CEO Daniel Mudd has been the chief executive officer of Fannie Mae since 2005. He is 47 years old. Follow Mr. Mudd and Fannie Mae in the news and blogs or share your own opinion about the company and its leadership.
Fannie Mae says it won't consider offers from investors to buy its foreclosed properties until they have been on the market for 15 days. During that period, Fannie Mae will only consider bids from buyers who intend to live in the homes, or those using public housing funds. Fannie Mae says the First Look initiative announced Tuesday applies to more than 72,000 properties nationwide. For buyers using money from public entities such as the Department of Housing and Urban Development, Fannie Mae... Read Full Story
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... 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... 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... 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... 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... Read Full Story
WASHINGTON (Reuters) - U.S. officials are considering a plan to isolate failing assets held by Fannie Mae <FMN.N> and Freddie Mac <FRE.N>, The Washington Post reported on Wednesday, while an administration official said such an idea was in the early stages of development. Such a move would help alleviate one of the Obama administration's biggest burdens created by the rescue of Fannie Mae and Freddie Mac: the hundreds of billions of dollars in money-losing home loans owned by the government... Read Full Story
A key federal regulator is going to work for Wilbur Ross, a billionaire investor who specializes in making big profits through buying up bad debt. James Lockhart, director of the federal agency that regulates mortgage finance companies Fannie Mae and Freddie Mac, will become vice chairman of WL Ross & Co., the distressed investment affiliate of Invesco Ltd. Lockhart had announced earlier this month that he would step down as director of the Federal Housing Finance Agency. He'll start work... Read Full Story
WASHINGTON (Reuters) - James Lockhart, the regulator for Fannie Mae and Freddie Mac, will soon step down after more than three years as overseer for the mortgage finance companies, an administration official said. Lockhart will step down very soon as head of the Federal Housing Finance Agency, the official said, but no decision has been made about who might be a suitable long-term replacement, nor what role that person would have in shaping housing policy. When asked by Reuters in an... Read Full Story
Fannie Mae recently announced that Karen Pallotta will become the head of the company’s single family mortgage business starting June 1, 2009. She is replacing Thomas Lund, who is retiring from the company as of June 30, 2009.
Pallotta joined Fannie Mae in 1990 and has served in a variety of leadership roles which include Senior Vice President, Product Acquisition Strategy and Support. Previously, Pallotta was Vice President of Marketing and Lender Strategies where she managed a team... Read Full Story
