CEO Daniel Mudd

Government controlled mortgage provider Fannie Mae said Monday the U.S. Treasury has blocked its plans to sell more than $2.5 billion in low-income housing tax credits. In a regulatory filing Monday, Fannie Mae, formally known as Federal National Mortgage Assoc., said it had planned to transfer equity interest in the credits to investors. The Treasury, however, blocked the move saying it would result in a loss of tax revenue greater than the savings to the government. Fannie Mae said it was evaluating whether it must record the credits as an impairment in the fourth quarter. As of Sept. 30, the value of the credits ... Read Full Story

Among the earnings stories for Thursday, Nov. 5, from AP Financial News: WASHINGTON (AP) — Fannie Mae is asking for an additional $15 billion in government aid after posting another big loss in the third quarter as the taxpayer bill from the housing market bust keeps rising. HOUSTON (AP) — Prison and treatment services operator Cornell Cos. said its third-quarter profit shot up 39 percent, driven by higher revenue from expansion and higher populations at its facilities. HOUSTON (AP) — Oil and gas company W&T Offshore Inc. posted a loss in the third-quarter amid a 42 percent drop in revenue. NEW YORK (AP) — ... Read Full Story

Fannie Mae is asking for an additional $15 billion in government aid after posting another big loss in the third quarter as taxpayers' bill from the housing market bust keeps getting bigger. The mortgage finance company, seized by federal regulators in September 2008, posted a quarterly loss of $19.76 billion, or $3.47 per share. The loss includes $883 million in dividends paid to the Treasury Department and compares with a loss of $29.41 billion, or $13 per share, in the year-ago period. The results were driven by $22 billion in credit losses as the company continued to build its reserves for sour mortgages. The ... Read Full Story

They are 90%+ of the mortgage market …..  (BC)   No Money Down Mortgages Continue – Eric Falkenstein – …  FHA is aggressively promoting lending with only 3.5% down, and the $8k tax credit for buying a house less than $200k…. A person who can’t afford a down payment should not be in a home . One needs capital to pay for routine maintenance, and most importantly, if something major happens, like if a heater breaks. A renter is someone who does not have the wherewithall to handle these large, unanticipated expenses … The government’s program reminds me of the technique children independently discover ... Read Full Story

WASHINGTON (Reuters) - James Lockhart, the U.S. regulator who nationalized Fannie Mae and Freddie Mac, will soon resign after more than three years as overseer for the mortgage finance companies, an administration official said on Wednesday. Lockhart will step down very soon as head of the Federal Housing Finance Agency, the official said, but no decision has been made about a suitable long-term replacement, or the role that person would have in shaping housing policy. Lockhart himself, when asked in a Reuters interview if he is leaving soon, would not comment on any move but said he was proud of his work as a ... Read Full Story