The Federal Housing Finance Authority (FHFA) will have a $139.3 million budget for fiscal year 2010, up 15 percent from a year ago. This increase will help the watchdog in supervising Fannie Mae and Freddie Mac.
The FHFA says the two mortgage financiers have refinanced 3.2 million loans this year, and its data indicates that the volume of loan workouts is tied to average mortgage rates. However, the volume of mortgage modifications is still below expectations.
Source: DSNews, Adam Weinstein (10/05/2009)