MND NewsWire : Fannie Mae

FHFA: Delinquencies Still on Rise; GSEs reducing Portfolio Risk

Jann Swanson — Mon, 05 Oct 2009 15:27:41 GMT

While delinquencies are still on the rise reflecting a continued weak economy and rising unemployment, Fannie Mae and Freddie Mac are also increasing the activity of the HAMP program. At the same time the GSEs are looking to the credit-worthiness of new loans coming into their portfolios. ...(read more)

Fed Providing Plenty of Liquidity To Mortgage Market

Adam Quinones — Thu, 20 Aug 2009 20:27:00 GMT

The Fed's daily purchase average was $5.00 billion per day, an increase from last week's daily average of $4.08 billion per day. This is twice the amount of average daily originator selling, illustrating that the Federal Reserve continues to provide ample liquidity to mortgage bankers looking to hedge their pipelines of committed and uncommitted loans....(read more)

Fannie and Freddie Release Weekly Rate Summaries

Jann Swanson — Thu, 06 Aug 2009 17:53:00 GMT

After two weeks of modest increases, mortgage rates drifted down during the week ended August 6 according to results of Freddie Mac's Primary Mortgage Market Survey released on Thursday. Fannie Mae rates also decreased during the week. ...(read more)

Fannie Mae Expands Portfolio, Delinquencies Rising

Patrick McGee — Tue, 30 Jun 2009 14:02:00 GMT

Fannie Mae, the mortgage goliath taken under government control last September, yesterday announced that its portfolio expanded by an annual rate of 35.1% in May, marking a stark contrast to the 19.2% decline in April. In its summary of monthly highlights, the agency said it provided nearly $72 billion of liquidity to the market, mostly in the form of Mortgage-Backed Securities ($67.7 billion). Fannie also securitized more than $61 billion of whole loans within their investment portfolio. Fannie...(read more)

Now Fannie Announces Bonuses

Jann Swanson — Wed, 18 Mar 2009 21:20:29 GMT

Under the category of "Some People Never Learn," both Freddie Mac and Fannie Mae are reportedly planning on paying huge bonuses to key executives this year in order to retain their services. The Associated Press is reported that Fannie Mae will pay $611,000 to Michael Williams, chief operating officer and executive vice president, as a retention award in addition to his $676,000 base salary. Fannie's deputy chief financial officer David Hisey will get $517,000 on top of his $385,000...(read more)

Treasury to Double Purchase of Fannie and Freddie Stock

CEP News Feed — Wed, 18 Feb 2009 15:23:34 GMT

The U.S. Treasury announced Wednesday it will boost its funding commitments to government sponsored enterprises Fannie Mae and Freddie Mac . The Treasury said it will increase its stock purchases of Fannie and Freddie by up to $400 billion, or $200 billion...(read more)

Renters Get Reprieve in Fannie Mae Foreclosures

Jann Swanson — Thu, 15 Jan 2009 16:00:58 GMT

Fannie Mae has announced a new policy that will allow some renters in properties foreclosed by the corporation to remain in their homes. The eviction, sometime with little advance notice, of renters from foreclosed properties has become a major issue in the current crisis. Some states have enacted restrictions on evictions and a few local law enforcement agencies have refused to carry out evictions of tenants who were current on their rent and may not have even been aware that their landlord was...(read more)

Paulson Says GSEs Should Become Public Utility-Like Firms

CEP News Feed — Wed, 07 Jan 2009 18:29:01 GMT

The best option for Fannie Mae and Freddie Mac may be to convert them into public, utility-like organizations that would not hold any investment portfolio, U.S. Treasury Secretary Henry Paulson said on Wednesday. Speaking at the Economic Club of Washington...(read more)

Fannie Mae to Halt Tenant Evictions

Jann Swanson — Mon, 15 Dec 2008 17:27:23 GMT

As a follow-up to a story we published last week regarding the eviction of renters from foreclosed homes , we are happy to now report that Fannie Mae has become the first lender to review and reverse its eviction policies. Many big lenders immediately move to evict tenants from homes following the completion of the foreclosure process even if these renters are current in their rent or have been tenants for many years. Many of the renters may not even have been aware that there was a problem with...(read more)

Fannie Mae Acts to Forestall Delisting

Jann Swanson — Mon, 01 Dec 2008 16:14:10 GMT

Fannie Mae is taking on yet another threat to its continued survival. In a filing with the U.S. Securities and Exchange Commission (SEC) last Wednesday, the corporation announced its intention to work with the New York Stock Exchange (NYSE) to bring the price of its common stock above $1.00 for 30 consecutive trading days no later than May 11, 2009. NYSE rules specify that the exchange can begin delisting procedures for any stock where the average closing stock price remains under $1.00 for 30 days...(read more)

Fed to Buy $600 Billion of GSE Debt

CEP News Feed — Tue, 25 Nov 2008 14:18:42 GMT

The government announced Tuesday it will spend $600 billion to take on the obligations of Fannie Mae, Freddie Mac and Ginnie Mae in order to reduce borrowing costs for the government-sponsored enterprises (GSEs). Agency debt has always carried an implicit...(read more)

Freddie Mac and Fannie Mae Announce Ban on Foreclosures Until Jan. 2009

CEP News Feed — Thu, 20 Nov 2008 22:14:32 GMT

Mortgage finance giants Fannie Mae and Freddie Mac revealed Thursday afternoon they will work to keep Americans in their homes, announcing a suspension on foreclosures starting Nov. 26, 2008 until Jan. 9, 2009. The two companies said no evictions will...(read more)

FHFA Announces Loan Modification Program for Fannie, Freddie

CEP News Feed — Tue, 11 Nov 2008 19:36:34 GMT

Federal Housing Finance Agency ( FHFA ) director James Lockhart announced on Tuesday that the FHFA, along with Fannie Mae and Freddie Mac, would be adopting a new, streamlined approach to loan modifications . Lockhart said the loan modification program...(read more)

Fannie Mae, Freddie Mac to Modify Approach to Foreclosure Prevention, WSJ Says

CEP News Feed — Tue, 11 Nov 2008 16:29:01 GMT

Government-sponsored enterprises Fannie Mae and Freddie Mac are expected to announce a program to help homeowners modify loans and prevent foreclosures , according to the Wall Street Journal, who cited unnamed U.S. officials. The program, expected to...(read more)

Fannie Mae Reports Record Quarterly $29 Billion Loss

CEP News Feed — Mon, 10 Nov 2008 15:09:11 GMT

Fannie Mae reported a record $29 billion third-quarter net loss and a $13 per share loss since being placed under conservatorship by the U.S. government last month. Since taking over as CEO of Fannie Mae, Herbert Allison has cut the value of the mortgage...(read more)