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McCain Campaign Manager's Firm Paid By Freddie Mac Even As McCain Claims No
2008-09-24 05:58:00 Wow, how the connections line up. According to the New York Times and Newsweek, as Senator John McCain claimed that his campaign manager has has no business with or didn't benefit from Freddie Mac and Fanny Mae, we have this new news: Rick Davis' firm had a contract with Freddie Mac as recently as last month. Here's the NYT account: WASHINGTON ? One of the giant mortgage companies at the heart of the credit crisis paid $15,000 a month from the end of 2005 through last month to a firm owned by Senator John McCain?s campaign manager, according to two people with direct knowledge of the arrangement. The disclosure undercuts a statement by Mr. McCain on Sunday night that the campaign manager, Rick Davis, had had no involvement with the company for the last several years. Mr. Davis?s firm received the payments from the company, Freddie Mac, until it was taken over by the government this month along with Fannie Mae, the other big mortgage lender whose deteriorating finances help...
Fannie Mae and Freddie Mac needed a boost
2008-09-08 17:41:00 After five years of corporate scandals, from Enron to Tyco, then the foolish Sarbanes Oxley law that increased the cost of doing business and accomplished nothing ... we finally get to an important step in the housing recovery.Fannie Mae and Freddie Mac didn't cause the housing bubble, if there was one, or the related over-reaction of the banks and credit markets to value problems. They exist to create liquid markets for mortgage securities. The government can step in, calm the markets and restore some liquidity to credit in general, then reorganize and step back out. If the end result of all this is a profit to the Federal Government, like the Chrysler bail-out, then better yet. I posted on Active Rain with quotes from negative economic types, but it is my firm position that we are well on our way to a massive housing recovery. If you are thinking about buying, do it, because we've just dipped back below 6% on mortgages and the markets may have hit their price bottoms.
By: Synergy Thoughts
Palin Confuses Freddie Mac & Fannie Mae and Government Role - First Gaffe
2008-09-08 02:52:00 Well, McCain campaign advisor Todd Harris said they didn't want Alaska Governor Sarah Palin to make a mistake early on, and that's exactly what happened today. Palin, commenting on the news that the Federal Goverment was going to take over the poortly performing loan organizations Freddie Mac and Fanny Mae, apparently did not know that the firms were privately owned and held. Palin said this, as written by the McClatchy Washington Bureau: McCain's running mate, Alaska Gov. Sarah Palin, speaking in Colorado Springs, Colo., said Fannie and Freddie had "gotten too big and too expensive to the taxpayers." The companies, however, aren't taxpayer funded but operate as private companies. The takeover may result in a taxpayer bailout during reorganization.It's this basic lack of knoweldge of Federal Government operation that both Obama / Biden supporters and GOP backers who questioned McCain's logic in selecting Palin are concerned with. Palin has no experience in t...
Are the Sub-Prime, Northern Rock, Fannie Mae and Freddie Mac fiascos connec
2008-07-31 21:34:00 Nearly ten years ago a Vicar told me that 80% of the couples he married said they were cohabiting. He added that he thought 50% of the rest were not telling the truth. He was exaggerating, but had spotted a trend. At about the same time, when I asked a Superintendent Registrar whether she thought banks ...
Fannie Mae, Freddie Mac Accelerate Foreclosure Aid Plan
2008-07-25 18:55:00 The Bush Administration is trying to save mortgage giants Fannie Mae and Freddie Mac, in order to prevent the nation?s economy crashing in mortgage defaults. The President and the Senators are eagerly waiting to pass a foreclosure aid plan. It would help 400,000 real estate owners in getting affordable fixed-rate loans. The White House approved ...
Fannie Mae and Freddie Mac
2008-07-17 09:54:00 Why should the world be concerned about these US housing mortgage companies? health? It was on 13th July that we noted first about them. Look at it here. Their full names are Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). One can?t help but feel a sense of déjà vu when reading about them again and again. The figures being reported about their liabilities keep going up. The two institutions are now reported to have bought or guaranteed almost half the $12 trillion housing mortgages. As government-sponsored entities, their debt had been regarded as almost as good as gilts and hence is held by many central banks worldwide. Amazingly, it now transpires that their direct and guaranteed liabilities were almost 65 times their regulatory capital at the end of the first quarter. The US government is trying to rescue the mortgage giants whose shares came under acute selling pressure last week on fears that th...
By: Discover It
Fannie Mae, Freddie Mac Revise Policies
2008-05-31 01:37:00 This just in from Darin Marquardt of Chase Home Loans:Fannie Mae and Freddie Mac have recently announced that they are eliminating their declining market policies beginning June 1st. Additional details will be provided when they are received from the Agencies. It is important to note that the mortgage insurance companies still continue to underwrite loans to their declining market polices, so MI restrictions will still apply for now. In light of the Agency announcement, Chase plans to eliminate the Agency declining market policy in an upcoming release. Until further notice, loans should continue to be decisioned per posted policies and product guides.To get prequalified, click here.
Are Fannie Mae and Freddie Mac A Danger To US Economy?
2008-05-19 11:35:00 When trying to see the long term implications of the housing slowdown and the credit crisis, you have to put the 2 quasi governmental lenders front and center in the discussion. Fannie Mae and Freddie Mac combined provide the support structure for mortgage lending in the United States. Be it setting benchmarks on lending or ...
Freddie Mac in Trouble, Volcker on the Credit Crisis, The Farm Bill, World?
2008-05-15 20:26:00 by Addison Wiggin & Ian Mathias Freddie Mac losses $151 million? even after admittedly fudging its books Capitol Hill ?worried about the failure? of Freddie and Fannie? a few startling stats not to be overlooked Dollar inches down? Paul Volcker on the event that could bring us ?back to the ?70s, or worse? Bloated farm bill squeezes through ...
Freddie Mac loses $151M in 1Q, but beats expectations
2008-05-14 18:14:00 Mortgage finance company Freddie Mac said Wednesday its first quarter loss widened to $151 million as the U.S. housing market worsened, though the results were not as poor as expected. Its shares rose almost 8 percent. McLean, Va.-based Freddie Mac, the nation’s second-largest buyer and backer of home loans, plans to raise $5.5 billion in new ...
By: Latest News
Fannie Mae, Freddie Mac Spanked For New Accounting Problems
2008-04-23 13:47:00 Is this any surprise, both Freddie Mac and Fannie Mae are now being told to moderate their aggressive accounting methods and be more prudent on the numbers they are reporting. The issue is a bit esoteric but coming after the accounting scandals that enveloped the agencies in the past year, any hint of impropriety should ...
Fannie And Freddie Meltdown Could Cost Up To $1.1 Trillion
2008-04-22 17:10:00 Here?s something to think about. According to CNN Money yesterday, credit rating agency Standard & Poor?s recently estimated that a financial meltdown at mortgage financing giants Fannie Mae and Freddie Mac could require a taxpayer bailout costing $420 billion to $1.1 trillion. CNN Money senior writer Chris Isidore noted that this staggering amount ...
By: Boom2Bust.com
Freddie Mac makes a move to stabilize the conforming-jumbo loan product
2008-04-22 03:03:00 In the news late last week, Freddie Mac makes a move to stabilize the conforming-jumbo loan product, by guarantying 90 day forward commitments to 4 big loan players. This should trickle down to mid-sized mortgage bankers as well, through their correspondent channels.Freddie Mac said Thursday that it will guarantee 90-day, forward-delivery pricing on “conforming jumbo” ...
OFHEO Releases Annual Report To Congress
2008-04-15 16:26:00 WASHINGTON, DC ? James B. Lockhart, Director of the Office of Federal Housing Enterprise Oversight (OFHEO) today released OFHEO?s 2008 Report to Congress, detailing the agency?s annual examination conclusions and regulatory oversight of the Government Sponsored Enterprise (GSE), Fannie Mae and Freddie Mac, for the year 2007. The report concludes that both Enterprises made very good ...
Freddie Mac and Fannie Mae Trim Reserves To Revitilize the Market
2008-03-21 15:27:00 Freddie Mac and Fannie Mae were given the go ahead to trim their capital reserves to increase liquidity in the mortgage markets. The move will allow the two to add up to 200 billion in new mortgages for the United States housing market. Of course there is a down side. By reducing the capital of ...
OFHEO, Fannie Mae and Freddie Mac Announce Initiative To Increase Mortgage
2008-03-21 00:00:00 Washington, DC - OFHEO, Fannie Mae and Freddie Mac today announced a major initiative to increase liquidity in support of the U.S. mortgage market. The initiative is expected to provide up to $200 billion of immediate liquidity to the mortgage-backed securities market.
Now is NOT a great time to buy a home. Freddie Mac CEO thinks prices have
2008-03-20 15:17:00 "We have absorbed a little more than half of the expected losses in the housing decline. We have seen only a third of the housing price decline that we expect."- Freddie Mac CEO Richard Syron, March 2008
By: Housing PANIC
OFHEO, Fannie Mae And Freddie Mac Cuts Excess Capital Level by a Third
2008-03-19 19:12:00 Washington, DC - OFHEO, Fannie Mae and Freddie Mac today announced a major initiative to increase liquidity in support of the U.S. mortgage market. The initiative is expected to provide up to $200 billion of immediate liquidity to the mortgage-backed securities market. OFHEO estimates that Fannie Mae?s and Freddie Mac?s existing capabilities, combined with ...
Fannie and Freddie OK?ed to Become Insolvent?
2008-03-19 15:02:00 I must admit this doesn’t make a lot of sense in the general scheme of things, however, with the Fed ready to step in and bailout everyone who is failing, it makes sense. Fannie Mae and Freddie Mac are having their capital requirements loosened by the Office of Federal Housing Enterprise Oversight. Excuse me, but isn’t ...
Fannie Mae and Freddie Mac
2008-03-08 02:50:00 Daily Real Estate News | March 6, 2008New Appraisal Rules for Freddie, Fannie Fannie Mae and Freddie Mac have reached an agreement with New York Attorney General Andrew Cuomo that requires them to have independent appraisals of home values. Under the agreement, home appraisals have to come from assessors who don't have formal ties with a lender or mortgage broker. Lenders wishing to sell their mortgages to the nation's two largest sources of home finance must make sure that they don't rely on in-house appraisers and don't own an appraisal firm itself, according to the agreement drafted by Fannie Mae. This agreement brings to an end a large portion of an investigation by New York State into how Wall Street bundled and sold millions of dollars of questionable home loans. The agreement has three tenets and applies to lenders nationwide: Under the newly created Home Valuation Protection, mortgage brokers are prohibited from selecti...
Temporary 2008 Conforming Loan Limits Released For High Cost Areas
2008-03-07 07:06:00 Washington, DC ? The Office of Federal Housing Enterprise Oversight (OFHEO) today released the maximum conforming loan limits that will be in effect through year-end as a result of The Economic Stimulus Act of 2008. That legislation permits Fannie Mae and Freddie Mac to raise their conforming loan limits in certain high-cost areas. The new ...
Appraisal Fraud: Fannie Mae And Freddie Mac Sign Agreements To Combat Appra
2008-03-04 00:00:00 Accurate, independent appraisals are very important to ensuring the safety and soundness of Fannie Mae, Freddie Mac and the mortgage market," said Director Lockhart. "These agreements build upon existing federal and state laws and regulations to further strengthen the single-family home appraisal process. The agreements should help restore confidence in the mortgage market by enhancing underwriting practices, reducing mortgage fraud and making home valuations more reliable. I thank the Attorney General, Fannie Mae and Freddie Mac for their strong roles in this important effort.
OFHEO, NY Attorney General, Fannie Mae And Freddie Mac Sign Agreements to C
2008-03-03 18:25:00 Washington, DC? OFHEO Director James B. Lockhart announced agreements with OFHEO, New York State Attorney General Andrew Cuomo, Fannie Mae and Freddie Mac (Government Sponsored Enterprise (GSE)) to strengthen the independence of the appraisal process. For mortgages the Enterprises buy or guarantee, the agreements seek to enhance appraisal and evaluation services that are ...
UBS Predicts $600 Billion Loss From Credit Crunch
2008-02-29 23:23:00 On Friday it was reported that analysts from UBS AG, Europe?s second largest bank, were predicting total industry losses from the ongoing credit crunch would reach $600 billion, with banks and brokers accounting for $350 billion of these losses. MarketWatch?s Steve Goldstein said earlier today that financial firms have been forced to write-down approximately ...
By: Boom2Bust.com
NYC Mortgage Holders, US GDP, And Freddie Mac Whacked
2008-02-29 01:59:00 Defaults up 15 percent in NYC by NY Daily News - snips:Foreclosure woes continued to plague city homeowners in January, though at a much lower rate than seen nationally. There were 2,172 foreclosure-related filings on homes in the five boroughs, up 15% from December, according to RealtyTrac. That's one filing for every 1,508 households, in a city with about 3.3 million households. "The most important thing these numbers say is we're not done with the increases in foreclosures yet," RealtyTrac spokesman Daren Blomquist said.... In Queens, there were 985 filings last month, a 28% increase from December. That's one filing for every 844 households. The number of Manhattan foreclosure notices rose 33%, but amounted to just 89, or one per 9,211 households. There were 644 filings in Brooklyn, up 11% and one per 1,471 households. There were 205 notices sent in Staten Island, or one filing per 849 households. The Bronx was the only borough with fewer foreclosure notices than in December -...
FLASH: Freddie Mac posts $2.5 billion loss. Or $3.7 billion. Or hell, who
2008-02-28 13:59:00 This turd will cost the taxpayers hundreds of billions when and if they mark to market one day.Would you like to own the Countrywide, IndyMac and First Fed junk mortgages sitting on Freddie Mac or Fannie Mae's books today? Exactly.And what's Congress' best idea for getting out of this mess? Well it's raise the maximum mortgage limit and let them buy more loans of course!Oh, dear god, we're so f*cked.Big loss for Freddie MacFreddie Mac (FRE) posted a bigger-than-expected fourth-quarter loss and warned that a weakening economy will lead to higher credit losses in 2008 and 2009. The McLean, Va., mortgage lender lost $2.5 billion, or $3.97 a share, for the quarter ended Dec. 31, compared with a year-ago loss of $401 million, or 73 cents a share. Analysts on Wall Street were looking for a loss of $2.04 a share.Under Freddie?s old accounting, its fourth-quarter loss would have been $3.7 billion.Freddie?s promise to return to timely reporting was partly behind Wednesday?s decision by...
By: Housing PANIC
Widespread House Price Declines In Fourth Quarter
2008-02-26 16:41:00 Pockets of Strength Remain; Coasts, Midwest Show Biggest Declines WASHINGTON, DC ? U.S. home prices fell in the fourth quarter of 2007 according to OFHEO?s seasonally-adjusted purchase-only house price index. The index, which is based on data from home sales, was 1.3 percent lower on a seasonally-adjusted basis in the fourth quarter than in the ...
Lending Guidelines on Investment Property
2008-02-20 16:46:00 I found a great post from BiggerPockets.com today. It talks about the lending guidelines that Fannie Mae & Freddie Mac have on Investment Properties. Instead of rehashing the entire article- here’s the gist of it. Full Documentation: Ideal for borrowers looking for conforming loan amounts who have good credit and assets: 1 unit: 90% LTV / 85% ...
By: REI Pipeline.com
Freddie Mac is changing the rules
2008-02-20 16:00:00 Freddie Mac, the government-backed funder of U.S. home loans is trying to help mortgage insurers by purchasing loans covered by mortgage insurers that don?t meet its standards for the amount of capital backing their policies.
Mortgage Insurers Get Reprieve From Freddie Mac
2008-02-14 16:21:00 Mortgage insurers typically have to carry an A or higher rating before Freddie Mac will allow them to insure loans that they will purchase. However with the downturn in housing values and the high levels of foreclosures this standard is being missed by many of the mortgage insurers. Now Freddie Mac has loosened the requirements for ...
Mortgage Fraud 101 for Niagara Falls Residents
2008-01-28 02:41:00 Are you in trouble? Do you need information regarding foreclosure? Recently Freddie Mac video about Mortgage Fraud. They also has a webpage for Avoiding Mortgage Fraud.
Increasing Conforming Loan Limits?
2008-01-25 17:34:00 Congress was rumored last week to increase conforming loan limits, what is the chance that we will see an increased somewhat? (...)
Increasing Conforming Loan Limits?
2008-01-25 17:34:00 Congress was rumored last week to increase conforming loan limits, what is the chance that we will see an increased somewhat? The president and Secretary Paulson have made it very clear that really want that to happen with various [tag-cat]Government Sponsored Enterprise[/tag-cat] reform in place. Would that be good for the credit market? Some people think ...
FLASH: Fannie Mae & Freddie Mac regulator calls legislation to raise loan s
2008-01-25 09:39:00 Gotta love the incompetent corrupt monkeys in Congress intent on screwing the America people because the NAR's lobbyists promised them a bunch of money for their re-election campaigns.Fannie and Freddie should not be allowed to take on loans (that nobody else in their right minds would buy) up to the new $729,750 limit because they DO NOT HAVE SUFFICIENT CAPITAL, NOR DO THEY HAVE SUFFICIENT RISK MANAGEMENT IN PLACE, and even Bush and Paulson know this.The eventual writedowns and taxpayer bailout will be in the trillions HP'ers. It'll make Citibank and Merrill's messes look like a day in the park.This should be illegal. And when there is a Federal bailout of Fannie and Freddie, the congressmen and women who voted for this insanity, AGAINST the wishes of Fannie and Freddie's oversight agency and the Treasury secretary, should be arrested for treason. And the NAR lobbyists who bribed them should be tracked down and dealt with in the public square.STATEMENT OF OFHEO DIRECTOR JA...
By: Housing PANIC
Will Bush's Tax Plan Save the Real Estate Market?
2008-01-24 20:43:00 Congressional leaders announced a deal with the White House Thursday on an economic stimulus package that would give most tax filers refunds of $600 to $1,200, and more if they have children. More... Continued on JimCramerBlog.com
By: Jim Cramer Blog
Freddie Mac getting whacked in Ohio
2008-01-24 19:37:00 I’m really starting to like Ohio. First they call out Deutsche Bank for trying to foreclose on mortgages that they didn’t have the deeds to, now they’re getting after Freddie Mac for misleading the Ohio Public Employee Retirement System. Note, this is the second time in 3 years Freddie Mac’s been called on this. http://www.dispatch.com/live/co-ntent/local_news/stories/2008/0-1/23/FREDMAC.ART_ART_01-23-08_B-1_9394SKM.html?type=rss&ca-t=&sid=101
Merrill Calls Recession, White House to the Rescue, Housing Layoffs, A Silv
2008-01-08 19:36:00 by Addison Wiggin & Ian Mathias First major Wall Street bank flies its recession flag? with surprising candor The White House?s latest mind-numbing plan? economic strategery at its finest Another skittish day for markets? Dan Amoss on what to expect in 2008 Bear Stearns CEO gets the ax — plus, a final body count for the 2007 mortgage layoffs Gunner ...
Should US taxpayers bail out Fannie Mae and Freddie Mac when they fail?
2008-01-08 12:20:00 They will fail. Nothing will stop that.But when they do, will these reckless "government sponsored enterprises" with "implicit federal guarantees" be bailed out by the US treasury? Should your tax dollars go toward propping up the stupid and corrupt activities at Fannie and Freddie?If the answer is "NO!", close your eyes and picture how bad the repercussions will be.If the answer is "YES!", picture how worthless your dollars will become.Either way, we're f*cked. All because the REIC bribed our congressmen, because the leadership of Fannie and Freddie were motivated to secure short-term gains in order to enrich themselves, and because the mainstream media in the United States stopped doing their jobs.Get ready. We're coming in for the crash landing and it's gonna be awful. Yet all so predictable.What will we do if big two go bust?They don't know it, but taxpayers stand to lose billions as the housing bubble bursts. And in a bipartisan effort to "do something" to save the housing ...
By: Housing PANIC
Avoiding Foreclosure Scams by Freddie Mac
2007-12-14 18:38:00 Freddie Mac has set up an informative page on avoiding foreclosure scams that are unfortunately becoming more prevalent in this market climate at freddiemac.com/avoidfraud. The video shows how to avoid making a bad situation even worse. http://www.youtube.com/watch?v=-cS2HsaBA5No
Todays Current Mortgage Interest Rates December 13 2007
2007-12-13 21:26:00 Today's Current Mortgage Interest Rates December 13 2007. Fixed mortgage rates are UNCHANGED from Wednesday December 12 2007, while adjustable mortgage rates are UNCHANGED - Today's 30 Year, is UNCHANGED and 15 Year Fixed are UNCHANGED - while as the 5/1 is UNCHANGED the 3/1 ARM Mortgage Interest Rates are UP. The 10 year treasury bond is UP to 4.15%.
Freddie Mac ?Justifies? Higher Guarantee and Delivery Fees
2007-12-12 21:23:00 Freddie Mac justifies higher guarantee and delivery fees Freddie Mac is charging higher guarantee and delivery fees in order to raise capital and increase earnings, the company’s chairman and chief executive Richard Syron has told an investor conference. (...)
Stock Market Wrapup Dec. 11th
2007-12-12 03:52:00 Stocks plunged after the Federal Reserve cut a key interest rate by -25 basis points, leaving many on Wall Street wanting more. The Dow closed off -294 points on the day to end at 13,433. Meanwhile,... Continued on JimCramerBlog.com
By: Jim Cramer Blog
Todays Current Mortgage Interest Rates December 11 2007
2007-12-11 21:49:00 Today's Current Mortgage Interest Rates December 11 2007. Fixed mortgage rates are DOWN from Monday December 10 2007, while adjustable mortgage rates are DOWN - Today's 30 Year, is DOWN and 15 Year Fixed are DOWN - while as the 5/1 is DOWN the 3/1 ARM Mortgage Interest Rates are UP. The 10 year treasury bond is UP to 4.11%.
How Is Fannie Mae and Freddie Mac Coping?
2007-12-11 19:27:00 Peter Barnes talks with James Lockhart, Director of FHEO about how Fannie Mae and Freddie Mac are coping with subprime mortgages.
Fannie Mae Adds Up-front Charge To All New Mortgages. Freddie Mac To Follow
2007-12-11 18:55:00 Last week, Fannie Mae raised costs for many borrowers by adding a 0.25 percent up-front charge on all new mortgages it buys or guarantees that settle on or after March 9, 2008. This fee is sure to be passed on to borrowers. On a $350K mortgage, that's an extra $875 in fees. Fannie Mae says the new fee is needed "to ensure that what we charge aligns with the risk we bear". Freddie Mac is expected to come out with...
By: Loudoun Stats
Todays Current Mortgage Interest Rates December 7 2007
2007-12-07 20:04:00 Today's Current Mortgage Interest Rates December 7 2007. Fixed mortgage rates are DOWN from Thursday December 6 2007, while adjustable mortgage rates are DOWN - Today's 30 Year, is UP and 15 Year Fixed are DOWN - while as the 5/1 is DOWN the 3/1 ARM Mortgage Interest Rates are UP. The 10 year treasury bond is UP to 4.05%.
OFHEO STATEMENT
2007-12-07 01:26:00 Sent: Thursday, December 06, 2007 12:04 PMTo: OFHEO-NEWS@LISTS.OFHEO.GOVSubje-ct: OFHEO STATEMENT Contact Corinne Russell (202) 414-6921 Stefanie Mullin (202) 414-6376 For Immediate ReleaseDecember 06, 2007 STATEMENT OF OFHEO DIRECTOR JAMES B. LOCKHART ?As Director of OFHEO, the regulator of Fannie Mae and Freddie Mac, I believe that the foreclosure prevention initiative announced by President Bush is a major step forward. I thank Secretary Paulson and Jackson and everybody from the private-sector involved. Fannie and Freddie are the largest investors in AAA subprime...
STATEMENT OF OFHEO DIRECTOR JAMES B. LOCKHART
2007-12-06 21:57:00 ?As Director of OFHEO, the regulator of Fannie Mae and Freddie Mac, I believe that the foreclosure prevention initiative announced by President Bush is a major step forward. (...)
Todays Current Mortgage Interest Rates December 3 2007
2007-12-03 22:07:00 Today's Current Mortgage Interest Rates December 3 2007. Fixed mortgage rates are DOWN from Friday November 30 2007, while adjustable mortgage rates are DOWN - Today's 30 Year, is DOWN and 15 Year Fixed are DOWN - while as the 5/1 is DOWN the 3/1 ARM Mortgage Interest Rates is UP. The 10 year treasury bond is DOWN to 3.89%. |
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