Over a year ago, on February 11, 2011 the Obama Administration first announced the winding down of Fannie Mae and Freddie Mac in its Housing Report. The Long Island Education Board's blog on the report can be found by clicking here.

Now, the process continues as Treasury just announced steps its undertaking to expedite the process by modifying its Preferred Stock Purchase Agreement with the Federal Housing Finance Agency, the conservator of Fannie and Freddie. To read Treasury's Press Report, click here.

According to Treasury, new steps are being implemented to prevent Fannie and Freddie from retaining a profit and reentering the market in their prior form.

The takeaway is that the decentralization of mortgages is no joke and is coming. Get ready.

Just this past week, Fannie Mae issued its Selling Guide with other updates. To see the guide, click here.

Two highlights from the Guide are as follows:

1. Maximum LTV for ARMS are reduced from 97% to 90% with Desktop Underwriting & from 95% to 90% for Manual Underwriting. 
2. Minimum credit score requirement is increased from 620 to 640 for manually written loans. 

Lieb at Law is Hiring! Excellent opportunity to learn the residential real estate practice first-hand while managing files under the guidance of experienced attorneys. 

Law student responsibilities include daily file updates to clients and real estate brokers in acting as the firms liaison from retention to attending closings. Issue spotting is a must. Be prepared to manage expectations and learn everything that can go wrong in a sale or purchase of residential real estate. To get this position, you must be ready to succeed, work in a team environment and process quickly. Must embrace education and technology. 

Those that succeed in this role will have the opportunity to advance. Can lead to Junior Associate Position. 

TO APPLY: Email Cover Letter and Resume to careers@liebatlaw.com 

*No Phone Calls or Faxes.
*Paid and Part Time (flexible to class schedule)
*Position is in Center Moriches Office