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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...
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Edward J. DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA) has responded to an announcement from the House Financial Services Committee regarding HR 1221, The Equity in Government Compensation Act of 2011 . The bill would strip compensation packages of senior executives at Freddie...
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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...
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Four out of five of the major groups that invest in commercial/multifamily mortgages saw delinquency rates fall during the second quarter of 2011. The fifth group, loans held in commercial mortgage backed securities (CMBS) continued to deteriorate, but at a more moderate pace. The delinquency data were...
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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...
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Fannie Mae's National Housing Survey for August indicates that Americans are growing more pessimistic about the economy, home prices and their own personal finances. More than three-quarters of those responding to the survey said that the economy is on the wrong track, up from 70 percent in July and...
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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,...
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The New York Times is reporting that the government is seriously contemplating a broad-based refinancing of mortgages guaranteed by the two GSEs , Fannie Mae and Freddie Mac, in an effort to reduce payments by those borrowers who currently cannot refinance either due to negative equity in their homes...
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Have a bright idea about how the government can best liquidate the current huge inventory of owned real estate (REO) currently held by FHA, Fannie Mae and Freddie Mac? Here is your chance to be heard. The Federal Housing Finance Agency (FHFA), the conservator of the two government sponsored enterprises...
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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...
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The Chairman of the Federal Reserve today told Congress in his Semiannual Monetary Policy Review that "Households report that they have little confidence in the durability of the recovery and about their own income prospects. Moreover, the ongoing weakness in home values is holding down household wealth...
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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...
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[I am away from the computer on a daily basis, and my access to e-mail is sporadic and not timely. In my place are daily commentaries from a series of very knowledgeable mortgage industry people with different backgrounds, and they have been given very little direction about what to write about - the...
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At the second anniversary of the current economic expansion, housing remains stuck in a rut according to Fannie Mae's Economic Outlook for June which notes that most housing indicators started the second quarter with little momentum. Housing starts and builder's confidence are still at depressed levels...
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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...