Government to lift Fannie, Freddie limits

WASHINGTON – Feb. 28, 2008 – The federal regulator for Fannie Mae and Freddie Mac said Wednesday it would lift restrictions later this week on the amount of mortgages the government-sponsored companies can hold on their books.

Shares of Fannie and Freddie rose even after Fannie reported a nearly $3.6 billion loss in the fourth quarter of 2007 amid rising home-loan delinquencies.

The Office of Federal Housing Enterprise Oversight, acting after Fannie Mae published audited financial results for 2007 on Wednesday morning, said the two companies’ mortgage investment limits, currently at around a combined $1.5 billion, would be lifted effective Saturday. Freddie Mac is due to report is financial results on Thursday.


Hop on the “Foreclosure Express”

PORT ST. LUCIE, Fla. – Feb. 28, 2008 – A lender, a title company rep, an attorney, a real estate broker and 57 motivated homebuyers are sitting on a bus.

Stop me if you’ve heard this one before.

No? Then let’s cut to the punch line of an adventure called the “Foreclosure Express.”

In four hours, the prospects and industry experts viewed 11 short sale and foreclosed homes. Two of the homes went under contract. Negotiations are underway on several others. And next month’s bus tour is already filled to near-capacity with motivated buyers interested in purchasing short-sale and foreclosed properties in Port St. Lucie.

Credit for the marketing plan and success of this venture belong to Selma Schevers, owner and general manager of Realty Unlimited GMAC Real Estate in Port St. Lucie, and her Realtor team who decided a bus tour would be the best way to get buyers and experts in one place. "We have so many investors that we're working with, and they're constantly approaching us about foreclosure or pre-foreclosure opportunities," says Schevers.