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A new federal program to support state and local housing finance agencies is expected to involve more than $29 billion in government support, Fannie Mae and Freddie Mac disclosed Thursday.
Fannie Mae said Monday it may have to ask the government for more financial assistance because the company cannot sell $5.2 billion in tax credits.
Among the earnings stories for Thursday, Nov. 5, from AP Financial News:
Fannie Mae is asking for an additional $15 billion in government aid after posting another big loss in the third quarter as the taxpayer bill from the housing market bust keeps rising.
Can't pay the mortgage? You still might be able to stay in your home. Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes for a year.
The U.S. government takes over mortgage giants Fannie Mae and Freddie Mac, ousts their chief executives and commits $100 billion to each in an extraordinary intervention aimed at reversing the housing slump that started in summer of 2006.
A year after the near-collapse of Fannie Mae and Freddie Mac, the mortgage giants remain dependent on the government for survival and there is no end in sight.
Fannie Mae, the government-backed mortgage company, said Friday it regained compliance with the New York Stock Exchange's minimum price standard for listing common stock.
A mortgage industry group wants Fannie Mae and Freddie Mac replaced with private companies that would be able to issue mortgage bonds formally backed by the federal government.
Fannie Mae plans to tap $11 billion in new government aid after posting another massive quarterly loss as the taxpayer bill from the housing market bust keeps growing.
The federal agency that regulates Fannie Mae and Freddie Mac named Thursday an interim replacement for its director, who is stepping down at the end of the month.
The head of the federal agency that regulates mortgage finance companies Fannie Mae and Freddie Mac is planning to step down by the end of the month.
House Financial Services Chairman Barney Frank is defending Democrats' oversight of struggling mortgage buyers Fannie Mae and Freddie Mac.
Fannie Mae issued a grave warning about its future on Friday, saying it needs $19 billion in additional government aid as job losses grow and risky loans made during the housing boom go bad at an unnerving pace.
Fannie Mae said Monday its board of directors tapped the company's chief operating officer, Michael J. Williams, to take over as chief executive of the mortgage finance company in the wake of the previous CEO's move to the Treasury Department.
The White House turned to an experienced former investment banker Friday to run the federal government's $700 billion bank rescue effort, selecting the head of mortgage giant Fannie Mae as an assistant treasury secretary.
Mortgage finance giants Fannie Mae and Freddie Mac plan to pay more than $210 million in bonuses through next year to give workers the incentive to stay in their jobs at the government-controlled companies.
Mortgage giant Fannie Mae's chief executive and a top government regulator warned Friday that canceling bonuses for workers at institutions receiving federal bailout money could undermine efforts to stabilize the U.S. housing market.
Fannie Mae said the volume of mortgage loans it refinanced in February totaled $41 billion, nearly triple January's volume.
With the country sinking deeper into recession, the Federal Reserve launched a bold $1.2 trillion effort Wednesday to lower rates on mortgages and other consumer debt, spur spending and revive the economy.
A Republican lawmaker is accusing the former chief executive of mortgage finance company Fannie Mae of being dishonest in testimony before Congress about discounts he received on his home loan.
Fannie Mae said Thursday it needs $15.2 billion in government aid — though that figure is expected to grow — because it lost nearly $59 billion last year as the foreclosure crisis mushroomed.
The Obama administration's sweeping plan to stop foreclosures is expected to help millions of Americans save their homes from the sheriff’s auction. But as the broad outlines of the plan sift through the lending system, it’s already clear that millions more won’t be helped.
Government-controlled mortgage finance companies Fannie Mae and Freddie Mac said Friday they have immediately suspended all foreclosure sales involving occupied single-family and 2-4 unit properties through March 6, to give troubled borrowers more time to work with loan servicers to avoid losing their homes.
A fired Fannie Mae contract worker pleaded not guilty Friday to a federal charge he planted a virus designed to destroy all the data on the mortgage giant's 4,000 computer servers nationwide.
Fannie Mae's 'Deed for Lease': Solution to Foreclosures? What if people who lost their homes to foreclosure could rent their houses back from the lenders that repossessed them? That idea, which has lingered on the outskirts of the housing-crisis debate, got a boost last week when the federal housing agency Fannie Mae said it would star …
Baiting the DebateI recently received an email from my Congressman asking my opinion concerning an issue that has arisen from the debate over ObamaCare.
Fannie and Freddie Continue to Struggle, Lawmakers Told In the year since the government stepped in to rescue the collapsing mortgage giants Fannie Mae and Freddie Mac, the agencies have taken $96 billion from the Treasury, and may still need more.
FHA says to Steal From TaxpayersOct. 8 (Bloomberg) -- The Federal Housing Administration, which insures mortgages with low down payments, may require a U.S. bailout because of $54 billion more in losses than it can withstand, a former Fannie Mae executive said.
Obama warns Wall Street not to block tighter regsNEW YORK (AP) - Lecturing Wall Street on its own turf, President Barack Obama warned financial leaders not to use the recovering economy to race back into "reckless behavior" that could cause a new meltdown. He declared that a bailout-weary public will not break their fall again.
Lessons Unlearned By Investor's Business Daily Regulation-- A year after Lehman Bros. went bankrupt, Washington plans sweeping new reforms of the financial markets. Based on what's been revealed so far, our leaders have learned nothing from that crisis.
No Economic Recovery in Sight: More Financial Chaos AheadNo Economic Recovery in Sight: More Financial Chaos Ahead By Bob Chapman, The International Forecaster (reposted on DProgram.net)
Industry Seeks Fannie, Freddie Overhaul "A mortgage-industry trade group is calling for Congress to transform Fannie Mae and Freddie Mac into several smaller privately held companies that would issue mortgage securities carrying an explicit government guarantee.
Wall Street Journal Wants To Add $5 Trillion To The Federal Debt With Nonsensical Accountingexcerpt:."" .... along comes the Wall Street Journal's editorial board, claiming that the federal government should add $5 trillion to the national debt by accounting for the possible liabilities of Fannie Mae and Freddie Mac.....""
Fannie & Freddie: The most expensive bailoutFannie and Freddie, the two horses of the democratic inspired real estate debacle, are costing the nation several times more than our dear democratic leaders estimated.
Congressman Barney Frank in an Interview with John Stewart on the Daily Show last night said he had opposed using Fannie Mae and Freddie mac as vehicle for home ownership for low income buyers.
Hold Onto Your Handbag, HoneyHold onto your handbag, Honey- the stock market looks like it's gonna take us for a ride. Fluctuations are one thing; you can expect those. Wild gyrations say something was not accounted for. And just limping along shows absolutely no direction.
Two Democratic Lawmakers Urge Fannie and Freddie To Relax Mortgage Standards On Condos. What Could Possibly Go Wrong?Two Democratic lawmakers are calling on Fannie Mae and Freddie Mac to relax recently tightened standards for mortgages on new condominiums, saying they could threaten the viability of some developments and slow the housing-market recovery.
Disappearing Bush: WSJ falsely suggests Obama admin. took over Fannie, Freddie, AIGA Wall Street Journal article falsely suggested that the Obama administration's policies resulted in the government takeovers of Fannie Mae, Freddie Mac, and AIG. In fact, the Bush administration took over those institutions in September 2008.
Hannity's new false talking point: Obama decided to "take over Fannie, take over Freddie"SUMMARY: Sean Hannity falsely claimed or suggested that the Obama administration acted to "take over Fannie, take over Freddie." In fact, it was the Bush administration that made the decision to "take over" Fannie Mae and Freddie Mac.
Fannie Loses $23 Billion, Prompting Even Bigger BailoutFannie Mae reported yesterday that it lost $23.2 billion in the first three months of the year as mortgage defaults increasingly spread from risky loans to the far-larger portfolio of loans to borrowers who have been considered safe.
Forget Tea Parties. Bring a Pitchfork to a Shareholder Meeting."Succored by government, America's business and financial elites have assumed a pervasive ethic of entitlement – and suckered the rest of us. Their "innovations" triggered a massive redistribution of wealth – upward."
SC Court Halts Home ForeclosuresSouth Carolina's highest court on Tuesday temporarily stopped thousands of pending foreclosure sales in the state to give homeowners more time to take advantage of a new federal program to help them refinance mortgages.
Eviction Possible Despite Paid-Up RentThe mortgage crisis isn't just about irresponsible lenders and "reckless" homeowners. Like everything economic, the mortgage crisis affects everyone.
Freddie Mac Official Dead in Apparent Suicide - washingtonpost.comThe acting chief financial officer of troubled mortgage giant Freddie Mac was found dead in his Fairfax County home early this morning after an apparent suicide, according to Fairfax police.
Confessions of a Money Manager: One reason housing is weak - Fannie MaeWhen I visited the local Wells Fargo branch bank in Madison to inquire about re-financing at a lower rate and hopefully avoiding large closing costs, the loan officer told me that he would have to check with Fannie Mae to see if these closing costs could be waived.
Barney's Bonus Double StandardCan you say "double-standard"? I know the fervor over the $165 million AIG retention bonuses has died down significantly, but the announcement that Fannie Mae and Freddie Mac, two taxpayer bailed-out, quasi-government agencies, are paying out $210 million in similar bonuses, wi …
After a week of Kabuki theater, with House members sucking up as much air time on the news as they could get, everyone heard about the $165 million in bonuses being paid to AIG executives.
Government Crack Down on Mortgage Modification Scams: DO NOT PAY UPFRONT FEESTop federal and state officials on Monday announced a broad crackdown on mortgage modification scams, accusing "criminal actors" of preying on desperate borrowers caught up in the nation's housing crisis.
Fannie & Freddie to hand out $210 million in retention bonuses: Where's the outrage?It looks as though Fannie & Freddie are going to hand out $210 Million in retention bonuses to their employees, these are the Government sponsored enterprises that arguably played the largest role in the financial & economic crises that were now experiencing.
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