mortgage problems: Government Take Over of Fannie and Freddie this weekend - 09/06/08 12:24 AM
According to high government sources reported by both the New York Times and the Washington Post late last night the government is planning to take control of both Fannie Mae and Freddie Mac.
This move, which I thought might have happened last weekend, will protect the quasi-governmental agencies while they continue to operate.
According to the NY Times, over 70% of the mortgages written are backed by either Fannie or Freddie. As part of the take over, there will be changes in the operational aspects of the company.
The take over will also wipe out both the common and preferred stock … (0 comments)

mortgage problems: Who will save Fannie and Freddie? - 08/20/08 01:56 PM
Can Fannie and Freddie Survive?
“Washington-based Fannie Mae and Freddie Mac, have lost a combined $3.1 billion between April and June,” according to an article in the Chicago Tribune today, August 20, 2008. “The two government-sponsored companies are the largest source of funding for home mortgages in the U.S,” the paper added.
Now we know that government can not, repeat, can not, afford for these lenders to go under.
So a rescue plan will be devised…probably by the end of the year.
And, who will pay? Why, you and me and every other tax payer. But, keeping these quasi-governmental companies alive … (0 comments)

mortgage problems: Is the Sky Falling Chicken Little? - 10/26/07 04:17 AM
"From now on, I am presuming that the mortgage insurers will go under. I am presuming bankruptcy for Countrywide Financial. I am also presuming that Washington Mutual will fail."  wrote Jim Cramer on RealMoney.com.  
And, let's also add those private mortgage insurers, title companies, and home builders. Even Fannie Mae is in trouble! 
The housing "mess" cannot be contained. And it is spreading through out the economy, affecting all of us. Very few real estate markets have escaped the carnage. I've had relocating buyers waiting months for their old homes to sell so that they could move to Naperville. They're going … (6 comments)

 

Eileen Landau

ABR, CRS, e-PRO

Naperville, IL

More about me…

BAIRD & WARNER, NAPERVILLE

Address: Serving Naperville Illinois

Office: (630) 778-1855

Mobile: (630) 297-7550

An assortment of odds and ends that may or may not pertain to the greatest city in the Midwest: Naperville. Also some commentary on the Naperville real estate market.


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