Submitted by wulan on Tue, 12/08/2009 - 03:04
Business & Economics
Government-sponsored enterprises (GSEs) represent an unusual intervention by the federal government into private capital markets. GSEs are financial institutions that are individually chartered by Congress, but owned by private shareholders (cooperative members or outside investors depending on the ownership arrangement).
The Congressional charters, extraordinary ongoing interactions between these institutions and... Read Full Story
NakedEmperorNews Flashback, September 26, 2006:
Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis.
At a 2004 hearing see Democrat after Democrat covering up and attacking the regulations to protect Fannie Mae and Freddie Mac (their Cash Cows) that are now destroying our economy because the Democrats let [...] Read Full Story
Fannie Mae has increased the minimum borrower credit score from 580 to 620.
Brian Faith, a spokesperson at Fannie, confirmed the minimum hike, adding that the adjustment reflects a careful analysis of borrowers ability to repay their mortgage obligations over the life of the loan. Our experience with recently delivered loans with credit scores below 620 [...] 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
Crunch In US Housing Credit – www.quityloan.com
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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, Outlook For Philips 2q Earnings; Outlook For European Earnings; Global Economic Slowdown & Earnings
Preventing Fannie Mae, Freddie Mac Collapse; Credit... 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
Despite steep price cuts, selling problems plague condominiums in the nascent rebound of residential real estate. Lenders are scrutinizing condo complexes and their homeowner associations like never before, real estate agents say, making it especially hard to get a condo mortgage. Without lending, condos sit unsold -- with some going into foreclosure -- or they sell to investors, who sometimes buy in bulk and typically rent out the units. But banks and mortgage backers don't like to lend... Read Full Story
The US government could split troubled state-backed mortgage firms Fannie Mae and Freddie Mac and place the firms' toxic assets in a federal corporation, The Washington Post reported. The deal could allow the financial giants, long lynchpins of the US housing market, to move forward unconstrained by troubled assets -- easing still constricted credit markets with the hope of driving consumer spending. Together, the two firms back 40 percent of all US home loans. A "good bank, bad bank... Read Full Story
Freddie Mac has named Ross Kari as its new chief financial officer. Kari joins the government-controlled mortgage finance company from Fifth Third Bancorp, where he had been CFO. Kari's appointment, announced Tuesday by Freddie Mac, takes effect Oct. 12. He'll report to Charles Haldeman Jr., who recently took over as CEO. Freddie Mac has been without a permanent CFO since last fall, when the company was seized by the government during the financial meltdown. Acting CFO David Kellerman... 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
