Fannie Mae is bringing back its offer to help pay closing costs to move some foreclosed homes from its books into the hands of owner-occupants. Get the full story »
Fannie Mae
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Fannie, Freddie execs paid $35M in last 2 years
Top executives at Fannie Mae and Freddie Mac were paid handsomely in the last two years, while the government agency in charge of regulating the bailed-out mortgage backers was ill-equipped to do anything about it, according to a federal review. Get the full story »
New mortgage-backed securities rules unveiled
U.S. bank regulators on Tuesday unveiled a proposal to overhaul the market for securities backed by mortgages and other assets, a piece of the financial system battered by the recession and financial crisis. Get the full story »
Treasury to start mortgage-backed securities sales
The U.S. Treasury Department will begin selling about $10 billion a month of mortgage-backed securities as the government winds down emergency programs set up during the financial crisis.
The announcement of a fresh supply of high-quality debt coming to market surprised traders, but they said later it should be manageable. The Treasury has a $142-billion portfolio of MBS, acquired in 2008 and 2009, and estimates it will take about a year to dispose if it. Get the full story »
3 years into federal bailout, costs declining
Almost three years after a series of government bailouts began, what many feared would be a deep black hole for taxpayer money isn’t looking nearly so dark.
The brighter picture is highlighted by the outlook for the bailouts’ centerpiece — the $700 billion Troubled Asset Relief Program.
“It’s turning out to cost one heck of a lot less than what we all thought at the beginning,” said Ted Kaufman, a former U.S. senator from Delaware who heads the congressionally appointed panel overseeing TARP. Get the full story »
Obama declares Fannie, Freddie model ‘dead’
The Obama administration on Friday declared the public-private housing finance model in place for the past four decades was dead but pledged to continue backing exisiting obligations of Fannie Mae and Freddie Mac.
“The GSE model is dead,” an Obama administration official told reporters as the Treasury Department released a long-awaited report on options to revamp housing reform. Get the full story »
U.S. to release plan to phase out Fannie, Freddie
The White House will propose a path to wind down and eventually eliminate Fannie Mae and Freddie Mac and specify a range of options to replace the mortgage companies that have played a central role in the housing market for decades, according to people familiar with the matter.
The Obama administration is due to release its proposal for the future of the nation’s $10.6 trillion mortgage market as soon as Friday, outlining steps to gradually reduce the government footprint in the mortgage market. Together with federal agencies, Fannie and Freddie have accounted for nine of 10 new loan originations in the past year. Get the full story »
U.S. budget plan includes increase for FHA
The White House budget proposal to be unveiled next week includes an increase in borrowing costs for loans backed by the Federal Housing Administration, industry sources said Tuesday.
The move is part of a broader revamp of the U.S. housing finance system to reduce the role of the government in the mortgage market, including a gradual wind-down of government-controlled mortgage finance companies Fannie Mae and Freddie Mac.
BofA in settlement with Fannie Mae, Freddie Mac
Bank of America said it agreed to pay Fannie Mae and Freddie Mac $2.8 billion to settle claims that it sold the mortgage finance companies bad home loans.
Bank of America shares climbed 4.5 percent in early trading Monday. Analysts said many investors had worried the bank would have to buy back billions of dollars of home loans it sold to investors at the height of the housing boom.
“This takes away a nice headline risk” for Bank of America, said Alan Villalon, a senior bank analyst at Chicago-based Nuveen Investments. Get the full story »
Bush: I have ‘clear conscience’ on financial crisis
Former President George W. Bush said Wednesday he has a “clear conscience” about recognizing the problems that led to the financial crisis and he blamed Congress for blocking attempts to address them.
Bush, who initially kept a low-profile after leaving the White House, has been doing a series of high-profile interviews to promote his newly released memoir, “Decision Points.” Get the full story »
Fannie, Freddie may need another $215 billion
The cost for the huge government bailouts of housing finance giants Fannie Mae and Freddie Mac will grow — and possibly more than double to $363 billion — over the next three years.
But the taxpayer loss depends mainly on the health of the economy and the real estate market, a federal regulator said Thursday. Get the full story »
CME begins clearing interest rate swaps
CME Group Inc. said on Monday that it had begun clearing interest rate swaps, the largest of the over-the-counter derivatives markets that lawmakers are forcing through more transparent venues.
The giant futures exchange operator named as participants in the clearinghouse five buyside firms, including Fannie Mae, Freddie Mac and PIMCO, and 10 dealers, including Goldman Sachs Group Inc. and JPMorgan Chase and Co. Get the full story »
Fannie, Freddie 2 of nation’s biggest homesellers
Two years after they were taken over by the federal government, Fannie Mae and Freddie Mac face a new challenge: The mortgage-finance giants are becoming two of the nation’s largest home sellers at a time when the housing market shows new signs of softening.
Fannie and Freddie have already taken back nearly as many homes in the first half of the year as they did all of last year. They owned more than 191,000 homes at the end of June, double the year-earlier total. That number will grow because they are taking back homes faster than they sell them. Get the full story »
Fannie Mae narrows loss, but asks for more aid
Fannie Mae says that its financial condition has vastly improved over previous quarters, but the mortgage finance company still requested more government assistance.
The government-run company said Thursday it lost $1.2 billion in the second quarter, down significantly from an $11.5 billion loss in the prior quarter. Last quarter’s loss was the smallest since the government took Fannie Mae and Freddie Mac into conservatorship in September 2008. Get the full story »
