Keyword: FHFA
FHFA begins registering investors to turn vacant foreclosures into rentals
FHFA pulls the trigger After an extended period of talking about selling off their massive inventory of foreclosed properties (Real Estate Owned properties, or REOs), the Federal Housing Finance Agency today announced the kickoff to their initiative to sell their inventory to investors in an effort to turn them into rental properties to serve the new generation of renters, many ...
Report strongly criticizes housing finance oversight
Firey inspector general report The inspector general for the Federal Housing Finance Agency released a report this week that is highly critical of the U.S. Federal Home Loan Bank system, consisting of 12 banks whose primary mission is to support housing finance, saying the banks did not effectively monitor risks. The report says the FHFA has not been aggressive enough ...
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 ...
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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 ...
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 ...
Freddie Mac requests $6 billion in federal aid after major quarterly losses
Bigger bonuses after bigger losses? Freddie Mac has just 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. Critics are ...
Fannie Mae and Freddie Mac executives get another round of huge bonuses
Poor performance still commands millions It was reported today by Politico that the Federal Housing Finance Agency (FHFA) who regulates Fannie Mae and Freddie Mac has approved $12.79 million in bonus pay after ten executives last year “met modest performance targets tied to modifying mortgages in jeopardy of foreclosure.” Although the agency has not met the expectations of helping troubled ...
Four Fannie Mae employees on leave during federal investigation
A troubled Fannie Mae Four Fannie Mae staff members have been placed on administrative leave pending a federal investigation by the Federal Housing Finance Agency (FHFA) Inspector General who is focused on “a transaction involving distressed debt on multifamily property,” according to the Wall Street Journal. After several voluntary meetings with law enforcement officials, reports claim that federal law enforcement ...
FHFA uncovers abuse, dismantles Fannie & Freddie’s lawyer network
FHFA forces Fannie and Freddie to comply A recent Federal Housing Finance Agency (FHFA) report noted that since 2003, Fannie Mae and Freddie Mac knew that the law firms they had hired were fudging foreclosures so they could get paid by the number of foreclosures. Freddie Mac fired the firms, Fannie Mae said it would cost $5 million to transfer ...
Democrats angrily call for most powerful man in housing’s resignation
Why is DeMarco under fire? We recently introduced you to Edward DeMarco who is more powerful than Obama when it comes to housing as he is the FHFA director (which regulates Fannie Mae and Freddie Mac), and it is exactly his head that Democrats are currently calling for. Is he being asked to resign because his inspector general discovered that ...
Investigation says Fannie Mae ignored their falsified foreclosure filings
Fannie Mae knew as far back as 2003 that various law firms the agency had hired to foreclose on homes were abusing authority according to a new report from the Federal Housing Finance Agency (FHFA) inspector general, the same office that discovered Fannie Mae and Freddie Mac executives were awarded giant salaries in recent years without proper written procedures or ...
Who is even more powerful in housing than Obama?
Can you say without Google who he is? Do you know who Edward DeMarco is? Can you say without Googling it? You should know, he’s literally the most powerful man in housing, even above President Obama, according to the Washington Post. DeMarco is the current Director of the FHFA which oversees Fannie Mae and Freddie Mac (which together own or ...
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
