October 19, 2015
'We bet on America when everyone else was running for the hills," boasts hedge fund manager Gary Hindes . As an investigative reporter in the 1970s, Hindes was kicked out of a federal archive in Wilmington. He later led Delaware's Democratic Party, helping Joe Biden build a prodigious network beyond its narrow borders. His Fallen Angels Fund buys deflated securities, and fights to reinject lost value. Often, that means fighting government agencies to fix what Hindes contends are wayward bailouts.
January 12, 2015 |
More Americans may be able to buy homes this year, by making down payments of just 3 percent of the value of their mortgages. A 97 percent loan-to-value option announced last month by Fannie Mae and Freddie Mac will be available in the first quarter, industry observers said. Just because lenders can offer such mortgages doesn't mean they will. Still, the prospect of needing only 3 percent down is likely to be a help for first-time buyers. Though some market observers worry that the option might create another housing bubble, others believe 3 percent-down mortgages could be one of the few ways to lure new buyers, particularly millennials, who have largely avoided home ownership since the real estate bust of 2008.
December 11, 2014 |
Responding to housing-industry concerns that tightened mortgage-credit rules would hamstring the critical first-time-buyer market, Fannie Mae and Freddie Mac will offer 3 percent down-payment loans to qualified borrowers. Fannie's My Community Mortgage program, open to first-time buyers with a 620 minimum credit score, starts this week. Freddie's Home Possible Advantage, available to all qualified buyers, begins in March. Andrew Bon Salle, a Fannie Mae executive vice president, said his program's goal was to help qualified borrowers gain access to mortgages, but added that it would not "solve all of the challenges around access to credit.
August 14, 2013
IF THE FEDERAL government is going to overhaul the way mortgages are sold, I hope as much emphasis is put on what's a manageable amount of debt for borrowers. It haunts me when I think of some of the mortgage loans I've seen and still see. Too many people, who certainly should have known better, agreed to buy homes when their monthly mortgage payments were 50 percent to upward of 70 percent of their net pay. That's just too much. President Obama has laid out plans to rebuild the housing market.
July 3, 2013 |
WASHINGTON - The federal government said Monday that it has received $66.3 billion in dividend payments from Fannie Mae and Freddie Mac after both reported stronger earnings at the start of the year. Fannie Mae has paid $59.4 billion to the U.S. Treasury and Freddie Mac has paid $7 billion. The payments reflect a housing recovery that has made the mortgage giants profitable again. They are also helping to lower their year's federal deficit. The government rescued Fannie and Freddie during the 2008 financial crisis after both incurred massive losses on risky mortgages.
June 29, 2013 |
A 34-story luxury apartment building, 2116 Chestnut, opens to its first tenants Friday, 16 months after ground was broken for the $100 million project. The 321-unit building is at 22d and Chestnut Streets. Rents include $1,700 for a studio apartment and $1,950 for a one-bedroom. Although 2116 Chestnut will not be finished for four to six more weeks, tenants will begin moving Friday into its first 14 floors. "Almost 100 people have rented apartments through our preleasing efforts," said John A. Buck, chairman and CEO of the Chicago development and leasing firm John Buck Co., which bought the property in October 2011.
April 2, 2013
In the Region PolyMedix files for bankruptcy PolyMedix Inc. , a small biotech company in Radnor, has sought Chapter 7 bankruptcy protection, according to a filing with the Securities and Exchange Commission . In January, PolyMedix replaced its chief executive officer, Nicholas Landekic, with chief financial officer Edward F. Smith as interim CEO. Smith resigned Monday, according to the filing. A company spokeswoman did not return a call or e-mail. With its most advanced drug only in stage two (of three)
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.
November 10, 2012 |
rePresident Obama's re-election fueled some early investor concern that homeowner refinancing was set to increase after debt yields tumbled, and amid speculation that his administration would pursue aggressive measures to boost housing's recovery. Real-estate investment trusts that buy mortgage debt tumbled the most in a year on Wednesday with the expectation that more homeowners would be able to prepay mortgages. The policies of Obama and the Federal Reserve have expanded opportunities for homeowners to qualify for new loans while sending borrowing costs to record lows.