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The price indexes measured by First American, FHLMC and FHFA, however, are not as susceptible to foreclosure and distress sale data and therefore look far more positive.
FNMA and FHLMC announced that they would not lower the limit, because the 1980 statute referred only to "increases," and not to "decreases" or "changes.
The largest volume of liquidations during 1991-93, on balance, has been FHLMC issues that have a smaller impact, dollar for dollar, on liquid deposits than liquidations of GNMA- or FNMA-guaranteed MBS.
The case came to court when FHLMC requested a declaratory judgement against DHCR.
Basic underwriting guidelines (those, for instance, applying to acceptable monthly debt-to-income and maximum loan-to-value ratios) differ among the secondary market participants, although FNMA and FHLMC follow essentially the same guidelines, which they themselves set for the conventional loans they purchase.
For example, in 1990 the FNMA and FHLMC limit on home purchase loans on single family properties they purchased or securitized was $187,450.
Beyond the above operational risks, certain servicing contracts, such as those entered into with GNMA, FNMA, and FHLMC, increasingly contain recourse provisions that subject the servicer to direct credit risk.
Today, First Cal is an approved FNMA/& FHLMC Seller/Servicer, an approved FNMA HomePath[R] Lender, and is licensed to lend in 10 states: including Arizona, California, Colorado, Hawaii, Idaho, Nevada, New Mexico, Oregon, Utah and Washington.
government, or by FNMA or FHLMC, government-sponsored agencies that are not backed by the full faith and credit of the U.
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