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The President and Chief Executive Officer of Fannie Mae, Michael J. Williams has announced his intention to resign. Williams, who has held the dual position since 2009 said late Tuesday that he will continue as CEO and as a director until a successor is named and then will leave the company. Williams joined Fannie Mae in 1991 , serving as head of the company's eCommerce and eBusiness divisions where he oversaw the development of the Desktop Underwriter product, a standard for the housing finance...

The Federal Housing Finance Agency (FHFA) is requesting public comment on two alternative mortgage servicing compensation structures . The proposed structures are the result of work done under a Joint Initiative involving Freddie Mac and Fannie Mae (the GSEs), FHFA, HUD, FHA, and Ginnie Mae. FHFA's stated intention in issuing a directive to the GSEs last January to participate in such planning was to improve service for borrowers, reduce servicers' risk, and provide flexibility for guarantors to...

The House Subcommittee on Capital Markets and Government Sponsored Enterprises took its microphones to New York City on Wednesday for a field hearing on " Facilitating Continued Investor Demand in the U.S. Mortgage Market without a Government Guarantee ." The representatives heard testimony from four secondary market participants: Marty Hughes, CEO of Redwood Trust, Inc., a publicly traded company that invests in mortgage credit risk; Jonathan Lie Berman of Angelo, Gordon & Co speaking on behalf...

The Federal Housing Finance Agency ( FHFA ), conservator for Freddie Mac and Fannie Mae (the Enterprises) said on Thursday that, while modifications of loans tied to the Enterprises declined in the second quarter of 2011, those modifications continue to be robust . Voluntary home forfeiture actions, both short sales and deeds-in-lieu of foreclosure increased as did the pace of REO disposition. The Foreclosure Prevention and Refinance Report issued by FHFA includes actions taken on Enterprise loans...

Fannie Mae's Economic and Mortgage Market Analysis for July describes second quarter economic data received so far as "discouraging," and forecasts growth will likely end up at about the same anemic pace as in the first quarter, an annualized rate of 1.9 percent. While the main culprits responsible for the restrained growth are higher gasoline prices and the supply chain disruptions growing out of the cascading disasters following the Japan earthquake, the tepid housing recovery is another reason...

If the results of Fannie Mae's monthly national consumer survey accurately portray their attitudes, Americans appear to have increasingly realistic expectations of the housing market. Data from the June survey indicate that Americans are resigned to lower house prices and higher rents and have come to expect rock bottom interest rates. The Fannie Mae National Housing Survey polls 1,000 home owners and renters each month to assess their attitudes toward owning and renting a home, mortgage rates, homeownership...

The House Subcommittee on Capital Markets and Government Sponsored Enterprises has approved eight bills to end what it calls the bailout of Freddie Mac and Fannie Mae, the two government sponsored enterprises (GSEs) which have been in government conservatorship since August 2008. Seven of those bills, all sponsored by Republican members of the committee, were the focus of a hearing held in late May. Here is a brief description of each bill: Prevent Dividend Payment Decrease . This legislation mandates...

This article was originally published in the May issue of Asset Securitization Report (www.sourcemedia.com) As part of a joint initiative , the FHFA and HUD recently released a presentation outlining potential revisions to the current system of servicer compensation. The initiative’s stated goals are 1) improving customer service for borrowers, 2) reducing financial risks for servicers, and 3) helping servicers better manage their pipeline of nonperforming loans (NPLs). In light of the asset’s...