the homeowners' eligibility for a workout and process the application, Freddie Mac representatives note.

Fewer foreclosures initiated in California in second quarter
The Los Angeles Times

Foreclosures were down in California during the second quarter of this year, but the drop represents an eye in the foreclosure storm that's likely to continue in full force this year, a real estate research firm reported Wednesday.

The number of homes repossessed by lenders was down 28% from April through June compared with a year earlier, according to San Diego-based MDA DataQuick. Still, more Californians defaulted on their home loans. Default notices, which are sent to borrowers who miss several payments, were up 2% during the quarter from the previous year.

Existing-Home Sales Rise; Prices Fall
The Wall Street Journal

WASHINGTON -- Existing-home sales rose again in June from the previous month, but prices are still down sharply compared with last year.

Home resales rose more than expected, by 3.6%, to a 4.89 million annual rate from a revised 4.72 million in May, the National Association of Realtors said Thursday.

Bernanke Tells Senate New Agency Isn’t Needed
The New York Times

WASHINGTON — Ben S. Bernanke, the chairman of the Federal Reserve, put himself at odds with the Obama administration on Wednesday by resisting its plan to create a consumer protection agency for risky financial products.

Mr. Bernanke says that the Fed has expertise that would be difficult to replicate at a new agency. Consumer oversight coincides with the Fed’s mission to oversee the safety and soundness of banks, he said in testimony to the Senate Banking Committee.

Appraisal Rules Spark Confusion
The Wall Street Journal

Fannie Mae and Freddie Mac are seeking to dispel confusion over a new code of conduct for home appraisers that has sparked protests from real-estate brokers and others who charge it is further weakening the housing market.

The two government-backed mortgage investors posted clarifications about the code on their Web sites Wednesday. Among other things, they told mortgage lenders that appraisers must have experience in the geographic areas where they get assignments. Brokers have complained recently about what they see as a growing number of appraisers traveling outside the areas they know best, resulting in less-accurate appraisals.