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Keyword: freddiemac

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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.
  • Obamacare Implosion Now? Since Obama (Illegally) Siphoned GSE Dividends To Prop Up ...

    04/02/2017 12:16:31 AM PDT · by Zakeet · 42 replies
    ZeroHedge ^ | April 2, 2017
    Complete Headline: Obamacare Implosion Now? Since Obama Siphoned GSE Dividends To Prop Up, Can Trump Simply Halt 1st Qtr Sweep? Earlier this month, Harvard Ph.D. Jerome Corsi of InfoWars (@jerome_corsi) and a CPA "who worked for two years for a major U.S. accounting firm as an outside auditor for Freddie Mac," confirmed a 2012 scheme hatched by the Obama administration to funnel hundreds of billions in dividends from Government Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac to prop up the failing Obamacare program - by paying subsidies to insurers to remain in the system. [Snip] The conclusion reached by...
  • Investors in America's housing-finance giant lose in court (Fannie and Freddie)

    02/26/2017 6:24:16 PM PST · by Lorianne · 9 replies
    Economist ^ | 25 February 2017
    One unresolved issue from the financial crisis is the future of Fannie Mae and Freddie Mac, the two firms that stand behind much of America’s housing market. Fannie and Freddie purchase mortgages, bundle them into securities and sell them on to investors with a guarantee. When America’s housing market collapsed a decade ago, the government had to bail them out. Its treatment of the firms since then has created a titanic legal struggle. Shareholders have cried foul. On February 21st, a federal appeals court upheld a ruling in the government’s favour. At issue is the Obama administration’s decision in 2012...
  • 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...
  • U.S. Government Is Now a Major Counterparty to Wall Street Derivatives

    04/24/2016 7:43:59 PM PDT · by Lorianne · 19 replies
    Wall Street on Parade ^ | 21 April 2016 | Pam Martens and Russ Martens
    According to a study released by the Federal Reserve Bank of New York in March of last year, U.S. taxpayers have already injected $187.5 billion into Fannie Mae and Freddie Mac, two companies that prior to the 2008 financial crash traded on the New York Stock Exchange, had shareholders and their own Board of Directors while also receiving an implicit taxpayer guarantee on their debt. The U.S. government put the pair into conservatorship on September 6, 2008. The public has been led to believe that the $187.5 billion bailout of the pair was the full extent of the taxpayers’ tab....
  • Fannie and Freddie: REO inventory declined in Q4, Down 34% Year-over-year

    02/22/2016 8:38:10 AM PST · by Citizen Zed · 2 replies
    Calculated Risk Blog ^ | 2-21-2016 | Bill McBride
    Fannie Mae reported the number of REO declined to 57,253 at the end of 2015 compared to 87,063 at the end of 2014... Freddie Mac reported the number of REO (Real Estate Owned) declined to 17,004 at the end of 2015 compared to 25,768 at the end of 2014. REO inventory decreased in Q4 for both Fannie and Freddie, and combined inventory is down 34% year-over-year. For Freddie, this is the lowest level of REO since Q4 2007.  For Fannie, this is the lowest level since Q2 2008.
  • Freddie Mac sells off $305 million in seriously delinquent mortgages

    10/12/2015 7:22:01 AM PDT · by george76 · 17 replies
    Housing Wire ^ | October 9, 2015 | Ben Lane
    Completes seventh non-performing loan sale. Freddie Mac announced late Friday that it sold $305 million in seriously delinquent loans from its mortgage investment portfolio. The sale, which was initially announced last month, was completed via auction, with two pools containing 1,611 total loans being sold to a pair of buyers. According to Freddie Mac, these loans have been delinquent for approximately two years, on average. In its announcement, Freddie Mac said that given the deep delinquency status of the loans, the borrowers have likely been evaluated previously for or are already in various stages of loss mitigation, including modification or...
  • One Weird Chart That Explains the Great Recession

    10/01/2015 8:05:57 AM PDT · by SeekAndFind · 10 replies
    American Thinker ^ | 10/01/2015 | Christopher Chantrill
    Everybody knows that “greedy bankers” were to blame for the Crash of 2008. The Democrats and their willing accomplices told us that years ago and they are sticking to their story. But there is another suspect that ought to be right in the dock along with the bankers. Its mild-mannered name is “agency debt.” It’s the debt of federal agencies and government-sponsored enterprises (GSEs) that is not included in the National Debt. In other words, when you go to the U.S. Treasury’s Debt to the Penny page, and find that on September 27, 2015 the debt was $18,151,073,031,331.50 you...
  • Bank Bashing, the Modern Nero's Fiddle [Holman W. Jenkins, Jr.]

    05/26/2015 7:09:30 AM PDT · by SunkenCiv · 13 replies
    Wall Street Journal ^ | May 22, 2015 | Holman W. Jenkins, Jr.
    Received wisdom about the 2008 financial crisis has not been faring well lately. Peter Wallison, a scholar at the American Enterprise Institute, demonstrates in a new book that the subprime housing boom was fostered mainly by federal housing politics and policy, not by the rampant "deregulation" that many have imagined out of whole cloth. Another revelation: The New York Fed staff, as we belatedly learned last year, prepared an analysis showing that Lehman at the time of its collapse was theoretically solvent after all... OK, what about "too big to fail"? Nobody has found an email from a CEO saying,...
  • SEC Reaches "Appropriate" Settlement With Freddie Mac Execs Will Pay Nothing, Receive No Punishment

    04/15/2015 12:46:47 PM PDT · by tcrlaf · 15 replies
    Zerohedge ^ | 4-15-2015 | Durden
    In what was billed as a high profile case, the SEC had sought financial and other penalties against three former Freddie Mac executives who allegedly “misled” investors in 2006 by understating the amount of subprime exposure the GSE had on its books while it was simultaneously still sucking up/packaging bad loans. SNIP-- Here’s AP: According to the SEC, Fannie and Freddie misrepresented their exposure to mortgages for borrowers with weak credit in reports, speeches and congressional testimony. The SEC said Freddie told investors in late 2006 that it held between $2 billion and $6 billion of subprime mortgages on its...
  • The Timeline Project

    09/30/2008 6:38:27 AM PDT · by George Smiley · 74 replies · 2,223+ views
    various ^ | 30-SEP-2008 | George Smiley
    Let's collaboratively build a timeline of this disaster, starting with when these agencies were formed, tracking the legislation that was not only passed, but proposed, and quotes from who supported and opposed it. PLEASE INCLUDE URLs so we can link to sources. Here's a start. 1938 Fannie Mae, or the Federal National Mortgage Association, was founded in 1938. http://www.law.cornell.edu/uscode/html/uscode12/usc_sup_01_12_10_13_20_III.html 1954 1954 Charter Act 1968 1968 Charter Act 1970 Freddie Mac, or the Federal Home Loan Mortgage Corporation, was established in 1970 1989 Financial Institutions Reform, Recovery, and Enforcement Act of 1989 1990, James A. Johnson went to work for Fannie...
  • Finally, A Bank Stands Up To Obama's Shakedown

    03/18/2015 6:32:52 AM PDT · by SeekAndFind · 36 replies
    IBD ^ | 03/18/2015
    Extortion: After 16 banks caved in to White House demands to refund billions in losses to Fannie Mae and Freddie Mac, one outlier remains unrepentant. Nomura Holdings refuses to succumb to the political shakedown. The Japanese bank's U.S. unit won't give in to extortionist regulators protecting Fannie/Freddie who claim it hoodwinked the toxic twins into buying pools of subprime mortgages, like it claimed Bank of America, JPMorgan and other U.S. banks did in the run-up to the mortgage crisis. The government demands $1 billion in damages. Nomura says it won't give a dime toward the $18 billion ransom the feds...
  • Why capitalist virtue beats cronyist sin

    03/09/2015 10:24:02 AM PDT · by E. Pluribus Unum · 2 replies
    Human Events ^ | 03/09/2015 | Lawson Bader and and Fred Smith
    At a breakout session during the recent Conservative Political Action Conference, one of us posed a question to the audience: What do members of the Tea Party and Occupy Wall Street have in common?Hint: it has something to do with the 2008 bailout of private banks by American taxpayers. The insidious stink from that sorry episode lingers to this day—on both parties. Now the reasons for outrage over the bailouts were different for each group. For the Tea Partiers it was an unwarranted intrusion into the free market; for the Occupiers a taxpayer-financed gift to wealthy executives they believe caused...
  • Fannie, Freddie 3%-down mortgages can be safe, FHFA director says

    01/27/2015 10:15:40 AM PST · by Oldeconomybuyer · 15 replies
    Market Watch ^ | January 27, 2015 | By Steve Goldstein
    WASHINGTON — Mortgages with low down payments can be just as safe if other underwriting conditions are met, a federal housing regulator said Tuesday. Mel Watt, the director of the Federal Housing Finance Agency, was testifying in front of the House Financial Services Committee, after Fannie Mae FNMA, +0.47% and Freddie Mac FMCC, +0.47% both started making mortgages available to those who make down payments of just 3%. That has raised the ire of Republicans, who say the move risks a repeat of the housing bubble. “All things being equal, is a 3% down loan riskier to the taxpayer than...
  • Whistleblower: Pelosi Covered Up Role In Crisis (Housing Bubble)

    01/22/2015 6:15:16 PM PST · by Para-Ord.45 · 17 replies
    http://news.investors.com ^ | January 22 2015 | BD EDITORIALS
    Subprime Scandal: We've long suspected the Financial Crisis Inquiry Commission wasn't honest in examining events before the meltdown. But an ex-commissioner says the probe was actually a full-blown political cover-up. In a just-released book, former FCIC member Peter Wallison says that a Democratic Congress worked with the commission's Democratic chairman to whitewash the government's central role in the mortgage debacle. The conspiracy helped protect some of the Democrats' biggest stars from scrutiny and accountability while helping justify the biggest government takeover of the financial sector since the New Deal. Wallison's sobering, trenchantly written "Hidden in Plain Sight: What Really Caused...
  • 'No more people on the streets' heard as activists from Spfld No One Leaves demand fair housing…

    09/11/2014 1:47:21 PM PDT · by matt04 · 8 replies
    The chants cut through the warm, humid air like an approaching cold front, prompting drivers to crane their necks and pedestrians to stop in their tracks on the sidewalk outside the U.S. Post Office on Liberty Street. "No justice, no peace, no more people in the streets." "What do we do when banks attack? Stand up, fight back." The protesters' numbers were few – less than 20 – but the collective voice of Springfield No One Leaves was mighty as the group took aim at Fannie Mae and Freddie Mac, the beleaguered government-sponsored mortgage enterprises bailed out by taxpayers, and...
  • ‘Jaw-Dropping’: Former U.S. Treasury Secretary Makes Bombshell Claim

    03/18/2014 8:54:29 AM PDT · by Twotone · 14 replies
    The Blaze ^ | March 18, 2014 | Jason Howerton
    The Chinese “received a message from the Russians” back in 2008 suggesting a pact to sell Fannie Mae and Freddie Mac securities on the market, which would have nudged down the price of the debt of Fannie and Freddie and also maximized the chaos on Wall Street, a former U.S. official told BBC. It confirms a report that TheBlaze TV’s For the Record first aired back in September 2013.
  • White House, Senators Back Deal to Do Away with Fannie Mae, Freddie Mac

    03/14/2014 10:14:53 AM PDT · by SeekAndFind · 12 replies
    IVN ^ | 03/13/2014 | By Ryan Schuette
    It could be the end for bailed-out mortgage giants Fannie Mae and Freddie Mac as we know them, if recent bipartisan support for their elimination means anything. U.S. Senator Tim Johnson (D-S.D.), chairman of the Senate Banking Committee, unveiled a proposed agreement with ranking member Sen. Mike Crapo (R-ID) on Tuesday that would wind down the government-sponsored enterprises over the course of 5 years. The legislation builds on an earlier bill by Sens. Bob Corker (R-TN) and Mark Warner (D-VA) which would replace the two companies — long a linchpin of the U.S. mortgage-finance system and locus of voter anger...
  • LETTER: Ralph Nader questions Obama administration’s ‘legal authority’ to shut out Fannie and

    02/23/2014 8:52:41 AM PST · by ColdOne · 26 replies
    dailycaller.com ^ | 2/22/14 | Patrick Howley
    full title...LETTER: Ralph Nader questions Obama administration’s ‘legal authority’ to shut out Fannie and Freddie shareholders from future profits....Political activist and former presidential candidate Ralph Nader is questioning the “legal authority” of the Obama administration’s secret decision to prevent Fannie Mae and Freddie Mac shareholders from obtaining any future earnings in the government sponsored enterprises (GSE). Nader slammed the administration’s actions in a letter he sent to Treasury Secretary Jack Lew, which was obtained by The Daily Caller. The administration’s decision to shut out shareholders means that the mortgage-lending giants Fannie Mae and Freddie Mac, which received a $189.5...
  • CUOMO’S GLASS HOUSING - His HUD closet is full of skeletons.

    02/13/2014 10:28:55 AM PST · by neverdem · 7 replies
    American Spectator ^ | January-February 2014 | Bill Zeiser
    Try as I might, I cannot rule out the possibility that the Democratic Party is some sort of elaborate performance art piece. One of those subversive ones where the real point is not the performance itself, but the reaction drawn from an unsuspecting audience. There was a cocktail party where the artist explained his vision, but we squares who are part of the patriarchal consumer culture weren’t invited. They are just seeing how far they can push this thing before we catch on. That must be it. There can be no other acceptable explanation for the straight-faced rationalizations many of...