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Two Senate Republicans say they want the Treasury Department to explain why it gave a "blank check" to Fannie Mae and Freddie Mac by removing the $400 billion cap on how much money it would give the mortgage giants to keep them from failing.
As the nation's thoughts turned to eggnog and gift-giving on Christmas Eve, the news hit: "Fannie Mae, Freddie Mac executive compensation significantly reduced."
The government's Christmas Eve pledge of unlimited financial aid to mortgage giants Fannie Mae and Freddie Mac is aimed at making sure the housing market doesn't take another turn for the worse and cause the economic recovery to unravel.
Key events in the government's rescue of Fannie Mae and Freddie Mac:
Now that the nation’s biggest banks have returned the money the government provided to keep them from collapsing, readers are wondering if those banks needed the money in the first place.
The Obama administration says it is removing the $400 billion financial cap it will provide to Fannie Mae and Freddie Mac to keep the mortgage giants from failing.
The government has handed its ATM card to beleaguered mortgage giants Fannie Mae and Freddie Mac.
Mortgage finance company Freddie Mac said Monday that one of its directors, Barbara T. Alexander, will not seek re-election when her term expires in March 2010.
Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures and evictions for about two weeks in a temporary break for borrowers during the holiday season.
Mortgage rates rose for the second consecutive week but the number of homeowners who applied for refinancing remained strong.
Freddie Mac on Monday said it will issue a new three-year reference notes security.
Mortgage finance company Freddie Mac said Monday it could lose $500 million or more as a result of the bankruptcy protection filing of Taylor, Bean & Whitaker Mortgage Corp.
Mortgage finance company Freddie Mac on Monday put its initial loss estimate related to the bankruptcy of Taylor, Bean & Whitaker Mortgage Corp. at $500 million, and noted the figure could be much higher.
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.
Average rates for 30-year fixed mortgages fell this week, matching a record low set last spring and more than a full percentage point below what they were a year ago, Freddie Mac said Wednesday.
Among the earnings stories for Friday, Nov. 6, from AP Financial News:
Freddie Mac's losses narrowed to $6.3 billion in the third quarter, but the government-controlled mortgage finance company didn't need a federal cash infusion.
Corporate directors don't like it when shareholders accuse them of being management cronies, but how else can they be seen when they drop the ball on basic responsibilities like leadership development and executive pay?
Average rates for 30-year home loans stayed below 5 percent for the second-straight week, kick-starting refinancing activity, Freddie Mac said Thursday.
Freddie Mac's new chief financial officer, lured from the banking industry this month, is receiving a pay package worth up to $5.5 million.
Freddie Mac said Tuesday it has named a new chief financial officer, filling a post that has been occupied on an interim basis for a year.
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.
Investors are still trading common shares of Fannie Mae, Freddie Mac and American International Group Inc. by the billions, even though analysts say their prices are almost certain to go to zero.
Rates for 30-year home loans edged up this week, but remain close to record lows reached over the spring.
Freddie Mac escaped the second fiscal quarter without asking the government for any new financial aid, but still expects to need more federal help in the future.
Fannie, Freddie, and the New Red and Blue It has become conventional wisdom, perhaps even cliche, to pin the origins of the credit crisis on the big banks or, AIG or even the practice of financial modeling.
The Biggest Losers: Taxpayers Massacred by Fannie and Freddie - WSJ.comIt requires rare skills to lose billions, remain employed, draw excessive compensation, and persuade congress to pick up the tab. Fannie and Freddie have mastered this art, while congress hopes no one will notice that the tab is going up, with no end in sight.
Ben Bernanke's Huge Mistake About The Crisis Will Screw Us All. by John Carney. Jan. 4, 2010, 1:30 PMhe grimmest news of the new year has to be the fact that Fed chairman Ben Bernanke still has no clue about the causes of our financial crisis or what measures need to be undertaken to avoid another crisis.
Obama Administration Gives Fannie Mae And Freddie Mac Blank Check - Part II | Kris Broughton | Big ThinkThe Obama Administration's move on Christmas Eve to extend the borrowing power of Fannie Mae and Freddie Mac has gone largely unnoticed in the holiday aftermath as concerns about recent terrorist attempts and commercial airplane security dominated the airwaves.
Obama Administration Gives Fannie Mae And Freddie Mac Blank Check - Part I | Kris Broughton | Big ThinkThe Obama Administration gave Fannie Mae and Freddie Mac a big Christmas present last week.
American FreedomBroke Bank Mountain starring Obama and Biden
Huge Bonuses for Failed Fannie, Freddie Mortgage ChiefsHuge Bonuses for Failed Fannie, Freddie Mortgage Chiefs AP/The Australian The two chief executives of Fannie Mae and Freddie Mac could get paid up to $6 million each for 2009, despite the companies' dismal performance this year, which cost US taxpayers more than $100 billion.
Treasury uncaps credit line for Fannie and FreddieThe Treasury department announced that it will back Fannie and Freddie no matter how much they lose in the next three years? How, exactly is that supposed to make them more responsible as an organization?
My very first post on Newsvine was T'was the Night Before Christmas - 2008, which can be found in my Archives for December of '08. It was my first exposure to the world of blogging. I posted it, starred at the screen for a while and went to bed.
We've seen it, we've heard about it - conspiracy theories that various institutions, organizations, governments, even various secular groups are on pace to rule the world.
Mortgage Crisis, Round 2The big picture is this. There is most probably a second wave of mortgage defaults in the immediate future as a result of Alt-A and Option-ARM resets. Yet our capacity to deal with these losses has already been strained by the first round that largely ended in March.
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.
Freddie Mac hands out big bonus to new CFO | footnoted.orgFreddie Mac is still living off of the taxpayers, yet they were able to hire a new CEO with a tremendous package (that they tried to downplay): $3.5 million/year plus a $2 million signing bonus, buyout of his house(s), and reimbursement for his travel between Washington DC and hi …
Rates for 30-year Loans DropHomeowners with 30-year loans (and looking to refinance) have been seeing some good news this past month concerning loan rates. For the past three weeks in a row now, rates for 30-year home loans have dropped to 5.04 percent.
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.
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.....""
Freddie Mac Releases Second Quarter 2009 Financial Results - News Archive - Freddie MacNet income for the second quarter of 2009 was $768 million. After the dividend payment of $1.1 billion to the U.S. Department of the Treasury on the senior preferred stock, net loss per diluted common share was $0.11 for the quarter.
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.
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