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Keyword: fanniemae

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  • Exclusive: NY Judge in Largest Bankruptcy Case in History Receives IRS & SEC Whistleblower Filing

    04/26/2014 3:44:12 AM PDT · by Opinionatedtoday · 41 replies
    Creditor and Whistleblower evidence alleges securities fraud, income tax fraud and income tax evasion. Further investigation is necessary to protect millions of homeowners.New York City, New York – U. S. Bankruptcy Court, Southern District of New York’s Judge Martin Glenn, presiding over the simultaneous Chapter 11 bankruptcy filings of 51 residential mortgage companies, received a whistleblower filing package today from one of the creditors in this case, a private American citizen, Greg Morse. The Internal Revenue Service and Securities Exchange Commission received the same package today. Among its contents is Morse’s whistleblower submission of IRS Form 211—Application for Award for...
  • ‘Jaw-Dropping’: Former U.S. Treasury Secretary Makes Bombshell Claim

    03/18/2014 8:54:29 AM PDT · by Twotone · 14 replies
    The Blaze ^ | March 18, 2014 | Jason Howerton
    The Chinese “received a message from the Russians” back in 2008 suggesting a pact to sell Fannie Mae and Freddie Mac securities on the market, which would have nudged down the price of the debt of Fannie and Freddie and also maximized the chaos on Wall Street, a former U.S. official told BBC. It confirms a report that TheBlaze TV’s For the Record first aired back in September 2013.
  • White House, Senators Back Deal to Do Away with Fannie Mae, Freddie Mac

    03/14/2014 10:14:53 AM PDT · by SeekAndFind · 12 replies
    IVN ^ | 03/13/2014 | By Ryan Schuette
    It could be the end for bailed-out mortgage giants Fannie Mae and Freddie Mac as we know them, if recent bipartisan support for their elimination means anything. U.S. Senator Tim Johnson (D-S.D.), chairman of the Senate Banking Committee, unveiled a proposed agreement with ranking member Sen. Mike Crapo (R-ID) on Tuesday that would wind down the government-sponsored enterprises over the course of 5 years. The legislation builds on an earlier bill by Sens. Bob Corker (R-TN) and Mark Warner (D-VA) which would replace the two companies — long a linchpin of the U.S. mortgage-finance system and locus of voter anger...
  • LETTER: Ralph Nader questions Obama administration’s ‘legal authority’ to shut out Fannie and

    02/23/2014 8:52:41 AM PST · by ColdOne · 26 replies
    dailycaller.com ^ | 2/22/14 | Patrick Howley
    full title...LETTER: Ralph Nader questions Obama administration’s ‘legal authority’ to shut out Fannie and Freddie shareholders from future profits....Political activist and former presidential candidate Ralph Nader is questioning the “legal authority” of the Obama administration’s secret decision to prevent Fannie Mae and Freddie Mac shareholders from obtaining any future earnings in the government sponsored enterprises (GSE). Nader slammed the administration’s actions in a letter he sent to Treasury Secretary Jack Lew, which was obtained by The Daily Caller. The administration’s decision to shut out shareholders means that the mortgage-lending giants Fannie Mae and Freddie Mac, which received a $189.5...
  • The Financial Crisis: Why Have No High-Level Executives Been Prosecuted?

    01/09/2014 8:35:15 PM PST · by Brad from Tennessee · 61 replies
    New York Review of Books ^ | January 9, 2013 | By Jed S. Rakoff
    Five years have passed since the onset of what is sometimes called the Great Recession. While the economy has slowly improved, there are still millions of Americans leading lives of quiet desperation: without jobs, without resources, without hope. Who was to blame? Was it simply a result of negligence, of the kind of inordinate risk-taking commonly called a “bubble,” of an imprudent but innocent failure to maintain adequate reserves for a rainy day? Or was it the result, at least in part, of fraudulent practices, of dubious mortgages portrayed as sound risks and packaged into ever more esoteric financial instruments,...
  • Mel Watt becomes new chief overseeing Fannie, Freddie

    01/09/2014 10:41:37 AM PST · by Olog-hai · 11 replies
    Charlotte Observer ^ | Monday, Jan. 06, 2014 | Franco Ordonez
    Mel Watt was sworn into a top housing finance post Monday afternoon while simultaneously bringing to an end a career in Congress spanning more than two decades. The now-former representative from North Carolina was given the oath to lead the Federal Housing Finance Agency by former Charlotte mayor and current Transportation Secretary Anthony Foxx. Watt’s path to his new position was cleared last month after a drawn-out debate that included a controversial rule change allowing him to be confirmed with a 57-41 Senate vote. …
  • Mel Watt And The Flat-lined Mortgage Purchase Application Problem (Real Household Income Falling)

    12/11/2013 10:50:40 AM PST · by whitedog57 · 7 replies
    Confounded Interest ^ | 12/11/2013 | Anthony B. Sanders
    There are two pieces of mortgage application index news today. First, Mel Watt (D-NC) was confirmed by the U.S. Senate as the new FHFA Director by a vote of 57-41. Only two Vichy Republicans, Bob Portman (VR-OH) and Richard Burr (VR-NC) voted for the confirmation of Mel Watt, a person with no regulatory experience and an affordable housing hawk. Watt will now be the “regulator” for Fannie Mae and Freddie Mac, the mortgage giants in conservatorship with the FHFA. Why would President Obama nominate someone (and the Democrats confirm) with NO regulatory experience for perhaps the most important regulatory job...
  • FHFA Raises Guarantee Fees For Fannie Mae and Freddie Mac (DeMarco's Last Stand)

    12/09/2013 3:45:34 PM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 12/09/2013 | Anthony B. Sanders
    Today, FHFA directed Freddie Mac and Fannie Mae to raise guarantee fees in three components: • The base g-fee (or ongoing g-fee) for all mortgages will increase by 10 basis points; • The up-front g-fee grid will be updated to better align pricing with the credit risk characteristics of the borrower; and • The up-front 25 basis point adverse market fee that has been assessed on all mortgages purchased by Freddie Mac and Fannie Mae since 2008 is being eliminated except in the four states whose foreclosure carrying costs are more than two standard deviations greater than the national average....
  • Housing Finance Reform, Corker-Warner And The Rule Of Law (Federalist Society Panel)

    12/04/2013 2:54:18 PM PST · by whitedog57
    Confounded Interest ^ | 12/04/2013 | Anthony B. Sanders
    There was a tremendous panel discussion today in the U.S. Senate hosted by the Federalist Society. The discussion concerned the proposed Corker-Warner bill to “reform” the housing finance system. The moderator was Troy Paredes and the speakers included Ronald Case, Bernard Weinstein and myself. Going forward, what should happen to the mortgage giants Fannie Mae and Freddie Mac? Weinstein argued that they should be kept in place, but regulated to avoid Congress from forcing them to take on too much risk. Case gave an eloquent discussion of the necessity for the rule of law in whatever happens going forward. What...
  • Two Excellent Reasons To Keep DeMarco As FHFA Director, NOT Mel Watt

    11/30/2013 10:37:39 AM PST · by whitedog57 · 4 replies
    Confounded Interest ^ | 11/30/2013 | Anthony B. Sanders
    The Senate will likely take up the confirmation of Mel Watt (D-NC) as Director of the Fannie Mae and Freddie Mac regulator, the Federal Housing Finance Agency (FHFA). Now that Harry Reid (D-NV) triggered the nuclear option allowing Democrats to use simple majority voting on most appointments, it is likely that Watt, who has no regulatory experience, will be confirmed as FHFA Director. What has Ed DeMarco accomplished as a regulator? Many things including, • Significant progress has been made on the development and initial testing of the Common Securitization Platform (CSP); however challenges, including necessary changes to Fannie Mae’s...
  • Take A Giant Step: The New Fair Deal Banking And Housing Stability Act of 2013

    11/25/2013 12:48:07 PM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 11/25/2013 | Anthony B. Sanders
    There are a plethora of housing finance bills being written or circulating. These include the deeply flawed Corker-Warner bill, the Crapo-Johnson bill (that I have not seen), the PATH Act from the House. Now we have another House GSE reform bill, The New Fair Deal Banking And Housing Stability Act of 2013, from Representatives Justin Amash (sponsor), Jeff Duncan, Jim Jordan, Doug Lamborn, Tom McClintock, Mark Meadows, Tom Price and Matt Salmon. The New Fair Deal Banking and Housing Stability Act of 2013 takes decisive action to end the cycle of booms and busts, of bad behavior and bailouts: -...
  • Sperling Says No Nein To Private Recapitalization Of Fannie And Freddie (Same Day As Reid)

    11/24/2013 2:56:47 PM PST · by whitedog57 · 1 replies
    Confounded Interest ^ | 11/24/2013 | Anthony B. Sanders
    As many are painfully aware, the mortgage giants Fannie Mae and Freddie Mac collapsed in price from Q4 2007 to Q4 2008. Fannie Mae stock was trading at $60.81 on September 28, 2007 and fell to $1.71 by September 30, 2008. That is quite a drop. But Fannie Mae’s equity is now at $2.73 while Freddie Mac’s is at $2.52 per share. Both started showing signs of life in March 2013, spiked on May 28th, fell again, but has regained upward momentum since September. Who is in the running to purchase Fannie Mae and Freddie Mac and provide private market...
  • Et Tu, Brute? Corker Fundraiser/Donor Savages Corker-Warner GSE Reform Bill

    11/21/2013 1:26:30 PM PST · by whitedog57
    Confounded Interest ^ | 11/21/2013 | Anthony B. Sanders
    Today, the US Senate held a hearing on “Housing Finance Reform: Powers and Structure of a Strong Regulator.” If I had been testifying, I would have thrown in a Medal of Freddom for Edward DeMarco, the acting Director of the Federal Housing Finance Agency (FHFA), the regulator for Fannie Mae and Freddie Mac. But alas, the panel that spoke today were largely regulators and/or attorneys. But the most interesting aspect of the hearing was what happened AFTER the hearing. Tim Pagliara, the CEO of CapWealth Advisors and longtime fundraiser/donor for US Sen. Bob Corker (of the infamous Corker-Warner housing reform...
  • Warren: Don't 'scapegoat' affordable housing in reform push

    10/29/2013 9:21:23 PM PDT · by Tailgunner Joe · 16 replies
    thehill.com ^ | October 29, 2013 | Peter Schroeder
    Sen. Elizabeth Warren (D-Mass.) mounted a spirited defense of affordable housing goals on Tuesday as she laid out her vision for overhauling the housing market. In her first public remarks on housing finance reform, Warren laid out her vision for overhauling the system after the subprime meltdown, and emphasized that Congress should ensure mortgages remain affordable across the middle class, calling it the "centerpiece of the American Dream." Appearing before the Mortgage Bankers Association, Warren said affordable housing goals, long pointed to by conservatives as a driving force in the creation of the risky mortgages that sunk the system, had...
  • RMBS: Fannie Risk-Sharing Notes Trade Tighter As Wells Fargo Cuts More Home Loan Jobs

    10/17/2013 9:57:17 AM PDT · by whitedog57 · 3 replies
    Confounded Interest ^ | 10/17/2013 | Anthony B. Sanders
    Fannie Mae Risk-sharing Notes are trading tighter, according to analysts at Credit Suisse. Mid-market spreads for Fannie Mae risk-sharing CAS securities tighter than pricing levels on Oct. 15, Credit Suisse analysts say in report today. • M1 at +167bps vs. +200 • M2 at +482bps vs. +525 • Both had priced “significantly tighter than initial guidance” • CS, BofAML were joint leads • Freddie Mac STACR indicative levels at +210, +535, CS says • Priced at +340, +715 in July • NOTE: ~75 investors participated in $675m Fannie deal, ~50 in $500m Freddie deal, meaning typically only small blocks trade,...
  • Entitlement Nation: Even Housing Is Now An Entitlement (Corker-Warner NOT Reform)

    10/09/2013 8:23:36 AM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 10/09/2013 | Anthony B. Sanders
    As former Reagan adviser David Stockman said about Obamacare, “It is a massive entitlement to end all entitlements.” But housing is an entitlement as well. Last week, no less than 63 members of the House and 13 Senators wrote to Financial Housing Finance Administration chief Ed Demarco demanding that he not lower the maximum loan limit for mortgages guaranteed by Fannie Mae and Freddie Mac. In earlier correspondence to DeMarco, first reported by National Mortgage News, National Association of Realtors (NAR) President Gary Thomas questioned the legality of FHFA reducing the loan limits at this time. “Our nation’s housing market...
  • Fannie Mae: If Same Standards As Today, Delinquencies Would Have Been A Quarter As High

    09/20/2013 2:23:18 PM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 09/20/2013 | Anthony B. Sanders
    Fannie Mae, the mortgage giant in conservatorship, is making a pitch to investors to purchase their risk-sharing bonds. The pitch? Fannie Mae has better standards than it did during the housing bubble. If Fannie Mae standards during housing boom were similar to today, delinquencies would have been as little as a quarter as high, according to data in presentation posted on its website as the company woos investors for new risk-sharing notes. • 12.4% of 2007 vintage Fannie mortgages (in 60-80% LTV category) has ever been 180 days delinquent, excluding loans liquidated or delinquent in first 6 months. • 3%...
  • Stymied! Mortgage Purchase Applications Fall With Real Household Income And Employment/Pop Ratio

    09/12/2013 4:52:57 PM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 09/12/2013 | Anthony B. Sanders
    I was interviewed by a reporter from the Times of London on banks loosening credit standards and whether that will jumpstart the housing market. I said it is doubtful. Expanding the credit box only works if borrowers want to borrow, or feel comfortable doing so. As the economy rebounds and home values climb at about the fastest pace since 2006, lenders including the largest, Wells Fargo & Co., JPMorgan, Bank of America Corp., and mortgage insurers are easing the tightest credit conditions in two decades, lifting restrictions put in place after the worst real estate bust since the Great Depression....
  • Exploding Federal Debt and Off-balance Sheet Liabilities Not Matched By GSE Liabilities

    08/29/2013 1:06:58 PM PDT · by whitedog57 · 4 replies
    Confounded Interest ^ | 08/29/2013 | Anthony B. Sanders
    The exploding Federal debt and trillion dollar deficits is well known. At least the rate of growth in Federal debt and deficits has begun to slow a little. Federal budget deficit is now below a trillion. usdc082913 USDebtClock.org estimates that unfunded liabilities are $125 trillion, but James Hamilton estimates that off-balance liabilities are “only” $70 trillion. In either case, these are scary numbers for our children and grandchildren. Not to mention me. The good news in this swamp of foul-smelling debt and unfunded promises is that GSE (Fannie Mae, Freddie Mac, etc) liabilities have flat-lined in recent years since the...
  • Fannie Mae And Freddie Mac Allowed To Delay Billions In Losses (Now What Do We Do?)

    08/24/2013 8:34:44 AM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 08/24/2013 | Anthony B. Sanders
    Welcome students to my Fall 2013 Fixed-Income Securities class. Since mortgage-backed securities are a big part of the US fixed-income market, let’s start with the largest players in the market: Fannie Mae and Freddie Mac. Fannie Mae is located in Washington DC and Freddie Mac is located in McLean Virginia (hence puzzling why Virginia Senator Mark Warner (Democrat) is interested in winding down both enterprises. The regulator for Fannie Mae and Freddie Mac (and the Federal Home Loan Banks) is the Federal Housing Finance Agency (FHFA). And FHFA has a watchdog, the Inspector General. So the watchdog has a watchdog....
  • FHA: Take This Loan And Shove It (Harry Reid Objects To Closing Down Fannie and Freddie)

    08/13/2013 10:39:05 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 08/13/2013 | Anthony B. Sanders
    According to Kate Berry of American Banker, the cost of doing business with the Federal Housing Administration could skyrocket if the agency adopts a new method for calculating lenders’ liability for poorly underwritten loans that default. The method under consideration would have the FHA examine a random sampling of each lender’s loans, calculate the percentage of loans in the sample with underwriting defects, and then extrapolate that rate to the lender’s FHA portfolio. Lenders would then have to compensate FHA for the “estimated total risk” to the agency’s insurance fund. “If this goes through, it means it will be a...
  • Reid says Obamacare just a step toward eventual single-payer system

    08/10/2013 7:14:05 AM PDT · by upchuck · 46 replies
    Las Vegas Sun ^ | Sat, Aug 10, 2013 | Karoun Demirjian
    In just about seven weeks, people will be able to start buying Obamacare-approved insurance plans through the new health care exchanges. But already, Senate Majority Leader Harry Reid is predicting those plans, and the whole system of distributing them, will eventually be moot. Reid said he thinks the country has to “work our way past” insurance-based health care during a Friday night appearance on Vegas PBS’ program “Nevada Week in Review.” “What we’ve done with Obamacare is have a step in the right direction, but we’re far from having something that’s going to work forever,” Reid said. When then asked...
  • President Obama Comes Out for Subsidizing Mortgage Backed Securities

    08/06/2013 7:23:40 AM PDT · by Lorianne · 11 replies
    CEPR ^ | 06 August 2013
    President Obama is going to announce a plan whose main goal appears to be subsidizing mortgage backed securities. Unfortunately the readers of the Washington Post article on the piece probably would not realize this fact. The article simply repeats the Obama administration's assertion that government backing is needed for 30-year mortgages to exist, which it asserted are the backbone of home ownership. "Traveling to Phoenix on Tuesday, Obama is planning to call for a new system, built in part on government backing, that will enable wide access to 30-year mortgages, which are a rarity in other countries. That will require,...
  • Eight Steps to Eliminate Fannie Mae and Freddie Mac—Permanently

    04/17/2013 2:16:54 PM PDT · by Slyfox · 13 replies
    Heritage Foundation ^ | April 10, 2013 | David C. John
    It is time to close both Fannie Mae and Freddie Mac—the government-sponsored mortgage giants. Both entities distort the country’s housing finance market by issuing mortgage-backed securities with subsidized government guarantees that the mortgages will be repaid. If guarantees are necessary, they should be priced and issued by the private sector, not by the state. Financial institutions expert David C. John details specific steps to achieve this shutdown carefully and methodically without further upsetting the delicate housing market—and without making the situation worse.
  • FHFA Limiting Fannie Mae and Freddie Mac Loan Purchases to “Qualified Mortgages”

    05/06/2013 1:41:13 PM PDT · by whitedog57 · 2 replies
    Confounded Interest ^ | 05/06/2013 | Anthony B. Sanders
    The Federal Housing Finance Agency (FHFA) announced today that it is directing Fannie Mae and Freddie Mac to limit their future mortgage acquisitions to loans that meet the requirements for a qualified mortgage, including those that meet the special or temporary qualified mortgage definition, and loans that are exempt from the “ability to repay” requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). In January, the Consumer Financial Protection Bureau (CFPB) issued a final rule implementing the “ability to repay” provisions of Dodd-Frank, including certain protections from liability for loans that meet the criteria of a qualified...
  • Obama’s “Old Deal” Housing Speech: Save The 30 Year Mortgage (As 7 Out 8 Jobs Created Are Part-time)

    08/06/2013 7:27:29 AM PDT · by whitedog57 · 7 replies
    Confounded Interest ^ | 08/06/2013 | Anthony B. Sanders
    President Obama is in Phoenix today to discuss fixing the housing market. It is reminiscent of President Franklin D. Roosevelt’s speeches in the 1930 on how to fix the housing market. The federal government began its response to the housing crisis in 1932, with the enactment of the Federal Home Loan Bank Act (the Bank Act). The Bank Act created the Federal Home Loan Bank System and the Federal Home Loan Bank Board (FHLBank Board) as its regulator. The federal government also created the Home Owners’ Loan Corporation (HOLC), the Federal Housing Administration (FHA), and Fannie Mae. And the creation...
  • Obama Budget Ignores $187 Billion Cost to Taxpayers of Fannie and Freddie, But Not Future Profits!

    04/11/2013 3:03:21 PM PDT · by whitedog57
    Confounded Interest ^ | 04/11/2013 | Anthony B. Sanders
    Jon Prior at Politico reports that according to budget projections released Wednesday, taxpayers could see “a $51 billion profit on the $187 billion in federal funds that have been pumped into” Fannie Mae and Freddie Mac “since they were taken over by the government in 2008.” The catch? Fannie and Freddie would have to remain under government control for another 10 years. Wait a minute. If taxpayers spent $187 to bailout Fannie and Freddie, a $51 billion profit over ten years still leaves taxpayers in the hole for $136 billion. Politico is making it sound like a tremendous return on...
  • Flashback: When Palin said Fannie/Freddie were too expensive to taxpayers in ’08, it was a “gaffe”

    08/06/2013 11:14:17 PM PDT · by 2ndDivisionVet · 10 replies
    Hot Air ^ | August 6, 2013 | Mary Katharine Ham
    First off, I welcome President Barack Obama’s call to shutter mortgage giants (and giant pains in the public arse) Fannie Mae and Freddie Mac. Many conservatives and libertarians have been beating that drum since 2008 and before, back when Obama was voting present on regulation of Fannie/Freddie and taking more in donations from them than all but one lawmaker. Now, it seems, we can work together on this project, as Obama pushed a Senate plan to close Fannie and Freddie during an economic address in Arizona: But as home prices rise, we can’t just re-inflate a housing bubble. That’s the...
  • Freddie Mac Posts 2nd Largest Profit Despite “Death Valley” Mortgage Applications

    08/07/2013 9:36:24 AM PDT · by whitedog57 · 11 replies
    Confounded Interest ^ | 08/07/2013 | Anthony B. Sanders
    Freddie Mac posted its second largest profit and will pay $4.4 billion to Treasury. This is in spite of flat mortgage purchase applications. In other words, Death Valley for households. mbapurcch080713 Senior preferred stock outstanding and held by Treasury remained $72.3 billion, as dividend payments do not reduce prior Treasury draws. Of course, shrinking mortgage delinquencies coupled with skyrocketing house prices translates into higher profits. mbadlinghp To be quite frank, improving profits at both Fannie Mae and Freddie Mac will likely slow down the impetus for the GSE change that President Obama claims to support. Thanks to the vigilance of...
  • Obama wisely embraces Sarah Palin’s mortgage advice - pushes to end Fannie and Freddie

    08/07/2013 5:06:24 PM PDT · by xzins · 37 replies
    Canada Free Press ^ | August 7, 2013 | Robert Laurie
    Back in September of 2008, Sarah Palin spoke at a Colorado Springs rally. During her address, she lamented the all-encompassing power of government sponsored mortgage giants Fannie Mae and Freddie Mac. She argued that a potential McCain administration would rein the companies in. As she put it: “John McCain has been calling for years to reform things and cut bureaucracy, even at the lending agencies that our government supports. The fact is Fannie Mae and Freddie Mac have gotten too big and too expensive to the taxpayers. The McCain-Palin administration will make them smaller and smarter and more effective for...
  • Obama says it’s time to ‘turn the page’ on Fannie and Freddie

    07/24/2013 12:38:21 PM PDT · by illiac · 30 replies
    MarketWatch ^ | 7/24/13 | MarketWatch
    President Barack Obama on Wednesday, in his speech on the U.S. economy, spelled out the beginning of the end for federally controlled mortgage buyers Fannie Mae and Freddie Mac. “We’ll work with both parties to turn the page on Fannie and Freddie, and build a housing finance system that’s rock-solid for future generations,” Obama said, according to a copy of his prepared remarks. See more Obama speech coverage. That might take a while. True, both the House and the Senate are working on legislation to get rid of the giants, which were took under control by the federal government in...
  • Obama Calls for Mortgage Overhaul, Closing Fannie and Freddie

    08/06/2013 4:53:54 PM PDT · by shove_it · 53 replies
    MoneyNews ^ | 6 Aug 2013
    Buoyed by an improving housing market, President Barack Obama on Tuesday proposed a broad overhaul of the nation's mortgage finance system, including winding down government-backed Fannie Mae and Freddie Mac. He declared that taxpayers should never again be left "holding the bag" for the mortgage giants' bad bets. Obama outlined his proposals in Phoenix, the once foreclosure-riddled city at the epicenter of the nation's housing crisis. The housing market in Phoenix, as well as in many other parts of the country, has rebounded robustly, with prices in the southwestern city up 66 percent from the low point in 2011...
  • Another Obama Head Fake On Fannie, Freddie Reform Read More At Investor's Business Daily

    08/07/2013 6:45:42 AM PDT · by SeekAndFind · 6 replies
    IBD ^ | 08/07/2013
    Big Government: President Obama is renewing calls to reform Fannie Mae and Freddie Mac. But it's just another ruse to prevent these costly government failures from being privatized. While outlining his plan Tuesday in a housing speech in Phoenix, Obama proved he's the master of talking out of both sides of his mouth. In one breath, he encouraged the private market to take a bigger role in home lending, and even suggested the government's role should be limited. Yet in the next, he argued the government still plays a vital role in the mortgage market by guaranteeing "affordable housing" for...
  • First Openly Gay Congressman Barney Frank Describes Himself as 'Pot Smoking Atheist'

    08/06/2013 9:11:20 PM PDT · by massmike · 45 replies
    christianpost.com ^ | 08/06/2013 | Katherine Weber
    Former Massachusetts Congressman Barney Frank, the nation's first openly gay member of Congress and liberal darling, implied in a recent interview that he is also a "pot-smoking atheist." Frank, a Democrat who served as a member of the U.S. House of Representatives from Massachusetts from 1981 to 2013, made his comments last Friday while serving as a guest on a talk show hosted by Bill Maher, a stand-up comedian known for his atheist, liberal-slanted comedy routine. Maher then went on to say that Frank was lucky to have worked in a "safe district" which didn't receive the kind of media...
  • Obama to urge Congress in speech to shutter Fannie Mae and Freddie Mac

    08/06/2013 11:53:45 AM PDT · by ColdOne · 43 replies
    foxnews.com ^ | 8/6/13 | ap/foxnews
    President Obama will urge Congress to shutter Fannie Mae and Freddie Mac, the mortgage-giants bailed out by the government in 2008, as part of a strategy to buffer taxpayers from future housing market downturns. In a speech Tuesday in Phoenix, Obama will call for transitioning the business model of Fannie and Freddie into a system where "private capital must be wiped out before the government pays on any form of catastrophic guarantee," a senior administration official said. Obama will also renew his calls for sweeping mortgage refinancing legislation when he travels to Phoenix Tuesday. Arizona's desert capital was the epicenter...
  • Obama heads to Phoenix to pitch mortgage reform

    08/06/2013 5:49:17 AM PDT · by Olog-hai · 30 replies
    Associated Press ^ | Aug 6, 2013 8:41 AM EDT | Julie Pace
    President Barack Obama is proposing to overhaul the nation’s mortgage finance system, including shutting down government-backed Fannie Mae and Freddie Mac—a plan with bipartisan support on Capitol Hill. Obama will also insist that popular 30-year mortgages be widely available to borrowers, even in a system that would rely more on the private sector than the government to guarantee loans. The president was to outline his proposals Tuesday at a construction company in Phoenix, once the epicenter of the housing crisis following the 2008 economic collapse. The housing market in the region, as in much of the country, has rebounded in...
  • FHA Swamped By Defaults; Congressional Report Shows FHA Could Suffer Losses as High as $115 Billion

    06/30/2013 8:55:37 AM PDT · by Kaslin · 8 replies
    Townhall.com ^ | June 30, 2013 | Mike Shedlock
    An alleged "worst case scenario" shows the FHA could lose as much as $115 Billion. Since these worst case scenarios are always famously optimistic, the best course of action would be to shut the agency down. I was quoted as saying just that by the Heartland in Congressional Report Raises Spectre of FHA Bailout. The Federal Housing Administration's (FHA) losses over the next 30 years could be much higher than originally projected, according to the findings of a congressional committee. The dismal forecast has some bracing for another taxpayer-financed bailout. The House Oversight and Government Reform Committee, chaired by Rep....
  • Fannie And Freddie Are Getting Smoked — Down 40% Today

    05/29/2013 10:01:39 AM PDT · by blam · 11 replies
    Business Insider ^ | 5-29-2013 | Sam Ro
    Fannie And Freddie Are Getting Smoked — Down 40% Today Sam Ro May 29, 2013, 11:48 AM Shares of Fannie Mae and Freddie Mac are getting destroyed today. Stifel Nicolaus' Dave Lutz points us to reports that Senator Bob Corker will push to wind down Fannie and Freddie as part of housing finance reform. Fannie and Freddie are government sponsored enterprises (GSE) that were created to boost liquidity in the mortgage markets buy packaging mortgages and selling them off to investors as bonds (or mortgage-back securities). These MBS also came with implicit guarantees, which got the them into trouble when...
  • Housing nominee Mel Watt helped create the subprime crisis

    05/06/2013 9:29:55 AM PDT · by grimalkin · 6 replies
    The Daily Caller ^ | 5/5/13 | Charles C. Johnson
    Mel Watt, President Obama’s nominee for director of the Federal Housing Finance Agency, pushed government programs to help welfare recipients buy homes during the creation of the subprime mortgage bubble. Watt, a 20-year Member of Congress from North Carolina’s 12th district, also had a hand in programs allowing borrowers with poor credit to buy homes with no down payment. The American financial system was subsequently destroyed when millions of bad borrowers defaulted on their loans, setting off a market crash that wiped out nearly 40 percent of the net worth of Americans. In 2002, Watt teamed up with Freddie Mac...
  • Fannie Mae Reports Its Biggest Profit In History, And It Has Written A Gigantic Check To Taxpayers

    04/02/2013 6:59:20 AM PDT · by SeekAndFind · 14 replies
    Business Insider ^ | 04/02/2013 | Joe Weisenthal
    Fannie Mae — the much-hated, government-backed entity that needed a massive bailout and gets accused of inflating the housing bubble -- just reported its biggest annual profit in history.From the announcement that came out this morning:Fannie Mae (FNMA/OTC) today reported annual net income of $17.2 billion for 2012 and quarterly net income of $7.6 billion for the fourth quarter of 2012, compared with a net loss of $16.9 billion for 2011. The improvement in the company’s full-year and quarterly net income was due primarily to improved credit results driven by a decline in serious delinquency rates, an increase in home...
  • What to Cut: Calls to shed debt-burdened Fannie, Freddie

    03/28/2013 3:39:51 PM PDT · by NoLibZone
    Fox ^ | March 28 2013 | FNS
    "The biggest problem with Fannie Mae and Freddie Mac is that they are financial institutions with a social mission," said Tom Schatz, president of Citizens Against Government Waste. That social mission, critics say, is to heavily subsidize mortgages for people who don't meet sound lending qualifications. "Lower income homes have a tougher time paying mortgages and when the housing market started to go under, that was the first to go," Schatz said.
  • Yet Another Government Mortgage Modification Program, This One From FHFA (Spreads Still High)

    03/27/2013 8:27:30 AM PDT · by whitedog57 · 8 replies
    Confounded Interest ^ | 03/27/2013 | Anthony B. Sanders
    Yes, we have yet another government mortgage modification program. This makes the 15th government mortgage modification program to go along with HAMP, HARP, the Attorneys General Settlement and their various contortions. The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac will offer a new, simplified loan modification initiative to minimize losses and to help troubled borrowers avoid foreclosure and stay in their homes. Beginning July 1, servicers will be required to offer eligible borrowers who are at least 90 days delinquent on their mortgage an easy way to lower their monthly payments and modify their...
  • Mortgages’ Future Looks Too Much Like the Past

    03/24/2013 8:29:33 PM PDT · by neverdem · 4 replies
    NY Times ^ | March 23, 2013 | GRETCHEN MORGENSON
    IN a perfect world, policy makers, legislators and concerned Americans would have spent the last few years conducting an honest dialogue about two important issues: how to resolve Fannie Mae and Freddie Mac, the government-owned mortgage finance giants, and how to create a housing finance system that would serve borrowers without imperiling taxpayers. But ours is an imperfect world, and discussions about these questions have taken place mostly behind closed doors in Washington. The rest of us Americans, who guarantee the mortgage market, have not been given much of a say. This is a pity because the future of housing...
  • CNBC's Bartiromo Takes (Barney) Frank to Task Over Lack of ’08 Financial Crisis Prosecutions

    02/16/2013 8:27:39 AM PST · by DogByte6RER · 21 replies
    Washington Free Beacon ^ | February 15, 2013 | Washington Free Beacon Staff
    Bartiromo Takes Frank to Task Over Lack of ’08 Financial Crisis Prosecutions • Frank: 'Individuals' should be prosecuted on Wall Street, will not say who Former Massachusetts Congressman Barney Frank (D., Mass.) advocated criminal prosecutions against “individuals” involved in the 2008 financial crisis and the subsequent collapse on Wall Street Friday on CNBC. Maria Bartiromo reacted incredulously to Frank’s refusal to name specific individuals who may have perpetrated criminal wrongdoing, accusing the former Congressman of playing populist politics by making specious allegations against the financial industry. Frank attempted to deflect the criticism by stating as Chair of House Financial Services...
  • The Obama Hypocrisy: US sues S&P over pre-crisis mortgage ratings

    02/08/2013 6:33:10 AM PST · by Madhattan · 1 replies
    In charges filed late Monday in Los Angeles federal court, the Justice Department said S&P gave high marks to mortgage-backed securities that later went sour, even though it knew they were risky. The government said S&P misrepresented the risks because it wanted more business from the banks. The case is the government's first major action against one of the credit rating agencies that stamped their seals of approval on Wall Street's mortgage bundles. It marks a milestone for the Justice Department, which has been criticized for failing to make bigger cases against the companies involved in the crisis. "Put simply,...
  • Demonstrators cheer as eviction of Springfield (MA) homeowner called off by Fannie Mae

    01/23/2013 1:50:31 PM PST · by matt04 · 8 replies
    Neighbors and activists, who stood out in the bitter cold for more an hour on Wednesday morning to protest the planned eviction of Jeffery Solivan of 32 Edgemont St., cheered after hearing that Fannie Mae had canceled its action. The protest kicked off just before 8 a.m., initially with about a dozen people and grew to about 30 people when word came that the eviction was off. No date has been given for a new eviction. Solivan said he hopes something can be negotiated with the lender that will allow him to keep his home, in the Pine Point neighborhood....
  • New Obama security adviser clashed with military

    10/08/2010 12:05:49 PM PDT · by ColdOne · 12 replies
    Yahoo/Reuters ^ | Oct 8,2010 | Ross Colvin and Patricia Zengerle
    WASHINGTON (Reuters) – President Barack Obama will name close aide Tom Donilon as his new national security adviser on Friday in a move that could have implications for the struggli
  • Wells Fargo CEO: Get gov’t out of “the home loan business”

    01/07/2013 12:25:29 PM PST · by SeekAndFind · 11 replies
    Hotair ^ | 01/07/2013 | Ed Lasky
    Policy-wise, this is an oldie but a goodie, I guess, even though we’re still spending tons of money on Freddie Mac and Fannie Mae more than four years after the crash. Wells Fargo CEO Robert Kovacevich can't believe that we haven't learned the lesson from 2008 and gotten the government out of the home mortgage industry, and tells CNBC's Squawk Box that the two organizations made that crash exponentially worse than it needed to be: CLICK ABOVE LINK FOR THE VIDEO Fannie Mae and Freddie Mac exacerbated the 2008 mortgage crisis, and that’s why the U.S. government should get out...
  • The Mega Scandal Everyone Has Forgotten - Fannie, Freddie, and Congress get off scot-free.

    01/02/2013 3:07:33 PM PST · by neverdem · 14 replies
    National Review Online ^ | DECEMBER 31, 2012 | John Fund
    Angelo Mozilo In Star Wars, Obi-Wan Kenobi used an old Jedi mind trick on Stormtroopers to deflect them from their real quarry: “These aren’t the droids you’re looking for.” It worked.It looks as if another mind trick, well known in the Congress — delay and deflection — will now work to make Americans forget one of the biggest scandals of our time: the housing collapse that triggered the 2008 financial meltdown we are still suffering from. We shouldn’t just gaze over the fiscal cliff everyone else is scrutinizing; we should also examine the droids who helped set in motion our...
  • new study confirms democrats crashed the economy DUH...

    12/21/2012 8:24:03 AM PST · by raygunfan · 20 replies
    The Examiner ^ | 12/21/2012 | ROBERT MOON
    A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act