Fannie Mae and Freddie Mac stepped into the abyss that was the absence of financing for multifamily properties. Uncle Sam filled the GSEs’ coffers so that they could lend to buyers, when banks did not. The size of the abyss cannot be overstated: The firms were responsible for 84% of all multifamily lending last year , up from 34% of the market in 2006, according to the Federal Housing Finance Agency. Read Full Story
November 18, 2009 - Few people in American politics are as responsible for the current state of the economy as Barney Frank. While you may think this is a harsh analysis, bear in mind that Frank publically chastised those calling for greater oversight of Fannie Mae and Freddie Mac while he was romantically involved with an executive at one of the companies. That single act has cost American taxpayers billions of dollars and just this week it was announced that Fannie Mae would have to turn to... Read Full Story
WASHINGTON (Reuters) - U.S. Representative Barney Frank has changed his position and supports requiring large financial firms to make payments into a fund for unwinding troubled competitors before the money is needed, an aide said on Friday. The Democratic chairman of the House of Representatives Financial Services Committee unveiled legislation this week that called for case-by-case funding of government actions after they are taken to resolve problems at distressed firms. Committee... Read Full Story
Only a few short months ago both homeowner and property had to perfectly fit the ideal mortgage mold in order to qualify for financing. Most banks, especially the big ones, just couldn't afford to put more home loans into their portfolios, and since the real estate bubble burst many have simply been unwilling to listen to legitimate explanations for nonconformity. Now, however, more mortgage money is becoming available, and many community banks are being much more understanding when it comes... Read Full Story
1. Paulson appears on Face The Nation and says “Our banking system is a safe and a sound one.” If the banking system was safe and sound, everyone would know it (or at least think it). There would be no need to say it.
2. Paulson says the list of troubled banks “is a very manageable situation”. The reality is there are 90 banks on the list of problem banks. Indymac was not one of them until a month before it collapsed. How many other banks will magically appear on the list a month before... Read Full Story
Only a few short months ago both homeowner and property had to perfectly fit the ideal mortgage mold in order to qualify for financing. Most banks, especially the big ones, just couldn't afford to put more home loans into their portfolios, and since the real estate bubble burst many have simply been unwilling to listen to legitimate explanations for nonconformity. Now, however, more mortgage money is becoming available, and many community banks are being much more understanding when it comes... Read Full Story
Paulson says: Authority to buy unlimited stakes; Increase credit lines; Borrow directly from Fed; Paulson puts treasury behind Fannie Mae and Freddie Mac, in bid to calm market; Philips ‘confident’…
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Preventing Fannie Mae, Freddie Mac Collapse; Credit Crunch & Equity Markets; Insight, Outlook For Philips 2q Earnings; Outlook For European Earnings; Global Economic Slowdown & Earnings
Preventing Fannie Mae, Freddie Mac Collapse; Credit Crunch & Equity Markets; Insight... Read Full Story
Nov. 6 ( Bloomberg ) -- Fannie Mae, the mortgage buyer seized by regulators, plans to tap emergency U.S. capital for a fourth time this year, bringing its draws of taxpayer money to $60 billion as the company sees no immediate end to its losses. Fannie Mae will seek $15 billion in Treasury Department financing after posting an $18.9 billion third-quarter net loss, according to a Securities and Exchange Commission filing late yesterday. The Washington-based company, which posted $101.6... Read Full Story
Paulson says: Authority to buy unlimited stakes; Increase credit lines; Borrow directly from Fed; Paulson puts treasury behind Fannie Mae and Freddie Mac, in bid to calm market; Philips ‘confident’…
Related Posts
Preventing Fannie Mae, Freddie Mac Collapse; Credit Crunch & Equity Markets; Insight, Outlook For Philips 2q Earnings; Outlook For European Earnings; Global Economic Slowdown & Earnings
Bad Credit Home Equity Loans â for Adverse Circumstances
Investments & Money... Read Full Story
A year after the near-collapse of Fannie Mae and Freddie Mac, the mortgage giants remain dependent on the government for survival and there is no end in sight. The companies, created by the government to ensure the availability of home loans, have tapped about $96 billion in government aid since they were seized a year ago this weekend. Without that money, the firms could have gone broke, leaving millions of people unable to get a mortgage. Many questions remain about Fannie and Freddie's... Read Full Story
