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Posts by Tracy Mooney

SVP Tracy Mooney

SVP Tracy Mooney

Tracy Hagen Mooney is senior vice president of Single-Family Servicing and Real Estate Owned (REO), reporting to David Lowman, executive vice president of Single-Family Business. She is a member of the company's management committee.

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Short Sales: Dispelling the Myths

In this installment of “Dispelling the Myths,” we’re focusing on short sales – when a property is sold for less than the balance remaining on the mortgage loan. The short sale is an important tool for helping distressed homeowners avoid foreclosure and eliminate their mortgage debt. And thanks to key changes we’ve made in the program, Freddie Mac short sales today are taking less time to process on average than ever before. But for a lot of borrowers, short sales remain a mystery. Here are eight common misconceptions about short sales – and the facts every distressed homeowner should know.

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HARP: Dispelling the Myths

Potentially millions of homeowners could refinance through the Home Affordable Refinance Program (HARP) today and begin saving money each month. But many homeowners are still sitting on the sidelines, even after significant enhancements to the program and more than 2.9 million success stories.

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New Tool Helps Homeowners Navigate Expanded Relief Options

Today, homeowners visiting looking for help with their mortgage will have a better experience in navigating and understanding available relief options thanks to the Mortgage Help Navigator – a new online tool that steers borrowers to information about options that may best meet their personal circumstances. Over the past 18 months, we greatly enhanced and expanded our foreclosure prevention policies and programs so we designed the Mortgage Help Navigator to help ensure that homeowners are learning about the right ones for their individual needs.

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The Shorter Short Sale: Long on Borrower Benefits

Faster. Easier. More transparent. These are only some of the benefits borrowers are experiencing with the new Freddie Mac Standard Short Sale program that became effective on November 1.

Because of their complexity, short sales have traditionally taken months to complete. We worked with our regulator, the Federal Housing Finance Agency, to remove obstacles and streamline the process so we can help more borrowers and reduce costs for the company and taxpayers.

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A New Approach to REO Property Valuations

Property valuation is a cornerstone of selling real estate. It tells the market what we think a home is worth and what we'll accept as a sales price. A proper valuation process will also determine a home's value in its current "as-is" condition and after repairs and renovations.

Freddie Mac accounts for about five percent of the nation's supply of foreclosed homes and we finished 2011 with a nationwide inventory of just over 60,000 homes in REO, which is still historically high by company standards. Last year we sold about 110,000 homes for an average of 95 percent of market value; two-thirds of them were sold to owner-occupants.

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