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Keyword: fannie

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  • Freddie Mac Going 'Anti-Home Owner' by Investing in Rental...

    07/25/2017 8:13:13 AM PDT · by LRoggy · 11 replies
    CNBC.Com ^ | 7/24/17 | CNBC Interview
    This is the video of an interview after the close on CNBC by Kelly Evans of Dick Bove and Josh Rosner on the NYT story by Gretchen Morgenson that showed the Obama Administration changed the agreement between the US Government and Fannie Mae and Freddie Mac by fiat ruling. Play the video at the link. If you think this isn't worth it, just note that the video has been buried off their front page . . . since it slaps the Obama people right in the face and heaven forbid that happens on an NBC property.
  • FannieGate: Obamacare Looting Scheme by diverting Fannie and Freddie Funds

    05/03/2017 8:49:49 AM PDT · by RideForever · 12 replies
    Living Lies Web Blog ^ | 5/2/17 | Neil Garfield, Esq.
    "An examination of the Treasury Department’s balance sheet for Fiscal Year 2013 documented how the Obama administration diverted billions of dollars into Obamacare that Treasury confiscated from Freddie and Fannie earnings."
  • Fannie, Freddie and the Secrets of a Bailout With No Exit

    05/21/2016 7:26:36 AM PDT · by Lorianne · 8 replies
    New York Times ^ | 20 May 2016 | Gretchen Morgenson
    When Washington took over the beleaguered mortgage giants Fannie Mae and Freddie Mac during the collapse of the housing market and the financial crisis of 2008, it was with the implicit promise that they would be returned to shareholders after being nursed back to health. But now, with the unsealing of documents this week that were produced as part of a lawsuit filed against the government, new evidence is coming to light on how intimately the White House was involved in the Treasury’s decision in August 2012 to keep all the companies’ profits for the government. That move effectively maintained...
  • Why Is the Obama Administration Trying to Keep 11,000 Documents Sealed?

    04/19/2016 8:53:22 AM PDT · by Lorianne · 13 replies
    Rolling Stone ^ | 18 April 2016 | Matt Taibbi
    The "most transparent administration in history" has spent years trying to hide embarrassing financial secrets from the public ___ It's not quite the Panama papers, but one hell of a big pile of carefully guarded secrets may soon be made public. For years now, the federal government has been quietly fighting to keep a lid on an 11,000-document cache of government communications relating to financial policy. The sheer breadth of the effort to keep this material secret may not have a precedent in modern presidential times. "It's the mother of all privilege logs," explains one lawyer connected with the case....
  • Fannie Mae Rolls Out Easy Mortgage, Catering To High-Risk Immigrants

    01/08/2016 10:17:01 PM PST · by boycott · 51 replies
    Investors.com ^ | 01/07/2016
    Subprime 2.0: The White House is rolling out a new low-income mortgage program that for the first time lets lenders qualify borrowers by counting income from nonborrowers living in the household. What could go wrong? The HomeReady program is offered through Fannie Mae, which is now controlled by Obama's old Congressional Black Caucus pal Mel Watt. It replaces the bankrupted mortgage giant's notorious old subprime program, MyCommunityMortgage. In case renaming the subprime product fails to fool anybody, the affordable-housing geniuses in the administration have re-termed "subprime," a dirty word since the mortgage bust, "alternative."
  • How The Government Caused The Mortgage Crisis [Overregulation vs Free Markets]

    06/04/2015 9:58:13 AM PDT · by Jan_Sobieski · 8 replies
    Business Insider ^ | 10/16/2009 | JOHN CARNEY
    It wasn't greed that caused the mortgage mess. In large part, the mess was the product of government policies designed to increase home ownership among the poor and ethnic minorities. Today Peter Wallison points out how Fannie Mae, Freddie Mac and the FHA created a demand for bad mortgages that encouraged mortgage brokers to generate millions of them. From the Wall Street Journal: Mortgage brokers had to be able to sell their mortgages to someone. They could only produce what those above them in the distribution chain wanted to buy. In other words, they could only respond to demand, not...
  • There's a new mortgage crisis brewing [Richard Bove]

    02/24/2015 4:49:11 PM PST · by CutePuppy · 24 replies
    CNBC ^ | 2015 February 23 | Richard X. Bove
    In 2008, the nation entered into a financial crisis widely believed to have been caused by excesses in the residential mortgage industry. By 2010, the nation thought it had put in place a series of measures that not only would resolve the crisis but would insure that it never happened again. Yet, here we are in 2015 looking at another potential mortgage crisis. Only this time it is different. In 2008, funds flowed in waves into the mortgage industry. In 2015, it appears the funds are drying up. The solutions to the problem in 2010 and thereafter included: Suing and...
  • More Americans to buy homes with 3 percent down

    12/10/2014 7:21:18 AM PST · by TurboZamboni · 65 replies
    Pioneer Pres/AP ^ | 12-9-14 | Josh Boak
    WASHINGTON (AP) — Some Americans will soon be able to buy a home with a down payment as low as 3 percent, compared with the current minimum of 5 percent, the mortgage giants Fannie Mae and Freddie Mac say. The new lending guidelines announced by the companies Monday are designed to help more low-income and first-time buyers afford homes. Millions of Americans lost their savings or no longer had the income needed to set aside money for a home in the aftermath of the 2008 financial crisis and the Great Recession. That has held down the sales of houses and...
  • Massachusetts Sues Fannie and Freddie Over Foreclosure

    06/08/2014 1:21:46 PM PDT · by Lorianne · 3 replies
    New York Times ^ | 02 June 2014 | Shaila Dewan
    Martha Coakley, the attorney general of Massachusetts, filed suit on Monday against Fannie Mae and Freddie Mac in an effort to force the federally owned mortgage finance giants to comply with a state antiforeclosure law passed in 2012. The law seeks to ease the way for so-called buyback programs, which are aimed at reducing the debt of the homeowner while saving the lender the cost of foreclosure and eviction. Fannie and Freddie have refused to allow homes with mortgages they back to enter buyback programs, the suit contends, even though it costs them money not to. “For too long, Fannie...
  • U of M study sees signs of mortgage redlining in Twin Cities

    04/11/2014 7:19:24 AM PDT · by TurboZamboni · 24 replies
    MPLS Star & SIckle ^ | 4-9-14 | JENNIFER BJORHUS
    Minority residents in the Twin Cities are much more likely than white people of similar incomes to be rejected for a mortgage, whether they’re buying a home or refinancing. If the home sits in a diverse or mainly nonwhite neighborhood, the application is also more likely to get the boot. Those are the findings of a new study from the University of Minnesota Law School suggesting that mortgage redlining remains alive and well in the Twin Cities. The report suggests that while banks may have justifiably tightened up credit standards, they have swung so far that they are cutting off...
  • 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,...
  • Transformation: Freddie Mac Does Another Risk-sharing Deal, Citi Sells Servicing Rights

    10/25/2013 7:30:21 AM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 10/25/2013 | Anthony B. Sanders
    The mortgage market is undergoing a transformation. Fannie Mae and Freddie Mac are doing more credit risk-sharing deals (a sign of things to come) while Citi decides to sells its mortgage servicing portfolio. Oct. 25 (Bloomberg) By Jody Shenn — Freddie Mac “expects to complete another” sale of risk-sharing securities “shortly,” FHFA acting director Ed DeMarco said in speech yesterday afternoon. • NOTE: Freddie spokeswoman said last month it hopes to complete another deal this year; Fannie Mae execs said this month no more deals in 2013, working on one for early next year • FHFA plans for “scope and...
  • Levitan's Crony Capitalism Plea to Senate On Housing Reform (Wants Public-Private Hybrid Model)

    10/02/2013 11:01:44 AM PDT · by whitedog57 · 3 replies
    Confounded Interest ^ | 10/02/2013 | Anthony B. Sanders
    Georgetown law professor, Adam Levitan, testified in the US Senate yesterday on “Fundamentals of a Functioning Private Label Mortgage Backed Securities Market.” 172476171-Levitin-Senate-Banking-Testimony-10-1-13 Levitan was a student of Consumer Financial Protection Bureau architect and former Harvard law school professor Elizabeth Warren (now a US Senator). Levitan is a believer in BIG government and everything is the private sector’s fault. “Relying on PLS (Private Label Securities) to serve as the main financing source for the housing market would be a high-risk gamble with the US economy. Instead, a hybrid public-private system with first-loss private capital backstopped by an explicit and priced...
  • Are We Nearing the End of Fannie and Freddie? Both Parties seem to be on the same page

    09/03/2013 7:43:01 AM PDT · by SeekAndFind · 4 replies
    Pajamas Media ^ | 09/02/2013 | RODRIGO SERMEÑO
    WASHINGTON – Talk of housing-finance market reform seems close to action as various proposals promise to move forward the national debate about the future of Fannie Mae and Freddie Mac.Four decades ago, Congress set up Fannie Mae and Freddie Mac as government-sponsored enterprises (GSEs) – privately owned financial institutions established by the government to fulfill a public mission. The two GSEs were created to provide a stable source of funding for residential mortgages, including loans on housing for low- and middle-income families. Fannie and Freddie fulfill that mission through their operations in the secondary mortgage market. The two companies...
  • Thoughts on racism and race in America

    08/27/2013 11:07:38 PM PDT · by servo1969 · 5 replies
    Bookwormroom.com ^ | 8-27-2013 | Bookworm
    You've already heard, I'm sure, about Delbert Belton, the 88-year-old World War II veteran who was beaten to death by two black teenagers. The police are assuring everyone that there's no need to get worried, because this wasn't a race crime. Instead, it was Delbert's own fault. According to the police, when the boys tried to rob Delbert, he had the temerity to fight back, leaving them with no other option than to beat an old man to death.A friend of mine noted that, using this reasoning, if one assumes solely for the sake of argument that the race-hustlers are...
  • Fannie Mae and Freddie Mac Hide Billions In Losses - Time To End Fannie and Freddie!

    08/25/2013 5:51:30 PM PDT · by whitedog57 · 5 replies
    Confounded Interest ^ | 08/25/2013 | Anthony B. Sanders
    The Inspector General for FHFA released a report that claims Fannie Mae and Freddie Mac are masking billions of dollars in losses. The report, written by the inspector general for the Federal Housing Finance Agency and reviewed by Reuters, said the FHFA’s timeframe for mortgage finance companies Fannie and Freddie to have up to two years to recognize the cost of mortgages delinquent at least 180 days was “inordinately long.“ The change in the accounting treatment of these delinquent loans potentially could require Fannie and Freddie, which have rebounded to enormous profitability in the past two years as the housing...
  • The American Dream Turned Nightmare: Fannie Mae and Freddie Mac Cost $42.5K For Each Household

    08/17/2013 11:52:59 AM PDT · by whitedog57 · 14 replies
    Confounded Interest ^ | 08/17/2013 | Anthony B. Sanders
    The liabilities for mortgage giants Fannie Mae and Freddie Mac amount to $4.9 trillion, according to economist James Hamilton<. That equals $42,494.15 per household. This is especially troubling since the US homeownership rate is 65% and 60% of home sales are made with all-cash. So, renters really end up subsidizing homeownership AND Fannie Mae and Freddie Mac. While this is outrageous, the other costs of government spending and promises are even more outrageous. We know that the employment situation in the US is terrible with 70% of jobs created since January 2009 being low-paying, part-time jobs. And median household income...
  • Dueling Housing Reform Bills: The House’s PATH Bill Versus The Senate’s Corker-Warner Bill

    08/14/2013 11:29:06 AM PDT · by whitedog57
    Confounded Interest ^ | 08/14/2013 | Anthony B. Sanders
    House Financial Services Committee Chairman Jeb Hensarling spoke yesterday in Texas on housing reform. Hensarling pointed out that the Protecting American Taxpayers and Homeowners (PATH) Act specifically: * Ends the costly Fannie and Freddie bailout; * Protects and restores the FHA by defining its mission; * Increases mortgage competition, enhances transparency, and maximizes consumer choice; and * Breaks down barriers for private investment capital. Here is a markup of the PATH bill. The PATH bill is superior to the Senate’s Corker-Warner bill that proposes winding down Fannie Mae and Freddie Mac, but creates yet another government insurance corporate (The Federal...
  • 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...
  • Votes for Mortgages: If you liked the subprime crisis, you'll love what the feds are cooking up now

    08/12/2013 7:50:58 AM PDT · by SeekAndFind · 15 replies
    American Thinker ^ | 08/12/2013 | Joe Dantone
    Fannie and Freddie have been in operation for decades without problems until recently. Fannie began in 1938 as a quasi-governmental agency making affordable homes available to people by making the financing easier and funds more readily available by establishing a secondary market for mortgages. Previously banks had held onto their mortgages in a system called portfolio mortgages and were made mostly to their own account holders. With the homes as collateral, the banks then lent out that same money again to other local borrowers. If you remember the scene from It's a Wonderful Life when there is a run on...