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Thursday, September 30, 2010

Fannie Mae is giving mix signals for loan modifications

This articles states that Fannie Mae is giving more time for loan modifications.  However, this contradicts what the GSE said earlier.

In the announcement Thursday, Fannie extended the timeline for servicers to submit their alt-mod cases into its network from Sept. 30 to November 30, giving these companies an extra two months to get as many cases into the system as possible.
Giving more time to servicers is a deviation from its announcement earlier in the month that servicers would be charged for excessive delays in loss mitigation. But according to this guidance, Fannie is extending the time limit to get more modification paperwork in.
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