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Federal National Mortgage Association

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NEWS
August 12, 1993 | By Cindy Anders, INQUIRER CORRESPONDENT
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 in Malvern, but the complaint was withdrawn late Friday.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.
NEWS
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.
BUSINESS
July 2, 1992 | FROM INQUIRER WIRE SERVICES
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.
REAL_ESTATE
July 31, 1992 | By David I. Turner, INQUIRER STAFF WRITER
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.
NEWS
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.
NEWS
January 13, 1988 | By James Asher, Inquirer Staff Writer
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.
REAL_ESTATE
April 13, 1986 | By Arthur Howe, Inquirer Staff Writer
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.
NEWS
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.
BUSINESS
March 16, 1994 | by Earni Young, Daily News Staff Writer
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.
BUSINESS
November 22, 1988 | By Richard Burke, Inquirer Staff Writer
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.
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NEWS
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.
NEWS
July 15, 2008 | By Reid Kanaley and Alan J. Heavens INQUIRER STAFF WRITERS
What's up with Fannie and Freddie? Investor concerns about the financial health of Fannie Mae and Freddie Mac, the two big government-chartered mortgage corporations, have pushed the federal government into action. But what these companies are, and their roles in the mortgage world, may be a mystery to many people. Fannie Mae and Freddie Mac together hold or insure more than $5 trillion in U.S. home mortgages - about half of all U.S. mortgages. For months, they have seen their stock prices skidding toward a cliff.
NEWS
January 2, 2000 | By Karen Masterson, INQUIRER SUBURBAN STAFF
Another 180,000 people will be able to buy homes in New Jersey, now that the federal agency that underwrites about one-fifth of the nation's mortgages has committed $18 billion to the state - delighting activists and would-be homeowners, but causing concern among some authorities. Fannie Mae - formerly the Federal National Mortgage Association - announced Nov. 16 that it would invest that amount with the single goal of making home ownership accessible to low- and moderate-income people.
NEWS
July 18, 1997 | by Gar Joseph, Daily News Staff Writer
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.
BUSINESS
December 10, 1996 | By Alan J. Heavens, INQUIRER REAL ESTATE WRITER
Fannie Mae yesterday announced plans to expand its presence in Philadelphia, promising that the new initiatives would make mortgages available to thousands of low- and moderate-income city residents. At the same time, the city said it was banding with Fannie Mae and PNC Bank to help reinvigorate the Delaware Valley Mortgage Plan. The plan, which has been the chief source of home financing for the region's low-income residents for two decades, has been approving fewer mortgages because member banks want to decrease the number of these low-interest-rate loans in their portfolios.
NEWS
September 8, 1995 | By Dwight Ott, INQUIRER STAFF WRITER
A new group set up by Camden Mayor Arnold W. Webster is looking to help Camden residents who want to own their own homes. Dubbed the Mayor's Mortgage Group, the fledgling consortium of a dozen lending and mortgage institutions will work with the mayor's revitalization program called Project Arizona, officials said yesterday. The group hopes to help developers of projects such as Dayton Manor and Royal Court find underwriters for mortgage candidates in the city. The program will begin with the opening of Phase One of the Royal Court Townhouses in Camden in mid-September, officials said.
NEWS
September 17, 1994 | By Meiyue Zhou, INQUIRER STAFF WRITER
The rowhouse on the 2200 block of Sears Street, abandoned five years ago, was a sad sight: no electricity, poor plumbing, weak floor, leaking ceiling. But now it is taking on new life, being renovated for a low-income family. Yesterday the house seemed especially noisy, with electric saws buzzing and drills whining. Seven volunteers from Fannie Mae, the government-sponsored Federal National Mortgage Association, were cutting wood into boards, making subfloors and mending the roof.
NEWS
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.
NEWS
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.
BUSINESS
March 16, 1994 | by Earni Young, Daily News Staff Writer
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.
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