Sen. Johnny Isakson has submitted his idea for reforming the housing finance system. Isakson’s 30 year of experience as a real estate agent made him to develop an original plan for a reform. He introduced legislation Thursday that would wean the secondary market off government support and pay taxpayers back for the bailout of Fannie [...]
The Treasury Department has sent out letters to the banks that received Troubled Asset Relief Program funds expressing its will to put the bailout to bed. “They’re saying to the 380 remaining banks, ‘We want to light a fire under you to figure out how you’re going to get rid of Tarp,’ because they want [...]
The Federal Housing Finance Agency (FHFA) and the Treasury signed off recently on $12.79 million performance-based bonuses for the 10 highest-ranking executives at the GSEs. And this happened after the two giants were asking of more than $15 billion bail-out combined. The reply of the lawmakers: the amount of bonus pays is outrageous, so they [...]
Freddie Mac, the nation’s second largest mortgage company submitted its request to the Treasury for another $6 billion in capital support. The request comes after Freddie posted its quarterly results: the company recorded a net loss of $4.4 billion for the third quarter of 2011, more than twice the loss it recorded in the second [...]
According to a recent report conducted by the Michigan Ross School of Business banks that received federal funding from the Troubled Asset Relief Program or TARP, have since increased their risk level with about 10%. Professors Ran Duchin and Denis Sosyura signed the report, after studying risk among banks receiving TARP funds and banks that [...]
Nobody knows when this will come to an end: Fannie Mae, the government-controlled mortgage company said yesterday that its second-quarter loss widened as it continues to seek loan modifications to help reduce defaults while the housing market struggles. Fannie Mae made dividend payments to the US Treasury, totaling $2.3 billion, so this reduces the amount [...]
The Congressional Budget Office or CBO estimated that two of the country’s biggest lenders, Freddie Mac and Fannie Mae will need another $42 billion from taxpayers to cover anticipated losses over the next decade if they live in their current form. Back in 2008 the two companies were seized by the government and received $154 [...]
There were criticisms on the progress of HAMP – Home Affordable Modification Program – devised to lower the monthly payments of troubled borrower-home owners, primarily through interest rate cuts. Both the bailout watchdog committee and Democrats in Congress sustained their criticism and finally The Treasury Department outlined a plan in April that calls for principal [...]
The federal government has come up with one more program, in the series following Home Affordable Modification Program (HAMP) to alleviate the grievances of those – who have experienced a job loss; are behind on mortgage payments or soon will be. This is a supplemental program to HAMP took effect from April 5, 2010, which [...]
The Federal National Mortgage Association (FNMA), popularly known as Fannie Mae, is a Government Sponsored Enterprise (GSE) and its main business is to purchase and securitize mortgages in real estate, with a view to make available funds to lending institutions for financing home buyers in US, particularly in low and medium income group. Fannie Mae [...]
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Austin, TX
