Click here to listen to a clip from the Legal Hour on KDWN AM720 in which Tisha Black-Chernine explains the trends in the Las Vegas real estate market of the past and present and what affects it today.
Fannie Mae and Freddie Mac forced lenders to repurchase $3.1 billion in mortgages out of their books in the first quarter of 2010. In a regulatory filing explaining the forced repurchases, Fannie Mae stated that when they discover delinquent loans that do not meet underwriting and eligibility requirements, Fannie Mae makes demands for lenders to either repurchase them or compensate for losses sustained to the loan. According to regulatory filings made by the GSEs earlier in the year, the two companies are expecting to return as much as $21 billion in home mortgages to banks in 2010. The nation’s four largest lenders – Bank of America, Citigroup, Wells Fargo, and JPMorgan Chase – are the largest sellers of home loans to Fannie and Freddie and will likely take the biggest hits.