Fannie Mae Bounces Back With Record Profits

Mortgages

Fannie Mae Bounces Back With Record Profits

Fannie Mae Bounces Back With Record Profits

Fannie Mae hit record net income for fiscal year 2012 at $17.2 billion while fourth quarter earnings were $7.6 billion, according to a recent report published by the company. This marks a significant gain since the $16.9 billion loss in 2011. Declining delinquency rates and improving credit among consumers were attributed to the gains, the… Read More

Should the Government Get Out of the Mortgage Industry?

Mortgages

Should the Government Get Out of the Mortgage Industry?

Should the Government Get Out of the Mortgage Industry?

In recent years, even as the housing market has made significant strides to get out of the doldrums experienced immediately following the bubble burst, there has been significant discussion about scaling back federal involvement with two government-sponsored mortgage-backing enterprises. Now, a new plan for doing so is about to see the light of day. A… Read More

Fannie Mae Reaches Massive Settlement Deal with BofA

Personal Finance

Fannie Mae Reaches Massive Settlement Deal with BofA

Fannie Mae Reaches Massive Settlement Deal with BofA

Many of the nation’s largest mortgage lenders have been involved in settlements related to potentially unfair or misleading origination or foreclosure practices prior to and during the housing meltdown. That trend continued this week thanks to a deal between Bank of America and the government-sponsored enterprise Fannie Mae. The two sides reached a resolution that… Read More

Unraveling the Freddie-Fannie Tangle

Mortgages

Unraveling the Freddie-Fannie Tangle

Unraveling the Freddie-Fannie Tangle

In the aftermath of the financial crisis, American taxpayers poured $187.5 billion into two huge but poorly understood companies: Freddie Mac and Fannie Mae…

Fannie, Freddie Halt Foreclosures for the Holidays

Mortgages

Fannie, Freddie Halt Foreclosures for the Holidays

Fannie, Freddie Halt Foreclosures for the Holidays

The holiday season is stressful enough for millions of consumers across the country who are struggling with their finances, so two of the nation’s government-sponsored mortgage backers have made the decision not to take any negative actions that might dampen their moods further. Both Fannie Mae and Freddie Mac will forgo evictions of consumers who… Read More

New Rules Determine Who Takes Control of Home Defaults

Mortgages

New Rules Determine Who Takes Control of Home Defaults

New Rules Determine Who Takes Control of Home Defaults

In the past, a major problem in the mortgage market was that when consumers defaulted on their home loans backed by the two large government-sponsored enterprises, it wasn’t always clear who controlled that loan. Now, the government is trying to clarify the situation. The Federal Housing Finance Agency, which oversees the mortgage-backing giants Fannie Mae… Read More

Mortgage Giant Requests Another $7.6 Billion from Taxpayers

Mortgages

Mortgage Giant Requests Another $7.6 Billion from Taxpayers

Mortgage Giant Requests Another $7.6 Billion from Taxpayers

Fannie Mae, the government-owned mortgage giant, is asking taxpayers for another $7.8 billion to cover the company’s losses from July through September, the Associated Press reports. The company lost $7.6 billion during the third quarter. Fannie already has received $112.6 billion in taxpayer money, the most expensive bailout of any company to result from the… Read More

Federal Fannie and Freddie Changes Likely Won’t Come Soon

Mortgages

Federal Fannie and Freddie Changes Likely Won’t Come Soon

Federal Fannie and Freddie Changes Likely Won’t Come Soon

Bills to end federal control in Fannie Mae and Freddie Mac in both the U.S. Senate and House of Representatives, pushed by Republican lawmakers, have faced such wholesale opposition from those in both parties that neither are expected to pass, according to a report from the San Antonio Express-News. Much of the resistance has come… Read More

Federal Agencies Push for More Mortgage Modifications

Mortgages

Federal Agencies Push for More Mortgage Modifications

Federal Agencies Push for More Mortgage Modifications

Fannie Mae, Freddie Mac and the federal regulators that control them recently released new guidelines for the nation’s 14 largest home loan issuers, which were designed to encourage lenders to grant more home loan modifications, according to a report from the Wall Street Journal. In particular, the rules would require that lenders approach troubled borrowers… Read More

Ohio AG Leads Class-Action Lawsuit Against Fannie Mae

Mortgages

Ohio AG Leads Class-Action Lawsuit Against Fannie Mae

Ohio AG Leads Class-Action Lawsuit Against Fannie Mae

Ohio Attorney General Mike DeWine said in Congress last week that the mortgage giant Fannie Mae is wasting millions of dollars of taxpayer money on an excessive legal defense for its former leaders. “Simply put, Fannie Mae and its former executives have been using American taxpayer dollars to pay their highly compensated cadre of lawyers… Read More

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