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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.
Mortgage finance company Fannie Mae said Monday that it likely needs up to $16 billion from the government as conditions in the U.S. housing market continue to deteriorate.
Mortgage giants Fannie Mae and Freddie Mac said Thursday they will extend the suspension of foreclosure sales and evictions from single-family homes through the end of January.
Treasury Secretary Henry Paulson on Wednesday said the best option for the future of Fannie Mae and Freddie Mac could be for the mortgage giants to be run like public utilities.
Paulson says allowing mortgage giants Fannie Mae and Freddie Mac to return to their old operating ways is not an option.
Fannie Mae said Monday it's finalizing a plan to help renters stay in their homes even if their landlord enters foreclosure.
The Federal Reserve, urgently rewriting its playbook to fight a deepening recession, cut its benchmark interest rate to as low as zero Tuesday, a surprisingly strong step that should make it cheaper for Americans to borrow on credit cards and pay their mortgages.
Four very rich former housing chiefs lined up before a House panel for a fresh spanking over the nation's economic crisis, but one — former Fannie Mae chief executive Daniel Mudd — captured the attention of Rep. Bruce Braley.
Three months after the government seized control of Fannie Mae and Freddie Mac, lawmakers on Tuesday blamed former top executives at the mortgage giants for fueling the financial market turmoil that has dragged the country into a recession.
Fannie Mae said Tuesday it named David Johnson to serve as the mortgage giant's chief financial officer and executive vice president, beginning immediately.
Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 households during the holiday season.
Mortgage rates sank again Wednesday, but investors are worried that getting a loan will still be a tough feat.
Once again, the government has offered another plan to help troubled homeowners. Once again, critics say it doesn't go far enough. The plan announced Tuesday by federal officials and mortgage giants Fannie Mae and Freddie Mac sounds sweeping in its approach: Borrowers would get reduced interest rates or longer loan terms to make their payments more affordable.
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.
Can 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.
Fannie, Freddie pay $210 million to keep employeesMore than 200 people are getting the money, and the highest-paid person will receive $1.5 million over the three-year period, according to a letter written by Lockhart, director of the Federal Housing Finance Agency, which oversees the companies.
LA Times , Dobbs uncritically forward McCain's false claim that Wagoner's departure was "unprecedented"The L.A. Times and Lou Dobbs uncritically repeated Sen. John McCain's false claim that the government's decision to ask for Rick Wagoner's resignation is "unprecedented." In fact, similar actions occurred at AIG, Fannie Mae, and Freddie Mac in September 2008.
FBI : Corporate Fraud And Mortgage Fraud Investigations Ballooning, Crimes Suspected At AIG, Fannie, and FreddieThe FBI says it is accelerating its probe of financial fraud cases amid public demand for a quicker crackdown on Wall Street villains.
This article is seeded with permission of TheCapitalist Geithner is proposing the same stuff that got us in trouble in the first place. The stock market did go up.
Comprehensive 10 Year Review of AIG s Accounting PracticesAIG now stands for "arrogance, incompetence and greed" ...according to U.S. House Representative Paul Hodes (D-NH). Now it ratchets way up...
This week in the news: The United States congress was bombarded by Telephone calls , Email,and public protest. The national news media had informed the people, A.I.G was scheduled to pay it's executives $400 + million dollars in RETENTION bonuses.
Not As Bad As AIG, But Four Fannie Mae Execs Have Their Hands Out For Big Bonuses TooTroubled mortgage giant Fannie Mae planned to pay four top executives retention bonuses ranging from $470,000 to $611,000, according to a February SEC filing.
Fannie Mae bonuses to be more than twice the size of last year's In case you haven't experienced enough outrage over the AIG bonuses, there's "Fannie Mae plans bonuses of up to $611,000 for 4 executives; Freddie Mac has similar plans" at latimes.com from the Associated Press:
Obama: Genius, Demigod, Charlatan or Imposter?Is Mr. Obama a master politician, our savior, an egotist, a demigod with a cult following leading the nation to socialism, a charlatan completely over his head in a job he does not understand, or an imposter ineligible to be president?
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