Industry NewsMortgage

Fannie raising fees, tightening standards

Mounting losses taking toll on capital surplus
Published on Aug 8, 2008

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by CareyBot

Fannie Mae is tightening underwriting standards, increasing fees, and will stop buying newly originated alt-A loans by the end of the year, the company said in announcing a $2.3 billion quarterly loss.

The nation's biggest financer of mortgages also said it's opening new offices to sell real estate-owned properties in hard hit areas like California and Florida, and is bringing on new employees in loss mitigation to engage in more workouts with troubled borrowers.

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