Stock questions? Ask Matt Nov 16, 2009
Analysts at respected financial analyst firm Keefe, Bruyette & Woods have said Fannie Mae and Freddie Mac common stock is worthless. Could Freddie somehow defy the odds and pay back the federal government without harming the common shareholders. (USA Today -- Money)
TFS Financial Corporation Announces Fourth Quarter and Year Ended September 30, 2009 Financial Results Nov 15, 2009
significantly increased competition among depository and other financial institutions; * inflation and changes in the interest rate environment that reduce our interest margins or reduce the fair value of financial instruments; * general economic conditions, either nationally or in our market areas, that are worse than expected; * decreased demand for our products and services and lower revenue and earnings because of a recession; * adverse changes and volatility in the securities markets; *... (Primezone Releases)
Housing Bust: Sowell Series Starts Today Nov 15, 2009
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders. Page. (Investors Business Daily)
FHA Boss: FHA Is Not the New Subprime Nov 15, 2009
Federal Housing Administration Commissioner David Stevens said Saturday that concerns the agency is headed for the same financial trouble that snared Fannie Mae, Freddie Mac and the subprime sector are unwarranted ... That's led to mounting concerns that it will eventually need an infusion of cash like government-controlled mortgage finance companies Freddie Mac and Fannie Mae. (ABC News -- Wire)
Yun: 2010 Sales to Rise 15 Percent Nov 14, 2009
Once appraisals improve, foreclosures will ease, blunting their drag on the market and making it less likely that Fannie Mae, Freddie Mac, and even FHA will need help from the taxpayer. Then we ll be set for a durable economic expansion, he said. (Realtor Magazine Online)
Only faith holding up the stock market Nov 14, 2009
Just four stocksBank of America, Citigroup, Fannie Mae, and Freddie Mac, all of which rely on the Feds largesse to an outsized degree are responsible for up to 20 percent of all trades. 1. (MSNBC -- Business)
FHA: Housing's Safety Net Begins to Fray Nov 14, 2009
If Congress does wind up extending emergency funds to the FHA which is a full-fledged part of the Federal Government, unlike quasi-government bailout beneficiaries Fannie Mae and Freddie Mac it will be in large part because of the role the agency has played in stabilizing the housing market ... Former Fannie Mae executive Ed Pinto, who has testified before Congress on the state of the FHA, is not so certain ... Comparing FHA loans with a subset of those made by Fannie Mae (not a perfect analogy,... (Time.com)
One-On-One With Sarah Palin Nov 13, 2009
Couric: You've said, quote, "John McCain will reform the way Wall Street does business." Other than supporting stricter regulations of Fannie Mae and Freddie Mac two years ago, can you give us any more example of his leading the charge for more oversight. Palin: I think that the example that you just cited, with his warnings two years ago about Fannie and Freddie - that, that's paramount. (CBS News -- Evening News)
Investor Report: Commercial Investing 2010 Nov 13, 2009
Real Estate News and Advice. If you're a commercial property investor looking toward 2010, where are the most promising real estate markets in the U.S.. (RealtyTimes)
Dispute Emerges Over Absence of Watchdog for Fannie and Freddie Nov 13, 2009
No Inspector General for Agency Charged With Fannie Mae and Freddie Mac - ABC News ... The which has jurisdiction over Fannie Mae, Freddie Mac, and federal home loan banks, has been without an inspector general since September when the Justice Department ruled that Ed Kelley, the watchdog up until that point, did not have legal authority to serve in the position ... "It is absolutely unconscionable that Fannie Mae and Freddie Mac, which were at the heart of the subprime housing collapse last... (ABC News -- Business)
Schumpeter: The cult of the faceless boss Nov 13, 2009
A low profile is no guarantee against corporate failure, as the former bosses of two companies lauded by Mr Collins, Fannie Mae and Circuit City, can tell you. In general, the corporate world needs its flamboyant visionaries and raging egomaniacs rather more than its humble leaders and corporate civil servants. (The Economist)
Aid for homeowners and jobless on the way Nov 13, 2009
A stimulus measure passed by Congress, along with a new program by federally controlled mortgage company Fannie Mae, aims to help first-time homeowners while keeping those in danger of eviction due to foreclosure from ending up on the street. "> A stimulus measure passed by Congress, along with a new program by federally controlled mortgage company Fannie Mae, aims to help first-time homeowners while keeping those in danger of eviction due to foreclosure from ending up on the street. As news... (Queens Chronicle, NY)
First Advantage Bancorp Announces 2009 Third Quarter Earnings Nov 13, 2009
5 million included a write-down for certain investment securities classified as available-for-sale and losses on the sale of Federal National Mortgage Association ("Fannie Mae") perpetual preferred securities totaling $13 ... The loss in non-interest income for the three months ended September 30, 2008 was primarily due to write-downs for certain investment securities classified as available-for-sale and losses on the sale of Fannie Mae perpetual preferred securities ... The loss in non-interest... (Primezone Releases)
Coming Soon: More Undercover Videos of ACORN Mischief Nov 13, 2009
And when I saw a sign for ACORN housing, I remembered the stuff about Fannie Mae and Freddy Mac and the mortgage crisis, and I was like, oh, and I was like, this is part of it. The dots started connecting in my mind. (Newsmax)
Dodd, At It Again Nov 13, 2009
In recent decades, he and his fellow Democrats created a system of perverse incentives by unleashing the Community Reinvestment Act to force banks to make bad loans, then encouraging Fannie Mae and Freddie Mac to finance the scheme with taxpayer-guaranteed borrowing ... IN 1993 BILL CLINTON REINSTITUTED THE COMMUNITY REINVESTMENT ACT D THE FED TO LOWER CREDIT STANDARDS FOR MORTGAGES SO POOR MINORITIES COULD OWN THEIR OWN HOMES WHETHER THEY COULD AFFORD THEM OR NOT. GREENSPAN WAS FED CHAIR W COMO... (Investors Business Daily)
Renting Your House Back: A Solution to Foreclosures? Nov 12, 2009
Fannie Mae's 'Deed for Lease': Solution to Foreclosures ... Fannie Mae headquarters in Washington DC Mark Wilson / Getty ... That idea, which has lingered on the outskirts of the housing-crisis debate, got a boost last week when the federal housing agency Fannie Mae said it would start offering leases of up to 12 months when other avenues to keeping families in their homes, like loan modification, fail. (Time.com)
AP-GfK Poll: A grouchy public sticking with Obama Nov 12, 2009
youtube:"Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis". Many more examples in the "related videos". (Park Hills Daily Journal, MO)
Weird news: Southerners love their health insurance Nov 12, 2009
Allow the profit motive and free market to work without undue government influence causing problems (Fannie Mae and Freddie Mac starting an economic crisis, for instance), and lots more people will have jobs and be able to afford insurance ... But it wasn t Fannie Mae and Freddie, so much as it was the Community Redevelopment Act, ACORN and Obama s enforcement of it, the lack of application of federal regulations because Barney Frank s lover was the head of Fannie or Freddie (forget which), and... (Atlanta Journal-Constitution -- Opinion)
Fannie, Freddie Overseer Slot Vacant for 15 Months; Obama Needs More Time Nov 12, 2009
It is absolutely unconscionable that Fannie Mae and Freddie Mac, which were at the heart of the subprime housing collapse last fall that sent our economy into a tailspin, should be without independent oversight at a time when the federal government now owns over half of all the mortgages, Issa said ... Fannie Mae and Freddie Mac were seized in September 2008 after regulators determined they had inadequate capital to deal with a rise in ... The Federal Housing Finance Agency that took them... (Bloomberg -- US)
Random police stops increasing fast Nov 12, 2009
2% Fannie Mae & Freddie Mac need $30 BILLION more taxpayer dollars Health Care reform by Labor Day, Oct, Christmas, end of the year, NOT the White House is NOT for sale Transparency bipartisan support close Gitmo Timmy the TAX CHEAT Geitner ACORN bring the boys home from Iraq, send them to Afghanistan find Osama bin Laden NO lobbyist on the White House staff all bills put on line so the public can read them first no tax increase for anyone... (Atlanta Journal-Constitution -- Opinion)
Setback in Bear Stearns Case May Force Gov't Shift Nov 12, 2009
The investigations also are targeting government-owned mortgage financers Fannie Mae and Freddie Mac and crisis casualty Lehman Brothers. The Bear Stearns case was the second case to go to trial, following the conviction in August of a former Credit Suisse broker on conspiracy and securities fraud charges in connection with a $1 billion subprime mortgage fraud. (ABC News -- Wire)
Can't tax to prosperity Nov 11, 2009
One only has to look at the Social Security Administration, Postal Service, Fannie Mae, Freddy Mac, our national parks, the Department of Transportation, to see that there has not been one instance of a government-run program that has succeeded or is operating in the black. The thought that the government can take over failing businesses, or the health care industry, is laughable. (Fresno Bee -- Opinion)
Which big countrywill default first? Nov 11, 2009
9% of GDP in calendar 2009, although its debt level is higher if you include the direct debt of mortgage guarantors Fannie Mae and Freddie Mac, as you should. It also has lower overall levels of public spending, although spending is rising rapidly. (Asia Times Online)
Be a Penny Stock Millionaire! Nov 11, 2009
Hardly anyone followed it, and more attention was paid to established companies such asFord (NYSE: F) and Fannie Mae (NYSE: FNM) -- "safe bets" that have posted disappointing multi-decade returns. And that plays right into Hidden Gems' sweet spot. (MSNBC -- Business)
HOA Reserve Study Conundrum Nov 11, 2009
In December 2007, Fannie Mae and Freddie Mac (the entities that have in past years underwritten most condominium mortgage loans) enacted the following requirements for condominiums where their loans were made being proposed ... Since Fannie Mae, Freddie Mac and FHA are the 600 pound gorillas in the current condo mortgage market, this means is that if your condominium does not 1. (RealtyTimes)
Leasebacks gain momentum Nov 11, 2009
Last week it gained legitimacy when housing giant Fannie Mae said it would do just that, offering one-year leases at market rates to people who sign over their homes as a deed in lieu of foreclosure ... Fannie Mae wouldn't say how many homeowners it expects to qualify for the program, but it has backed plenty of struggling borrowers ... They hope the government will prod banks to follow Fannie Mae's lead, and they propose leases of three to five years followed by the option to buy back the home.... (San Francisco Chronicle -- Business)
Read the 'Cost of Freedom' recap Nov 10, 2009
Homebuyer tax credit and Fannie Mae foreclosure/lease thing make less sense, because they delay the market clearing. New Government Plan to Raise Taxes: Call It a "Tax Loan". (Fox News)
Peoria offers aid to first-time homebuyers Nov 10, 2009
Treasury denies Fannie Mae tax credit plan ... Treasury denies Fannie Mae tax credit plan ... WASHINGTON - Government controlled mortgage provider Fannie Mae said Monday the U.S. Treasury has blocked its plans to sell more than $5 billion in low-income housing tax credits. (AZCentral -- Business)
Fannie Mae Tax Credit Decision Could Cost $5.2 Bln Nov 10, 2009
Fannie Mae Tax Credit Decision Could Cost $5 ... Fannie Mae Tax Credit Decision Could Cost $5 ... Fannie Mae could need $5. (ABC News -- Wire)
Business briefs Nov 10, 2009
Fannie booksFannie Mae is reviewing whether it will have to write down $5 ... Fannie Mae is reviewing whether it will have to write down $5. (New York Post -- Business)
Fannie Mae studies write-down Nov 10, 2009
The Treasury found an agreement to sell about half of Fannie Mae s credits would have cost taxpayers more than the company would gain from the deal, according to a letter sent to the Washington-based company ... Fannie Mae, which is operating under government conservatorship, said Thursday in its third-quarter earnings report that it will need to write down the $5 ... Fannie Mae, the largest US mortgage-finance company, has posted $120. (Boston Globe)
Downtown condos: Sales dismal, but development winds down Nov 10, 2009
New lending restrictions by Fannie Mae have made it harder for buyers to finance purchases in new condo projects, a problem for some developers stuck with a lot of unsold units. To offset the lack of mortgage financing, some developers are setting up special loan programs with the banks that provided their construction financing. (Crain's Chicago Business)
Fannie Mae may seek more aid; tax credit decision could cost $5.2B Nov 10, 2009
Fannie Mae may seek more aid; tax credit decision could cost $5 ... Fannie Mae may seek more aid; tax credit decision could cost $5 ... Fannie Mae requested $15 billion in financial aid last week after reporting a $19. (USA Today -- Money)
Frank on Afghanistan: More people 'need protection from criminals' than al Qaeda Nov 10, 2009
How's your lover at Fannie Mae doing. How about the brothel going on in your apartment back in D.C.. (TheHill.com)
StuyTown tremors Nov 10, 2009
The rally is being organized in part by local legislators, who are pressing lenders on the property, Fannie Mae and Freddie Mac, to consult with them on the restructuring ... The rally is being organized in part by local legislators, who are pressing lenders on the property, Fannie Mae and Freddie Mac, to consult with them on the restructuring. (New York Post -- News)
Freddie Mac May Face SEC Suit For Errors Nov 10, 2009
An SEC lawsuit would come at a tumultuous time for Freddie Mac, which faces criticism from Congress, the White House and private industry that it and its larger rival, Fannie Mae, have grown so big they pose a threat to the nation's economic stability ... Freddie Mac and Fannie Mae are congressionally chartered, publicly traded companies known as government-sponsored enterprises. (Yahoo News -- Corporate Reform)
Mortgage modifications keep some homes out of foreclosure Nov 10, 2009
To be eligible for HARP, the loan must be owned or guaranteed by Fannie Mae or Freddie Mac. The borrower also must be current in the loan or have had no more than one incidence of being 30 days late in the past year. (Sacramento Business Journal, CA)
No new aid as Freddie Mac loses $US6.3b Nov 9, 2009
The firm, which was seized by the government and placed into conservatorship along with rival Fannie Mae, said it had a net loss of $US5 ... The shareholder-owned, government chartered firm said, however, it would not seek further Treasury aid, unlike its cousin Fannie Mae ... Earlier this week, Fannie Mae reported a net loss of $US18. (Sydney Morning Herald -- Business)
Why Some Countries Are Stopping Their Stimulus Nov 9, 2009
Last week, mortgage lender Fannie Mae reported $18. 9 billion in third-quarter losses and said it needs another $15 billion in taxpayer money to survive. (Time.com)
Roubini Versus Rogers Is Right Debate for 2010 Nov 9, 2009
Fannie Mae, for example, is looking for yet another public bailout -- $15 billion this time. Executives at , American International Group Inc. and Goldman Sachs Group Inc. all know the government wont let them go the way of Lehman Brother Holdings Inc.. (Bloomberg -- Columnists)
Washington Report: Expansion of Tax Credit Nov 9, 2009
Real Estate News and Advice. Congress's extension and expansion of the $8,000 tax credit through next June 30 should take the pressure off first time home buyers who've been rushing to close deals before the November 30 deadline. (RealtyTimes)
Nightmare On Wall St. Nov 8, 2009
"It's Fannie Mae and Freddie Mac all over again," said Wallison. The new regulatory agency can regulate banks, bank holding companies, insurance companies, hedge funds, finance companies and any other kind of company that might be designated too big to fail. (Investors Business Daily)
Freddie Mac Posts $5 Billion Loss Nov 8, 2009
Its larger rival Fannie Mae on Thursday said it would need $15 billion from the U.S. Treasury after a whopping $18 ... Results at Freddie Mac and Fannie Mae are widely watched as a barometer of the U.S. housing market since they own or back nearly half of outstanding mortgages. (ABC News -- Wire)
Fannie Mae seeks $15.8bn claim from Lehman Nov 8, 2009
Fannie Mae seeks claims worth $15 ... Fannie Mae seeks claims worth $15 ... NEW YORK: Battered mortgage lender Fannie Mae has sought claims to the tune of $15. (India Times, India)
Main Street's body count rises Nov 8, 2009
"Then she kind of moved toward me a little and I saw that blood, and I said, 'Oh, no. Miss Polk musta done shot herself.'" While she was in the hospital recovering from two self-inflicted gunshot wounds, Fannie Mae spokesman Brian Faith announced the mortgage association had decided to forgive her outstanding debt and give her the house "outright.". On October 6, in Sevier County, Tennessee, sheriff's deputies, with police in tow, arrived to evict Jimmy and Pamela Ross from their home. (Salon)
Freddie Mac will not make Treasury draw Nov 7, 2009
Fannie Mae s (NYSE: FNM) third-quarter loss was $19. 8 billion. (Washington Business Journal, DC)
* World Business Quick Take Nov 7, 2009
FINANCE Fannie Mae posts huge loss. US state-controlled mortgage lender Fannie Mae posted on Thursday another multibillion-dollar quarterly loss and said it needed an additional US$15 billion in taxpayer funds ... Fannie Mae reported a net loss of US$18. (Taipei Times, Taiwan -- World)
Fannie Mae loses $19B, seeks more aid Nov 7, 2009
6 billion in revenue, Fannie Mae said. It is Fannie Mae s ninth straight quarterly loss and keeps the company s net worth below zero ... Fannie Mae has requested an additional $15 billion from the Treasury Department s $200 billion lifeline established to keep the company afloat. (Charlotte Business Journal, NC)
Fannie Mae Q3 Loss Narrows; Asks for $15 Billion Nov 7, 2009
Fannie Mae (FNM) posted a narrower third-quarter loss but reported $22 billion of credit-loss provisions and foreclosed-property costs as it continues to deal with spiking delinquency rates. The mortgage financier, placed under conservatorship 14 months ago to prevent its potential implosion, requested another $15 billion of aid as part of the $200 billion package extended to it. (SmartMoney)
Fannie Mae Bid to Sell Tax Credits Vetoed by U.S., Thwarting Goldman Sachs Nov 7, 2009
Fannie Maes Sale of Tax Credits Is A Bad Deal, Treasury Says - Bloomberg ... Fannie Maes Sale of Tax Credits Is A Bad Deal, Treasury Says ... Nov. 7 (Bloomberg) -- Fannie Maes request to sell $2. (Bloomberg -- US)
Fannie Mae asks for another $15bn Nov 7, 2009
Fannie Mae plays a key role in the US housing sector. US mortgage finance firm Fannie Mae has asked for another $15bn (9bn) in state aid after announcing losses of $19bn between July and September ... Both Fannie Mae and fellow mortgage giant Freddie Mac were taken under government control last year. (BBC News -- Americas)
Madisonville State Bank acquired by U.S. Bank (VIDEO) Nov 7, 2009
When Gray, an ombudsman for the FDIC, was asked why the bank fell, she cited its strong reliance on real estate loans like Fannie Mae and Freddie Mac a well as FHA loans and commercial real estate. Customers are also being encouraged to go to the FDIC Web site, , and click on Madisonville State Bank to find the answers to many questions they may have. (Madisonville Meteor, TX)
Why the new $6,500 homebuyer tax credit is wrong Nov 7, 2009
And that money from the US Treasury comes on top of the expensive bailout of Fannie Mae and Freddie Mac, more subsidies for the Federal Housing Administration, and the Federal Reserve's purchase of nearly $700 billion of mortgage-backed securities. US lawmakers still won't recognize that a policy of loose credit for shaky home buyers since the 1990s created the housing bubble that finally went pop, leading to the 2008 Wall Street meltdown. (Christian Science Monitor)
Cities face hurdle to buy foreclosed homes Nov 7, 2009
Fannie Mae offers borrowers option to foreclosure ... Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes for a year ... The new "Deed for Lease" program will allow homeowners to transfer title to Fannie Mae and sign a one-year lease, with potential month-to-month extensions after that. (Fresno Bee -- Business)
Wiesel slams tea partiers Nov 7, 2009
" In fact, daytime soap opera never recovered from "Dynasty," period. The failure of daytime to realize that its primetime imitator had ramped up the glamour and melodrama to classic Hollywood proportions is one reason for the slow decline and extinction of soaps over the past 15 years. Joan Collins had a tremendous cultural impact in "Dynasty" which has never been fully acknowledged. She instantly ended the drab, puritanical dress-for-success look that women had donned to enter the professions... (Salon)
Homeowner rescue proposed Nov 7, 2009
An initiative announced yesterday by Fannie Mae, dubbed Deed for Lease, will offer leases for up to 12 months, with the possibility of renewal, as long as homeowners are willing to deed their property back to the mortgage giant and meet other conditions imposed by the program. To qualify, homeowners must have had their homes financed with mortgages guaranteed by Fannie Mae and must be ineligible for a modification of their loan terms ... For instance, a lot of borrowers who used subprime... (San Diego Union-Tribune)
Profit Not Satanic, Says Wealthy Banker Nov 7, 2009
Goldman Sachs wanted to buy tax credits from Fannie Mae, which has lost so much money that the credits are useless. The government said no, the Journal, because the deal would be a net loss for taxpayers, and because it didnt want to appear to be favoring the pre-eminent investment bank in such savvy deals. (Slate)
Stock Picks: Starbucks, Fannie Mae, Nvidia Nov 7, 2009
Wednesday November 4, 2009. Analyst Picks and Pans November 6, 2009, 11:19AM EST. (BusinessWeek)
Freddie Mac loses $6.3B but says it doesn't need more federal cash Nov 7, 2009
On Thursday, Fannie Mae asked , bringing the tab for rescuing both companies to about $111 billion. Fannie Mae and Freddie Mac play a vital role in the mortgage market by purchasing loans from banks and selling them to investors. (USA Today -- Money)
Fannie Mae Deed for Lease Program Nov 6, 2009
Fannie Mae's Deed for Lease (D4L) program allows homeowners facing foreclosure to stay in their own home by renting from Fannie Mae for up to a year or more. Homeowners facing foreclosure with a Fannie Mae mortgage who do not meet the requirements for a loan modification can stay in their homes with Fannie Mae's Deed for Lease program ... "Fannie Mae Announces Deed for Lease Program" (November 5, 2009). (Suite101.com)
Investor Report: Have We Finally Hit Bottom? Nov 6, 2009
He served as a member of the U.S. Department of Housing and Urban Development's Working Group on Computerized Loan Origination (CLO) systems, and is a member of the Editorial Board of the Fannie Mae Foundation's journal, Housing Policy Debate. He is the author of two books on mortgage finance and real estate. (RealtyTimes)
30-Year Fixed Rate Falls Below 5 Percent Nov 6, 2009
"Lower mortgage rates should help homeowners lower their monthly payments and feed the ongoing recovery in the housing market." For instance, the Federal Housing Finance Agency reported that Freddie Mac and Fannie Mae have financed more than 3. 5 million refinance loans during the first nine months of 2009. (RealtyTimes)
Fed to wait for labour market before tightening Nov 6, 2009
Online Edition Powered By IOL. DisplayAds('SkyLEFT',17,). (Business Report, South Africa)
Borders to close 200 Waldenbooks stores Nov 6, 2009
Fannie Mae requests another $15 billion. WASHINGTON --- Fannie Mae is asking for an additional $15 billion in government aid after posting another big loss in the third quarter as the taxpayer bill from the housing market bust keeps rising ... 7 percent of Fannie Mae's borrowers had missed at least three payments. (The Augusta Chronicle)
Banks borrow more from emergency Fed program Nov 6, 2009
The report Thursday also showed that the central bank is slowing its purchases of mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac ... The Fed said Wednesday, after a meeting of its governing board, that it will also reduce its buying of Fannie Mae and Freddie Mac securities to $175 billion from $200 billion. (Muscatine Journal, IO)
