Fannie Mae to Help Victims of Foreclosure

April 22, 2010 - PRLog -- Financial giant Fannie Mae has announced that they will make loans available to victims of foreclosure in as little as two years after their initial foreclosure.  This is an improvement from Fannie Mae’s previous requirement of four years.  These changes are expected to be in full effect by June 30, 2010, after Fannie Mae has had a chance to update their computer software to review and approve loan applications with the new rules in mind.  

Timothy McFarlin, a financial and real estate attorney with Irvine based law firm, McFarlin & Geurts, says that other lenders are likely to follow Fannie Mae’s lead:

“The number of people that are affected by foreclosure seems to be increasing daily.  With so many people being forced out of their homes, it only makes sense for a lender to relax their lending requirements.  This recession has created an entirely new market for banks to explorer—borrowers in financial recovery.  If other banks want to profit from this new generation of borrowers they will have to lower their requirements as well, otherwise Fannie Mae will soak up all the business.  Competitors aren’t likely to let that happen.”  

McFarlin is optimistic but cautious and admits he is keeping a close on lenders that lower lending requirements.

“What we don’t want to happen,” McFarlin warns, “are the same mistakes that got us here in the first place.  This program will be entirely counter-productive if the banks accept the same excessive risks they were accepting before the market crashed.”

About McFarlin & Geurts:

McFarlin & Geurts LLP is a full service law firm representing both businesses and consumers in California, Nevada, Utah and throughout the United States. McFarlin & Geurts attorneys possess a keen sense of the law and markets, along with an astute business background that is invaluable in bankruptcy and business litigation. The McFarlin & Geurts team includes five leading attorneys and supporting staff to assure clients that their needs are placed at the forefront of any engagement. Legal representation and counseling is critical in our complex modern world, and McFarlin & Geurts is driven by a desire for excellence and commitment to provide quality, personalized service with integrity.

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