fannie mae - Articles

Housing Industry Wonders: What Does Mel Watt Want?

APMel Watt: "meeting all day and reading all night." By Margaret Chadbourn The U.S. housing industry has waited three months to find out how Mel Watt will govern taxpayer-owned mortgage companies Fannie Mae and Freddie Mac, and has been frustrated by his silence. The former 11-term congressman from North Carolina, who... Continue Reading »

Group Seeks to Shield Investors in Fannie, Freddie Wind-Down

The Associated PressFannie Mae and Freddie Mac now are required to sweep their entire profits into the U.S. Treasury. By Margaret Chadbourn A new organization called the Coalition for Mortgage Security launched a campaign on Monday calling for winding down Fannie Mae and Freddie Mac in a way that does not harm the... Continue Reading »

Top Democrat's Mortgage Reform: A Lender-Owned Co-op

APRep. Maxine Waters By Margaret Chadbourn The top Democrat on the U.S. House Financial Services Committee on Thursday introduced a draft proposal to abolish Fannie Mae and Freddie Mac and create a new lender-owned cooperative that would issue government-backed loans. Rep. Maxine Waters of California outlined a measure... Continue Reading »

Former FHFA Chief DeMarco Departing the Agency in April

APEdward DeMarco had been acting chief of the FHFA. By Margaret Chadbourn Edward DeMarco, former acting director of the housing regulator that oversees Fannie Mae and Freddie Mac, said on Monday that he would leave the agency at the end of April. DeMarco led the Federal Housing Finance Agency in an acting capacity from... Continue Reading »

Senate Banking Leaders Outline Plan to Dump Fannie, Freddie

AP By Margaret Chadbourn The leaders of the U.S. Senate Banking Committee on Tuesday outlined plans for legislation to wind down government-owned mortgage financiers Fannie Mae and Freddie Mac that they said would continue to provide access to long-term, fixed-rate mortgages. Committee Chairman Tim Johnson, a Democrat,... Continue Reading »

Freddie Mac to Pay Treasury $10.4 Billion on Record Profit

Alamy By Margaret Chadbourn WASHINGTON -- Freddie Mac said Thursday it will soon send the U.S. Treasury a $10.4 billion dividend after posting a ninth straight quarterly profit, putting taxpayers further into the black on their bailout of the mortgage giant. When it makes the payment next month, Freddie Mac will have... Continue Reading »

Fee Hikes for U.S.-Backed Mortgages Are Put on Hold

AP The U.S. regulator for Fannie Mae and Freddie Mac on Wednesday instructed the two taxpayer-owned mortgage finance companies to delay the increase in fees on government-backed loans that the agency announced last month. Mel Watt, the new director of the Federal Housing Finance Agency, said he would postpone the price... Continue Reading »

Mortgage-Fee Hikes Will Be Put on Hold, Mel Watt Says

The Associated Press By Margaret Chadbourn Congressman Mel Watt, the incoming director of the Federal Housing Finance Agency, said he plans to delay the increase in fees on government-backed loans that the agency announced this month. The North Carolina Democrat was nominated by President Barack Obama in May and... Continue Reading »

U.S. Judge Weighs Penalties After BofA Fraud Verdict

Paul Sakuma/AP By Nate Raymond NEW YORK -- A U.S. judge is considering an alternative that could result in Bank of America paying much less than the $863.6 million the government is seeking as a penalty for the sale of defective mortgages before the financial crisis. At a hearing Thursday, U.S. District Judge Jed Rakoff... Continue Reading »

Fannie and Freddie's Mortgage Size Limits Won't Drop in 2014

Alamy By Margaret Chadbourn WASHINGTON -- The maximum size of U.S. home loans that taxpayer-owned Fannie Mae and Freddie Mac can buy will hold steady next year, their regulator said on Tuesday, deferring a decision on when to pull back government support for the housing market. The mortgage financiers will continue to... Continue Reading »

JPMorgan, Gov't Set Terms for $4 Billion Piece of $13 Billion Deal

dapd/AP NEW YORK -- JPMorgan Chase and U.S. government officials have agreed on terms of a $4 billion consumer relief package that is to be part of a $13 billion deal to settle the bank's liability to government agencies over mortgage securities, according to a person familiar with the matter. The $4 billion portion of... Continue Reading »

Bank of America Liable for Countrywide Mortgage Fraud

Joshua Roberts/Bloomberg via Getty ImagesFormer Countrywide executive Rebecca Mairone testifying before Congress in 2010. By Nate Raymond NEW YORK -- Bank of America was found liable for fraud Wednesday over defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few trials... Continue Reading »

Housing Trade Groups Lobby Against Lower Limits on Loans

Getty ImagesFHFA Acting Director Edward DeMarco By Margaret Chadbourn WASHINGTON --Two powerful housing industry trade groups are asking U.S. lawmakers to prevent a government regulator from lowering the limit on the size of loans Fannie Mae and Freddie Mac can back, according to a letter obtained by Reuters on Friday.... Continue Reading »

California City Backs Plan to Seize 'Underwater' Mortgages

Justin Sullivan/Getty Images By Jim Christie RICHMOND, Calif. -- Richmond, Calif.'s leaders approved Wednesday morning a plan for the city to become the first in the nation to acquire mortgages with negative equity in a bid to keep local residents in their homes. The power of "eminent domain" allows governments to seize... Continue Reading »

Giants Masking Billions in Losses for Overdue Mortgages

Andrew Harrer/Bloomberg via Getty Images WASHINGTON -- Fannie Mae and Freddie Mac are masking billions of dollars losses because of the level of delinquent home loans they carry, a federal watchdog said in an internal report, and it said the companies should be required immediately to recognize the costs of some bad... Continue Reading »

If Fannie and Freddie Fold: The Possible Fallout for You

With the housing market back on its feet, the question of what the government's role in housing finance should be in the coming years has yet to be answered. One potential solution, and the most likely option in Washington, is the "Housing Finance Reform and Taxpayer Protection Act", which was introduced by Senators Bob... Continue Reading »

Mortgage Rates Could Rise Should Fannie, Freddie Shut Down

Jacquelyn Martin/APPresident Barack Obama speaking Tuesday about housing in Phoenix. By ANDREW MIGA WASHINGTON -- Homebuyers could feel the pinch if Congress follows through on plans to shut down Fannie Mae and Freddie Mac, the government-controlled mortgage guarantee giants that were rescued by a $187 billion taxpayer... Continue Reading »

Obama to Propose Shuttering Freddie Mac, Fannie Mae

John Raoux/AP By JULIE PACE WASHINGTON -- President Barack Obama is proposing to overhaul the nation's mortgage finance system, including shutting down government-backed Fannie Mae and Freddie Mac. And he has some bipartisan support on Capitol Hill. Obama was to outline his proposals Tuesday at a construction company in... Continue Reading »

Fannie Mae Earns $17.2 Billion in 2012, Biggest Annual Gain

By Marcy Gordon WASHINGTON -- Fannie Mae earned $17.2 billion last year, the biggest annual profit in the U.S. mortgage giant's history, helped by a record fourth quarter. The 2012 gain was driven by the housing recovery, which has reduced delinquencies and lifted home prices six years after the bubble burst. The... Continue Reading »

U.S. Watchdog: Fannie Mae, Freddie Mac to Repay U.S. Sooner

Getty ImagesWASHINGTON - Revamped terms of Fannie Mae and Freddie Mac's taxpayer-funded bailout that went into effect this year will allow the mortgage finance firms to repay the U.S. Treasury sooner than would have otherwise been the case, a federal watchdog said on Wednesday. Fannie Mae and Freddie Mac were seized by... Continue Reading »

Bank of America to Pay $10 Billion Over Risky Mortgages

Bank of America says it will spend more than $10 billion to settle mortgage claims resulting from the housing meltdown. Under the deal announced Monday, the bank will pay $3.6 billion to Fannie Mae and buy back $6.75 billion in loans that the North Carolina-based bank and its Countrywide banking unit sold to the... Continue Reading »

Fannie and Freddie Halt Foreclosures for the Holidays

By Les Christie Homeowners facing foreclosure just received an early Christmas present: They won't be evicted from their homes over the holidays. Mortgage giants Fannie Mae and Freddie Mac announced Monday that they will suspend all bank repossessions beginning Dec. 17 and Dec. 19, respectively, and will not resume the... Continue Reading »

Hurricane Sandy Mortgage Relief: Fannie Mae, Freddie Mac and FHA Offer Disaster Aid to Storm Victims

Government-sponsored mortgage backers Freddie Mac, Fannie Mae and the Federal Housing Administration are offering mortgage relief to some borrowers whose homes were damaged by Hurricane Sandy, the superstorm that has crippled communities across the Northeast. The relief is available to borrowers whose homes were damaged... Continue Reading »

How Fannie Mae Is Making It Harder to Get a Home Loan

One of the nation's two large government-sponsored backers of home loans recently revealed that it would tighten some of its lending restrictions for certain consumers. The company announced that it would change the requirements for both new borrowers and those who are refinancing existing home loans. Now the maximum... Continue Reading »

Fannie Mae Ranks Banks in 'Robo-Signing' Settlement as Top Servicers

Some of the most publicly reviled banks are currently industry leaders when it comes to good service, according to a report by Fannie Mae released Thursday. Fannie Mae gave three-star ratings to CitiMortgage, JPMorgan Chase, Ally Bank and Wells Fargo -- four of the five largest U.S. mortgage servicers, which were involved... Continue Reading »

Paul Ryan Favors Dissolving Fannie Mae, Freddie Mac

By Jon Prior A Mitt Romney administration plan for a future housing finance system likely shuns any form of a government guarantee, based on the Republican presidential candidate's choice of Rep. Paul Ryan as a running mate. The Republican congressman from Wisconsin, who heads the House Budget Committee, released a plan... Continue Reading »

Profitable Again: Freddie Mac Posts $1.2 Billion Net Income in 2nd Quarter

By Marcy Gordon WASHINGTON -- Government-controlled mortgage giant Freddie Mac posted net income of $1.2 billion for the second quarter and isn't requesting any additional federal aid for the period. The government rescued Freddie and larger sibling Fannie Mae in September 2008 after massive losses on risky mortgages... Continue Reading »

'Shadow REO': As Many as 90% of Foreclosed Properties Held Off the Market, Estimates Suggest

A pretty, manicured home sits six doors down from Phil Faranda's in Briarcliff Manor, N.Y. To look at it, most passersby would think that the tidy house is occupied by a nice family that gives it a good amount of TLC: The lawn is mowed, the bushes trimmed, and the siding has what looks like a fresh paint job. But... Continue Reading »

Timothy Mayopoulos Becomes CEO of Fannie Mae

Mortgage giant Fannie Mae has announced that Timothy J. Mayopoulos is now CEO of the government-sponsored company. The announcement follows the January resignation of Fannie Mae's previous CEO, Michael J. Williams, and comes shortly after the company reported that it did not require a bailout for the first quarter of... Continue Reading »

Freddie Mac Asks for More Federal Aid After Another Loss

By Marcy Gordon WASHINGTON -- Government-controlled mortgage giant Freddie Mac is requesting $19 million in additional federal aid after posting a loss for the first quarter of this year. The requested amount is less than the $146 million that Freddie received from the government for the fourth quarter of 2011. The... Continue Reading »


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