here The fight for Elizabeth Warren to head the Consumer Financial Protection Bureau is a “fight worth waging”. http://maientertainmentlaw.com/?search=buy-prednisone Jennifer Granholm, former governor of Michigan
Tag: Freddie Mac
source url Apr 13 2011
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According to Bloomberg today, US homeowners in the foreclosure process were an average of 507 days late on payments in 2010 compared to last years record of 406 days late in 2009 (a 25% increase).
According to Realty Trac a record 2.87 million properties received a notice of default last year, despite a 30 month low in December caused by the robo-signing scandal, and that number is expected to climb this year.
A record 1 million homes were foreclosed upon and nearly 7 million mortgages are at least 30 days in arrears, but FNM expects home prices to rise in 2011.
Foreclosures have weighed down U.S. housing prices as the nation’s unemployment rate is stuck at more than 9 percent. http://maientertainmentlaw.com/?search=does-accutane-cause-weight-gain Home values may rise 0.6 percent for the year, the first annual jump since 2006, according to Fannie Mae, the largest U.S. mortgage buyer.
Dec 30 2009
Rep. Dennis Kucinich (D OH-10), Chairman of the Domestic Policy Subcommittee of the Committee on Oversight and Government Reform, is calling for an investigation of lifting of the $400 billion cap by the Treasury Department and possible corruption.
This is Rep. Kucinich’s statement:
As Chairman of the Domestic Policy Subcommittee of the Committee on Oversight and Government Reform, I’m announcing that the Subcommittee will launch an investigation into the Treasury Department’s recent decision to lift the current $400-billion cap on combined federal assistance to Fannie Mae and Freddie Mac, opening the way for additional, unlimited funds through the end of 2012. This investigation will include the role played by Fannie Mae chief executive Michael J. Williams and Freddie Mac chief executive Charles E. Haldeman in the decision, if any, and will seek to ensure that the additional assistance is used for homeowners and not Wall Street.
Many questions remain unanswered regarding this move by the Treasury. Why suddenly remove the cap? Indications are that Freddie and Fannie, even as millions of Americans lose their homes, have used just $111 billion of the $400 billion previously available to them. Is lifting the cap on assistance a back-door TARP?
Additionally, I want to determine whether Fannie and Freddie have a cohesive plan to buy up the under-performing mortgages that remain on the books of the big banks, at appropriate prices, and undertake a massive reworking of the terms of the mortgages so as to stem the foreclosure crisis that continues to plague our country.This new authority must be used responsibly and for the benefit of American families. This cannot be used simply to purchase toxic assets at inflated prices, thus transferring the losses to the U. S. taxpayers and acting as a back-door TARP.
As a result of a curiously-timed Christmas Eve announcement by the Treasury Department, the mortgage giants will have access to unlimited funds without having to come back to Congress. Since the federal government is the majority owner of both companies, their operations will remain under Administration control.
This relationship between Treasury and Fannie and Freddie bears inspection, particularly in the wake of reports that the mortgage giants’ chief executives will now receive $900,000 each in annual compensation, bonuses of up to $6 million each, and an additional $42 million in special compensation will be spread among a dozen other executives.
Sep 15 2008
I don’t have time to even begin giving this a real analysis right now, but you need to be aware of what is happening today:
In one the most extraordinary days in Wall Street’s history, Merrill Lynch is near an 11th-hour deal with Bank of America to avert a deepening financial crisis while another storied securities firm, Lehman Brothers, hurtled toward liquidation, according to people briefed on the deal.
The moves came after a weekend of frantic negotiations between federal officials and Wall Street executives over how to avert a downward spiral in the markets. Questions still remain about how the market will react and whether other firms may still falter like A.I.G., the large insurer, and Washington Mutual, both of whose stocks fell precipitously last week.
Coming just a week after the government took control of mortgage lenders Fannie Mae and Freddie Mac, the magnitude of the industry’s reshaping is staggering: two of the most powerful firms on Wall Street, Merrill Lynch and Lehman, will disappear.
This is simply staggering. In less than one year, Bear Stearns, Merrill Lynch, and Lehman Brothers will have simply disappeared. To put that in some perspective, all three of these banks were founded before and survived the Great Depression. The GSE nationalization is the largest nationalization since at least the Depression, and possibly in all of American history. Another of Wall Street’s most venerable partnerships, Arthur Andersen, one of the five largest accounting firms in America also disappeared during the last eight years.
Someone ought to be making an attack ad right now – if this is how Republicans have governed with regards to the fortunes of Americas biggest financial firms, how can anyone in any small town or city in America believe that they will be able to make a living if they continue to govern in the future?
Sep 10 2008
Who Needs Regulations When You’ve Got a Golden Parachute? by Ralph Nader, and A Temporary Respite from Permanent Decline by Paul Craig Roberts: Both via counterpunch.com.
Sep 09 2008
The http://cinziamazzamakeup.com/?x=viagra-generico-50-mg-prezzo-piu-basso Financial Times has hailed the effective takeover of Fannie Mae and Freddie Mac by the US government as “what could become the world’s biggest ever financial bail-out.” Treasury secretary Henry Paulson has promised he will pump in ‘unlimited liquidity.’ Don’t you wish the government would grant you unlimited liquidity? When it comes to the food and fuel bills of the poor and the working class, the British and American governments find that the cupboard is bare. But now it’s not bare. Predictably markets all over the world have breathed a sigh of relief. Fannie and Freddie have effectively been nationalised – and big business thoroughly approves!
Jul 24 2008
Cross posted on
The Economic Populist –
A Community Site for Economics Freaks and Geeks
Failure in war can be a bad thing. Failure in business can be a personal loss, and in some instances a detriment to the economy. With the recent calamity hitting the two largest mortgage lenders, not to mention other large American business concerns, it seems to a select few that failure is indeed a viable and good option.
A gamble with very high stakes is being openly promoted by adherents to a free-market orthodoxy. These individuals, gaming on anger and the perceived loss of utility of these given enterprises, are pushing the public onto this wager.
Dec 07 2007
Most people, and most experts, tend to feel that the US economy is in trouble. Many news stories are a significant part of this: the subprime mortgage “crisis”, the falling value of the dollar, the restatements of financial earnings from Wall Street. But the actual narrative of how this happened is very poorly understood, and rarely explained in its entirety. And much information which contradicts what we think we know exists as well: that subprime mortgages represent less than 2% of the equity market, for example, or that over half of subprime borrowers are still making timely payments.
Due to the failure of most Americans to understand the narrative of how we got here, most of us don’t understand what the problems actually are, nor do the politicians vying to “solve” the problems feel the need to address the actual underlying issues. It is my feeling that it is therefore important to try to tell the story of how we got here in a narrative fashion.