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fannie mae: President Obama's 'Homeowner Stability Initiative' - 02/18/09 02:02 PM
President Obama announced a plan today designed to help millions of homeowners around the country. While final details and rules & regulations will not be announced for two weeks, we learned some details today. The plan is scheduled to begin March 4.
Some homeowners will be able to refinance their existing mortgages, only on owner-occupied properties. There are several criteria they must meet. Owners must be current on their mortgage payments, must have a conforming loan (less than $417,000) that is owned or guaranteed by Fannie Mae or Freddie Mac, and apparently must owe more than 80% of their home’s value. … (0 comments)
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fannie mae: Cleaning up the housing mess, FHFA style - 11/11/08 01:57 PM
James Lockhart, Director and Chairman of the Federal Housing Finance Agency (FHFA), announced a large loan modification plan today.
How big is it? According to Lockhart, tens of thousands of mortgages can be renegotiated. Servicers of these loans have agreed to this plan and will receive $800 for each loan modified by the program. Unfortunately, it appears that the only folks eligible at this point are borrowers who are at least three months delinquent in their mortgage payments, and the loans must be owned or securitized by Fannie Mae or Freddie Mac. The plan is designed to get homeowners into mortgages … (2 comments)
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fannie mae: Are you too big to fail? - 09/14/08 12:13 AM
Have you heard about Fannie Mae and Freddie Mac? Most likely you have, but in case you haven't, here's a quick recap...
These two government sponsored enterprises that own, sell, insure, and generally slice-and-dice our mortgages were helped out by the U.S. government almost one week ago.
Helped out? Well, a couple hundred billion of our tax dollars may potentially have to go to work for them. Fannie and Freddie's accounting methods combined with the lack of public knowledge regarding their current fiscal situation is a detailed subject that deserves its own post. Some see this as a positive sign. Mortgage … (8 comments)
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fannie mae: Update: Who's gonna fix Fannie and Freddie? - 08/19/08 11:11 AM
I wrote recently about the troubles that Fannie Mae and Freddie Mac are facing currently. Increased foreclosures and uncertain finances are dogging these two GSEs. Jonathan R. Laing reported in Barron's that both companies may well be on their way to becoming extinct, at least in their current forms. To wit,
"Heaven knows, the two government-sponsored enterprises, or GSEs, both need resuscitation. Soaring mortgage delinquencies and foreclosures have led the companies to gush red ink for the past four quarters, and their managements concede the outlook is even grimmer well into next year."
As if Laing's statement isn't harsh enough (sometimes … (1 comments)
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fannie mae: Who's gonna fix Fannie and Freddie? - 08/05/08 07:09 PM
The two companies that insure or own almost half of all American mortgages (estimates range from $4.5-6 trillion worth) have been in the news a heckuva lot lately, and usually for lousy reasons. The government has bailed out these companies, in part because many feel they are “too big to fail”, and that if one or the other of these government sponsored enterprises (GSEs) shut down, the effects on the mortgage market and consumer confidence may be too great to recover from, and the U.S. could slide into a deep recession.
News came out today that the U.S. Treasury Department has … (1 comments)
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fannie mae: Housing and Economic Recovery Act of 2008 - 07/30/08 07:56 PM
President Bush signed into law today the oft-debated housing bill that recently passed through the House of Representatives on July 23 (vote was 272-152) and the Senate on July 26 (vote was 72-13). Many were pessimistic about the possibility this bill would make it through both sides of Congress - specifically the Senate, where most Republicans threatened to vote against it, but Bush changed his stance and decided not to veto the bill.
There are many implications for the housing market as a result of this bill being signed into law, and many are calling it the most important piece … (0 comments)
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John Morrison - Boston area real estate - Exclusive Buyer's Agent, CBR
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