December 28, 2011
By John E. Sununu For most Americans, Friday afternoons are filled with positive anticipation of the weekend. In Washington, though, Friday afternoons are when government officials dump stories they want to bury. (Good news is dropped on Mondays, so bureaucrats can talk about it all week.) So when the Securities and Exchange Commission chose a recent Friday to announce a lawsuit against six former Fannie Mae and Freddie Mac executives, it wasn't because the Obama administration wanted to draw attention to the action.
May 4, 2011
Fannie Mae, the nationwide mortgage company, opened a Philadelphia Mortgage Help Center today to provide free education and counseling to Philadelphia-area residents struggling with foreclosure issues. The center, at 399 Franklin Mills Circle in the Northeast, is the latest of nine to open across the country. The services are available only for homeowners with a mortgage owned by Fannie Mae and require an appointment, which can be made by calling 866-442-8570. - Alan J. Heavens
July 2, 1992 |
The Senate yesterday approved legislation aimed at preventing massive taxpayer bailouts of two government-backed enterprises that together stand behind $900 billion in home mortgages. The measure, approved 77-19, would tighten federal oversight of the Federal National Mortgage Association, called Fannie Mae, and the Federal Home Loan Mortage Corp., known as Freddie Mac. Although both enterprises are owned by stockholders, they are chartered by Congress and back loans that are implicitly guaranteed by the federal government.
March 12, 1987 |
The nation's largest supplier of mortgage credit now requires local lenders to cancel private mortgage insurance if it is judged to be unnecessary. The new rule covers conventional loans purchased or financed by the Federal National Mortgage Association, or Fannie Mae, so it does not cover all mortgages. Nor does it cover all lenders. The company purchased loans last year from 1,600 lenders. But nearly 4,000 lenders have agreed to follow Fannie Mae's guidelines, making the effect of the new rule wider than it first appeared.
July 18, 1997 |
The man who might have the biggest stake in Philadelphia's future isn't Mayor Rendell. It isn't City Council President John Street either. Nor is it the chief executive of a big corporation. The man with the biggest bet on the city's future - $2.1 billion to be exact - is an art-loving, 6-foot-4 African-American from Houston who's been in town only four years. His name is Kenneth J. Bacon. He is senior vice president for the northeast regional office of Fannie Mae. Fannie Mae is not a chain of restaurants.
April 26, 1996 |
It's called DHC, or Desktop Housing Counselor, and all 25 Philadelphia housing counseling agencies soon will be using it, thanks to Fannie Mae. The Federal National Mortgage Association, the nation's largest source of mortgage funds, developed the computer program and is donating copies of the software to the city-subsidized non-profits to help process the thousands of potential homebuyers they counsel each year. Serving these low- and moderate-income clients, who often have income or credit problems, is a time-consuming job that generates tons of paperwork - two things that DHC is designed to significantly reduce, said Barry Zigas, who heads Fannie Mae's housing impact division.
March 20, 1988 |
Recent home buyer Daniel Dougherty of the Northeast pondered the question, "Did you know Fannie Mae bought your mortgage?" His responses probably were typical of those that would come from many other home buyers: He didn't know Fannie Mae bought the mortgage. He wasn't even sure what Fannie Mae is. Dougherty's is one of 1.1 million mortgages, worth about $20.2 billion, bought by Fannie Mae last year from 1,500 lenders in the United States. "I thought the mortgage was owned by Meridian," said Dougherty.
December 1, 2011
Freddie Mac and Fannie Mae will suspend, from Dec. 19 to Jan. 2, evictions involving foreclosed occupied single family and two- to four-unit properties that had their mortgages. The suspensions will apply only to eviction lockouts related to Freddie- and Fannie-owned properties. During this period, legal and administrative proceedings for evictions may continue, but families living in foreclosed properties will be permitted to remain in their home. - Alan J. Heavens
October 9, 1992 |
The Federal National Mortgage Association reported its 19th straight quarter of record profits yesterday, despite a decline in net interest income. The congressionally chartered company, known as Fannie Mae, said it earned $412.9 million, or $1.51 a share, for the quarter, compared with $350.7 million, or $1.28 a share, in last year's period. Fannie Mae, which packages mortgages and issues them as securities, said it already has done more than $175 billion in total business this year, far surpassing last year's record of $139 billion.
April 2, 2000 |
Fannie Mae, the nation's largest source of mortgage financing, has announced a 10-year, $2 trillion commitment to provide housing to 18 million American families. At the same time, Franklin D. Raines, Fannie Mae's chairman and CEO, pronounced the congressionally chartered corporation's seven-year, $1 trillion affordable-housing initiative a success. Raines said the goals established for the initiative in 1994 by his predecessor, James A. Johnson, had been reached eight months early.