Keyword: fannie mae
Fannie Mae CEO steps down during troubled times
Fannie Mae CEO on his way out Today, after 20 years with the organization, Fannie Mae said in a statement that CEO Michael Williams is resigning after taking over as President and CEO in 2009. Williams will remain in the CEO role until Fannie Mae’s Board of Directors names a successor. Rumors have not yet leaked as to who that ...
Fed says Fannie, Freddie could save housing
Federal Reserve Board writes to Congress In a letter to Congress, the Federal Reserve Board, led by Chairman Ben Bernanke recommended a variety of steps the lawmakers could take to help housing recover, most notably, noting that Fannie Mae and Freddie Mac could serve to aide the recovery of housing by providing less expensive mortgages to a broader pool of ...
SEC charges six former Fannie Mae and Freddie Mac executives
Six executives charged The Securities and Exchange Commission charged six former Fannie Mae and Freddie Mac executives today with civil fraud for misrepresenting their holdings of high-risk mortgage loans. The agency plans to financially penalize all six but has not yet announced how much they will seek. The SEC’s lawsuit alleges that all six executives knowingly approved of misleading statements, ...
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Fannie Mae, Freddie Mac freeze evictions over the holidays
Fannie, Freddie hit the pause button During the holidays, various banks and government organizations sometimes freeze evictions so that families can enjoy their holiday without fear of the Sheriff and moving company knocking on the door to remove them. Like last year, Fannie Mae and Freddie Mac have announced that “certain home evictions” will be suspended between December 19th and ...
Fannie Mae, Freddie Mac spend $640,000 to attend conference
One “lavish” conference Fannie Mae and Freddie Mac spent more than $640,000 this fall to send 100 employees to a Chicago mortgage-industry conference and to host events there, according to the Wall Street Journal. The companies are defending their spending in light of public criticism from a lawmaker. Fannie Mae posted losses of $5.1 billion last quarter and requested $7.8 ...
FHFA house price index rose slightly in the third quarter
Home prices up Although only by 0.2 percent, the Federal Housing Finance Agency’s (FHFA) seasonally adjusted purchase-only house price index (HPI) shows minor improvement for the quarter. Home prices fell 3.7 percent from the third quarter of 2010, but the slide in prices looks to potentially be slowing. The HPI is calculated by using home sales price information from mortgages ...
Fannie, Freddie spent $170 million on high profile politicians
Big money in Washington Fannie Mae and Freddie Mac are under the microscope this week as it has been uncovered by the Center for Responsive Politics (CRP) that the two spent over $170 million on political and lobbying operations in the ten years leading up to the housing crash in 2008 when they were near collapse and were seized by ...
University says Fannie Mae and Freddie Mac are often just misunderstood
Fannie and Freddie – misunderstood? “The mortgage giants Fannie Mae and Freddie Mac are not blameless in the foreclosure crisis, but the case against them is also often misunderstood and exaggerated,” opines Kevin Park, a doctoral student at the University of North Carolina at Chapel Hill in a piece about the history and evolution of the two government sponsored entities ...
House Committee releases harsh report and video on “government sponsored luxury”
Harsh words for President Obama The House Committee on Oversight and Government Reform has created and released the above video in conjunction with Committee Chairman Darrell Issa’s report “Government-Sponsored Moguls: Executive Compensation at Fannie Mae and Freddie Mac” which excoriates the Administration’s rhetoric on executive compensation for the private sector as well as decisions made regarding the recent large bonuses approved for ...
Another political effort to abolish Fannie Mae and Freddie Mac
Winding down Fannie and Freddie “responsibly” Tennessee Senator Bob Corker has announced a bill he is introducing in an effort “to get a conversation going” that will “responsibly unwind Fannie and Freddie” and get the government out of the housing finance business to reduce their exposure of government sponsored enterprises (GSEs) to mortgage-backed securities. The bill is called the “Residential ...
In contrast to Fannie Mae and Freddie Mac, Ginnie Mae posts record earnings
Historic performance by Ginnie Mae Ginnie Mae (or the Government National Mortgage Association), announced that it has posted record earnings for its 2011 fiscal year, earning $1.18 billion in net income, their best performing year to date, surpassing 2010 fiscal earnings of $541.5 million. Ginnie Mae is owned by the government and its primary function is to guarantee then sells ...
Fannie Mae posts drastic losses, requests $7.8 billion more from taxpayers
More funds requested Last week we reported that Freddie Mac requested $6 billion in additional federal aid after third quarter losses of $4.4 billion, just one day after it was revealed that combined with Fannie Mae, the government sponsored entity granted nearly $13 million in bonuses to executives, citing they had marginally met an internal goal of modifying loans. Now, Fannie ...
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