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- Fannie Mae Posts $18.9 Billion Q3 Loss, Taps Treasury
- By Al YoonNEW YORK (Reuters) - Fannie Mae, the largest provider of funding for U.S. home loans, said on Thursday bad mortgages and a federal foreclosure prevention program left it with a $18.9 billion loss, forcing it to tap the Treasury again to plug a hole in its net worth.Fannie...
- News items 2009-11-05
Additional Resources
- FHFA Five Year Plan: Where's the Exit Strategy for American Taxpayers?
- The FHFA released its five-year plan yesterday. There are no surprises in this report. There are no innovative plans to change the troubled mortgage giants Fannie Mae FNM and Freddi Mac FRE. The five-year plan by FHFA calls for them to do what they have been doing for the past...
- External links 2009-07-10
- FHFA Consistently Understates Level of Housing Decline
- The Federal Housing Finance Agency (FHFA) issued a very up-beat report yesterday on housing prices throughout the United States for January of '09. Their report showed a country-wide increase in home prices of 1.7%. The Biz TV channels broke in over the now daily Geithner/Bernanke hearings to tout the good...
- External links 2009-03-25
- FHFA Report on Restructuring: Getting It Consistently Wrong
- The FHFA released a report on their refinancing activity for the year to date. As usual it was cast in glowing terms. It is clear that FHFA is doing something. In my view that ‘something’ is consistently the wrong thing. From the report: Washington, DC – Fannie Mae and Freddie...
- External links 2009-08-14
- FHFA Restructuring: Agency Blowing Smoke
- There were several releases from the Federal Housing Finance Agency (FHFA) this past week including: A speech by acting FHFA Acting Director Edward DeMarco.A report on the efforts by Fannie FNM and Freddie FRE regarding restructuring exiting mortgages. First consider this from the restructuring report: by Bruce Krasting
- External links 2009-10-03
- FHFA Director Lockhart?s Twisted Fannie and Freddie Logic
- Michael Steinberg submits: I might have spoken too quickly on some items in my last post, “Fannie and Freddie Shareholders Benefit more than Homeowners.” I assumed that mortgage insurance would be required in President Obama’s Fannie Mae FNM Freddie Mac FRE 105% LTV refinancing scheme. FHFA Director Lockhart’s letter to...
- External links 2009-02-22
- FHFA's Positive Report on Loan Modifications Contains Little to Shout About
- FHFA released a report yesterday. Another positive headline regarding the progress being made on loan modifications at Fannie Mae FNM and Freddie Mac FRE.I reviewed the report and did not see much to shout about. A more appropriate headline might have been: by Bruce Krasting
- External links 2009-06-24
- FHFA's First Anniversary: No Cause for Celebration
- FHFA is having a birthday party. They are one year old. There is not much to celebrate. Not surprisingly, the speech by James Lockhart contained nothing new. I doubt there were many Champagne bottles opened for this occasion. There is one aspect to Mr. Lockhart’s presentation that I found interesting....
- External links 2009-07-31
- Mortgage Refinances to 125 Percent Loan-To-Value Ratio Start Today
- That didn't take long. The Federal Housing Finance Agency FHFA issued a quiet press release today announcing that Fannie Mae and Freddie Mac would now accept refinancing with 125 percent loan-to-value ratios. So if your house is worth $100,000, but you owe $125,000, and your loan is owned...
- Blog posts 2009-07-01
- Fannie Mae: 'Business As Usual'
- Michael Shedlock submits: Thomas Lund, Executive Vice President of Fannie Mae FNM, issued the following Statement To Fannie Mae Business Partners: As you know from recent official statements, Director James Lockhart of the Federal Housing Finance Agency FHFA has appointed FHFA as conservator of Fannie Mae and he has...
- External links 2008-09-10
- A housing bill of horrors
- In response to the housing crisis, the American Housing Rescue and Foreclosure Prevention Act of 2008 (H.R. 3221) passed in the House (272-152) on July 23 and in the Senate (72-13) on July 26. This legislation added another new agency to the goliath federal bureaucracy, the Federal Housing Finance Agency...
- Research articles 2008-08-18
- Mortgage Stimulus Can't Beat the Housing Slide
- Applications for residential mortgages fell sharply at the end of June, down 19 percent week-to-week, reports the Mortgage Bankers Association. In the mid-five percent range, interest rates aren't at the bottom, but they're still very low, so that alone shouldn't be the problem. Most of the weakness...
- Blog posts 2009-07-01
- Bank of the James Financial Group, Inc. To Determine Impairment Charge for Fannie Mae Holdings
- LYNCHBURG, Va. -- On September 7, 2008, the U.S. Treasury, the Federal Reserve and the Federal Housing Finance Agency FHFA announced that FHFA was placing Fannie Mae and Freddie Mac under federal conservatorship. Bank of the James Financial Group, Inc. (the "Company"), the bank holding company for Bank of the...
- Research articles 2008-09-18
- Unisys wins Florida Housing Finance Agency Contract; Identitech provides workflow software solution
- MELBOURNE, Fla.--BUSINESS WIRE--June 30, 1995--Looking to dramatically improve operational efficiency, the Florida Housing Finance Agency FHFA awarded Unisys, one of the world's top five providers of information services, a contract to provide a fully integrated electronic data management system.
- Research articles 1995-06-30
- Paulson Rolls The Dice At Taxpayer Expense
- Michael Shedlock submits: The GSE deal has been announced. Here is the Statement by Secretary Paulson on Treasury and FHFA Action to Protect Financial Markets and Taxpayers.The title of the statement suggests two things: by Michael Shedlock
- External links 2008-09-07
- The Government's Moral Hazard with Fannie and Freddie
- On Sunday, U.S. federal regulators outlined their takeover plans of the combined $5 trillion giants Fannie Mae FNM and Freddie Mac FRE. The Treasury Department in conjunction with the Federal Housing Finance Agency [FHFA] will use the full faith of the U.S. government to back the two institutions which have...
- External links 2008-09-09
- AGENDA
- Hearings House financial services committee is holding a hearing titled "Turmoil in US Credit Markets: Recent Actions Regarding Investment Banks and Other Financial Institutions" on Sept. 23. Senate Banking committee is holding a hearing titled "Oversight Hearing To examine Recent Treasury and FHFA Actions Regarding the...
- Research articles 2008-09-22
- Fed Losing Control of Mortgage Rates
- Michael Steinberg submits: With much fanfare, the Federal Reserve started buying Fannie Mae FNM, Freddie Mac FRE and FHLB debt and MBS. Conforming 30-year mortgages rates dropped to an average 4.96 according to Freddie’s last report. The Fed was hailed for its accomplishment, and predictions came from all corners that...
- External links 2009-01-23
- Note to James Lockhart: You Can't Fool the Market Twice
- James B. Lockhart was appointed as the Director of OFHEO in June of 2006. He was the chief regulator, the top cop, and the buck stops here guy for both Fannie Mae FNM and Freddie Mac FRE. He is currently the Director of FHFA; he therefore continues to be the...
- External links 2009-02-23
- Fannie, Freddie and the Luxury of Adhering to the Constitution
- Tom Lindmark submits: This post isn’t about what you think it might be. I need, however, to set the stage. There is news out tonight that Fannie Mae FNM and Freddie Mac’s FRE regulator, the Federal Housing Finance Finance Agency [FHFA] is considering letting the two provide warehouse lending to...
- External links 2009-03-30
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