Posts Tagged ‘Fannie Mae And Freddie Mac’
President Obama Proposes Mortgage Refinances for ‘Responsible Borrowers’
After several largely ineffective programs to help troubled borrowers and after fruitless attempts at budging the hard-line conservator of Fannie Mae and Freddie Mac, President Obama is proposing a brand new refinance program for borrowers who are current on their mortgages, regardless of who owns their loan; the catch is that this one has to go through Congress.
Government Set to Sell Foreclosures in Bulk
The Obama Administration, in conjunction with federal regulators and led by the overseer of Fannie Mae and Freddie Mac, are very close to announcing a pilot program to sell government-owned foreclosures in bulk to investors as rentals, according to administration officials.
Home Buyers Could Pay for Payroll-Tax Cut
At face value, it seems like an easy, albeit creative way to pay for the extension of the payroll tax cut. Raise the fees that banks pay mortgage giants Fannie Mae and Freddie Mac to guarantee home loans.
Lawmakers Contradict on Speeding up Foreclosures
Wednesday morning House Committee on Oversight and Government Reform Ranking Member Elijah Cummings issued a press release detailing a letter he sent to the conservator of Fannie Mae and Freddie Mac, FHFA Acting Director Ed DeMarco.
Federal Housing Finance Agency Under Inspector’s Fire
Given that the conservator of Fannie Mae and Freddie Mac, the Federal Housing Finance Agency (FHFA) has been wielding incredible power of late in deciding how much the two mortgage giants can and cannot charge in guarantee fees and whom they can and cannot refinance, it was particularly disturbing to learn the that same FHFA has been deemed, dare I say it, incompetent, at least in one of its oversight capacities.
New Push to Unload Bank-Owned Properties Squeezes Out Investors
As big banks and Fannie Mae and Freddie Mac spacer push foreclosures through the pipeline, the inventory of REO (bank-owned) properties is rising. That pushes distressed and overall home prices down.
The Politics of Mortgage Reform
A few months ago the Obama administration put out a "white paper" on potential outcomes for the demise of Fannie Mae and Freddie Mac. There was much debate about it at the time - Republicans made it clear they want government out of the mortgage business, and democrats just the opposite. Now comes a bi-partisan bill that could be the first to get some real traction.
Mortgage Reform: Let the Games Begin
As expected, the fight over the fate of Fannie Mae and Freddie Mac is now heating up on Capitol Hill. Later today House Republicans are expected to introduce a bill from GOP Conference Chairman Jeb Hensarling that would wind down the two government sponsored entities in five years.
Fannie and Freddie Finally on the Block
The Obama administration finally released it's "white paper" on how to eventually wind down Fannie Mae and Freddie Mac. Really no surprises. They offer three scenarios and don't throw their weight behind any one in particular.
Principal Writedowns Happen, Just Not Through Government
A Wall Street Journal article Wednesday began, "Fannie Mae and Freddie Mac are in talks with Obama administration officials to join fledgling government programs aimed at reducing loan balances of mortgages where borrowers owe more than their homes are worth." They may be in talks, but the talks clearly aren't going well.
