August 12, 1993 |
Chester County Controller Joseph Carpenter has put a stop to foreclosure proceedings that Federal National Mortgage Association had begun against his house last week. Attorneys for the mortgage company would not say how Carpenter had resolved the debt on the house at 48 Grubb Rd. in Malvern, but the complaint was withdrawn late Friday. Carpenter could not be reached for comment Tuesday. The mortgage company had filed foreclosure proceedings when Carpenter failed to pay his approximately $800 monthly payment from April until last week.
January 11, 2013
Q: What are "Fannie Mae" and "Freddie Mac," and what do they do? - John G., Petaluma, Calif. A: Originally known as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp., Fannie Mae and Freddie Mac are government-sponsored enterprises (GSEs) that support affordable homeownership by making mortgage money available. Instead of lending money, they operate in the secondary market, buying and guaranteeing qualifying mortgages from lenders so those lenders can turn around and lend more money to more borrowers.
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.
July 31, 1992 |
To help Spanish-speaking Americans purchase homes, the Federal National Mortgage Association (Fannie Mae) is offering Spanish-language versions of two of its consumer brochures. One offers information on Fannie Mae's programs to help lower-income people buy homes with small down payments, and the other offers a step-by-step guide to getting a home loan. The brochures, which are also available in English, are free. "Our research shows that there are two major obstacles to buying a home: knowing how to do it, and finding an affordable loan," said Larry Small, president and chief operating officer of Fannie Mae. "These publications, written in plain Spanish, are intended to help home buyers over those hurdles.
March 18, 1994
If money talks, the nation's largest home-mortgage investor virtually shouted this week when it announced it was prepared to make available $1 trillion to help Americans with modest incomes buy homes. By committing twice as much for mortgages in the next seven years as it has in the last seven, the Federal National Mortgage Association (known as Fannie Mae) aims to provide access to the classic American dream, a home of one's own, for minorities, city dwellers, people with special needs and new immigrants.
January 13, 1988 |
Clarion Mortgage Co., a small but once successful mortgage broker in Bucks County, has sought protection from its creditors in federal bankruptcy court. President George R. Galbreath yesterday said that those customers who were awaiting loans from Clarion would have their applications processed by another, unidentified mortgage company. He declined to specify how many applicants were affected. "They will all be taken care of in track-record time," Galbreath said. "Nobody will be hurt but me. " Clarion filed to reorganize under Chapter 11 of the bankruptcy code in federal court here Jan. 6, listing assets of $300,000 and liabilities of $804,905.
April 13, 1986 |
The economics of home financing are changing quickly. With the average rate on 30-year, fixed-rate mortgages near 9.5 percent - down from an average of 15.12 percent in 1981 - the borrowing ability of a typical home buyer has been dramatically enhanced. Consider: In mid-1981, after a 20 percent down payment, a buyer would need an income of at least $32,485 to qualify for a house that cost $66,400, the median home price at that time. Today, with a 20 percent down payment, a couple earning $25,024 can qualify to purchase a house costing $77,500, today's median price.
March 18, 1994
Home ownership is a major component of the American Dream. Owning a home gives a family a stake in the community. Homeowners, in return, give their communities stability and keep their cities viable. But our lofty rhetoric has led to the illusion that everyone has an equal opportunity to participate in the dream. Every few months, it seems, another study shows that skin color and ethnic background - not just financial qualifications - are major factors in who gets home mortgages.
March 16, 1994 |
The nation's largest home mortgage investor announced a $1 trillion initiative yesterday that appears to be a single-handed attempt to remove every lending barrier to homeownership for low- and moderate-income con sumers. The commitment to mortgage finance will increase the home ownership rate in the U.S. from 65 percent to about 67.5 percent, predicted James Johnson, chief executive officer of the Federal National Mortgage Association. The federally chartered association, also known as Fannie Mae, will spend twice as much on mortgages over seven years as it has spent in the last seven, Johnson said.
November 22, 1988 |
The Pennsylvania House of Representatives is expected to vote today on a bill that would closely regulate the activities of mortgage-service companies. If approved, the Mortgage Bankers and Brokers Act would be an important first step toward protecting home buyers from the types of abuses and improprieties that plagued the state's mortgage industry two years ago, officials said yesterday. The proposed legislation would require the licensing of all mortgage lenders and brokers doing business in Pennsylvania, and it would allow state banking officials to regulate the firms, monitor their performance and check the backgrounds of companies entering the business.