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fannie mae: FannieMae boss no raise - 04/20/09 05:07 PM
The Wall Street Journal has just reported that Michael J Williams, the Chief Operating Officer of Fannie Mae, has just been promoted to the position of president and CEO.  He will evidently not will not receive a raise this year along with his promotion. He will have to be satisfied with a base salary of $676,000 and incentives of about $1.04 million.
He has been with Fannie Mae since 1991, making him a part of the rise and fall of Fannie Mae, and a large part of the billion dollar losses the company has suffered in the credit crash since the fateful decision … (2 comments)

fannie mae: Federal Reserve market action - UPDATE- A billion here and a billion there - Federal Reserve monetary policy management - 09/17/08 09:29 PM
News reports have announced that the Federal Reserve has infused the economy with billions of dollars to promote stability and liquidity in the financial markets. Does this mean that these actions are using tax payer money to bail out banks and other financial institutions?
UPDATE 9/18: World's major central banks coordinate efforts to put more cash in global markets. The AP has reported a coordinated effort for the world central banks to inject as much as $180 billion into the world economy. The joint effort includes the Federal Reserve, the European Central Bank, the Bank of Canada, the Bank of England, the Bank of … (11 comments)

fannie mae: Mortgage defaults sharply increased - will fannie mae and freddie mac bailout help or hurt? - 09/06/08 08:19 PM
With the news of the impending finalization of the Fannie Mae and Freddie Mac bailout, my questions turn to the impact on the housing market. Will this move improve or restrict financing options? Immediately, it should ease investor concerns and likely make for easier borrowing that will improve liquidity and maybe lower interest rates.
But delinquency continues to be a problem, and something must be done to maintain a balance between opening up the financing options and reducing risk of growing defaults.
defaults of at least 30 days - 9%, increased from 8.1% in 1st quarter and from 6.5% last year 35 states had increases … (4 comments)

fannie mae: FannieMae FreddieMac Federal Bailout - Federal Takeover - What is the impact of federal control over mortgage lending? - 09/06/08 03:01 PM
The mortgage news is breaking fast about the federal bailout and take over of Fannie Mae and Freddie Mac. Top Fannie and Freddie executives were summoned for lengthy meetings late Friday. The reports are that the top executives are being fired. Members of Congress have been asked for contact phone numbers to enable quick briefing over the weekend.
The Federal government is evidently moving to take over conventional mortgage lending this weekend.  The term that is being used is conservatorship. This is basically a guardianship, where financial and other decisions are made for the entity by a responsible party.
In this case … (3 comments)

fannie mae: Bank failures, mortgage lending - another one bites the dust - 08/23/08 09:45 PM
Another bank failure was reported today. Again the FDIC was prepared with a buyer and acted swiftly to be ready to reopen on Monday.
The bank that failed this time is Columbian Bank and Trust Company out of Topeka, Kansas. The failed bank's assets will be taken over by Citizens Bank and Trust . This is the 9th bank to fail this year, and the 2nd bank to fail in Kansas.
Losses in residential real estate lending were cited as the cause for the bank's failure to maintain adequate capital reserves.
This new bank failure takes place as the Federal Reserve is holding its annual … (29 comments)

fannie mae: Bank worries continue - 08/20/08 06:48 AM
There have been several posts and articles about troubled banks and federal regulators increasing staff to manange upcoming failures. The last three banks to be closed were smaller banks that had evidently suffered liquidity problems from commercial real estate. Jim Crawford, of Atlanta, wrote about the most recent bank to fail.
Some high profile economists are now indicating that there will be one or two large banks to fail. These banks have already moved in some way to reduce their mortgage lending operations.
Former IMF chief economist Kenneth Rogoff is quoted as looking for a major failure to take place in the next … (26 comments)

fannie mae: Bad mortgages first cause or first sign? - Reserve Board's new home loan policy - 07/15/08 10:41 PM
Mortgage defaults and rising foreclosures are among many troubling headlines in our economy, but can subprime lending problems really be the cause behind all these trends.
Amidst the clamor over mortgage and world financial markets, IndyMac failing, Fannie and Freddie woes, GMC layoffs, and the debate on the housing bill, the Federal Reserve Board approved the final rule for home mortgage regulations.
The final rule establishes a category of high priced loans and offers consumer protection for loans in that category.
•1.       Must base lending decision on borrower income and assets
•2.       Income and assets used to qualify must be documented
… (6 comments)

fannie mae: FannieMae, FreddieMac, Federal Reserve - Mortgage lending changes coming? - 07/14/08 04:45 PM
Three separate events had significant impact on mortgage markets last week.  The Home Protection bill is being debated. IndyMac Bank announced it was closing it wholesale operations. Then on Friday the bank was taken over by federal regulators. Finally Fannie Mae and Freddie Mae stock values dropped by nearly 50% amid concerns over the two companies ability to maintain their capitalization requirements necessary to meet their obligations.
It was quite a week.
Sunday the Treasury Department announced that the Federal Reserve and the Treasury department would step in with measures that would ease short term capital requirements.
•1.       The Federal Reserve opened … (2 comments)

fannie mae: Federal support for Fannie and Freddie announced ahead of Monday's markets - 07/13/08 08:51 PM
Today NPR and other news services reported that Treasury Secretary Henry Paulson has announced a plan to support Fannie Mae and Freddie Mac. These proposals were made this Sunday in advance of the financial markets and specifically before Freddie opens a Monday morning auction of $3 billion in securities.
Friday ended with significant concerns over the stability of Freddie Mac and Fannie Mae. Stock prices have dropped by 75% for both companies since January, and almost 50% this past week. At issue are investor fears that these companies lack the capital reserves to fund their guarantee of mortgage securities, because of large … (6 comments)

fannie mae: FannieMae, FreddieMac, IndyMac Troubles - A lot going on while I am focused on closing loans. - 07/12/08 08:36 AM
Troubles with FannieMae and FreddieMac and the rapid decline and ultimate federal take over of IndyMac Bank have headlined a very busy news week. There is a lot going on in the world and in the financial markets as I am concentrating on finding that next loan and trying to get it closed.
The IndyMac failure and take over seem to me to be less significant to the mortgage markets. IndyMac is the largest savings and loan failure ever, and the second largest financial institution to close.  In the 11 days after  Senator Charles Schumer, D-NY made public a letter he wrote to … (4 comments)

 
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Richard Smith FHA VA Rural Development in TN GA

Chattanooga, TN

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