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Freddie Mac

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REAL_ESTATE
January 12, 1986 | By Kenneth R. Harney, Special to The Inquirer
Second mortgages or deeds of trust are loans secured by a portion of the equity of a home. They are called seconds because they are "junior liens" - that is, in the event of a foreclosure, they are paid off after the first mortgage is paid. For example, suppose, you own a home worth $125,000. Let's say, too, that you've paid your first mortgage down to $50,000. In other words, you have $75,000 worth of equity in your home. You can either let that equity sit untouched, or you can use it as collateral to borrow for the kids' college education, or for a business investment you want to make.
NEWS
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
BUSINESS
June 11, 2003 | By Todd Mason INQUIRER STAFF WRITER
Area mortgage lenders are bracing for another flood of mortgage refinancings despite a management ouster at Freddie Mac, a key government-sponsored, mortgage-finance company. Freddie Mac's board of directors ousted the McLean, Va., company's president and chief operating officer Monday, saying they questioned his "cooperation and candor" in an ongoing investigation of accounting irregularities. Two other top executives resigned. "There's been almost no effect" of the controversy on mortgage rates, said Joseph A. Splendido, president of Colonial Mortgage Servicing Co., of Warrington, and a governor of the Mortgage Bankers Association of America.
NEWS
November 17, 2011 | By Thomas Beaumont and Pete Yost, Associated Press
URBANDALE, Iowa - Rising in polls and receiving greater scrutiny, Republican presidential candidate Newt Gingrich found himself on the defensive Wednesday over huge payments he received over the last decade from the federally backed mortgage giant Freddie Mac. Gingrich, the former House speaker, said he did not remember exactly how much he was paid. A person familiar with the hiring said it was at least $1.6 million for consulting contracts stretching from 1999 to early 2008. The person spoke on condition of anonymity in order to address a personnel matter.
REAL_ESTATE
August 27, 2006 | By Alan J. Heavens INQUIRER REAL ESTATE WRITER
Action on a Senate bill that critics say will make it more difficult to obtain low-cost financing for home purchases has been delayed until after lawmakers return from their summer recess on Sept. 5. Senate Bill 190 - the Federal Housing Enterprise Regulatory Reform Act of 2005, sponsored by U.S. Sen. Chuck Hagel (R., Neb.) - is designed to limit the amount of business Fannie Mae and Freddie Mac can do in the secondary-mortgage market. The two corporations are known as GSEs, or government-sponsored enterprises.
REAL_ESTATE
April 9, 1989 | Associated Press Inquirer staff writer Janet L. Fix contributed to this article
The Federal Home Loan Mortgage Corp. has changed its rules in an effort to help some homeowners get rid of their private mortgage insurance earlier. The change, which could enable a homeowner to save hundreds of dollars a year, applies to all new and existing mortgages from lenders that resell mortgages to the agency, known as Freddie Mac. When a home buyer puts less than 20 percent down on a house, Freddie Mac requires the borrower to buy mortgage insurance to guarantee payments.
BUSINESS
May 4, 2012 | By Alan J. Heavens, INQUIRER REAL ESTATE WRITER
Fannie Mae and Freddie Mac are adopting new guidelines to streamline the process for short sales, which most real estate observers expect will outpace foreclosures in the coming year. The guidelines, required by the Federal Housing Finance Agency and effective June 15, would require servicers of mortgages backed by Freddie and Fannie to review and respond to requests for short sales within 30 calendar days of receipt of a buyer's offer. A short sale is a transaction in which a lender agrees to accept less than the amount owed on the mortgage.
BUSINESS
August 1, 1988 | By Janet L. Fix, Inquirer Staff Writer
It's not quite like winning the lottery or finding a pot of gold. But for Main Line Federal Savings Bank, it's darned close. Imagine that you have 150,000 shares of stock that almost overnight increase in value by a total of about $11 million. And that you're Main Line Federal and that's more than you've earned over several years. Now imagine that in six months that stock doubles in price, as some predict, more than quadrupling your initial investment. You feel? a.)
BUSINESS
November 2, 1988 | By Linda S. Wallace, Inquirer Staff Writer
Ethel Napper-Johnson said she had stumbled upon too many drug deals on the way to her apartment. She had watched too long as her complex became an open door to crime. So when the managers of the complex disappeared this summer, Napper-Johnson and other residents took over at Norfolk Manor Apartments, at 1415-1423 Clearview St. in Ogontz. Some fixed plumbing leaks and did other routine maintenance. Others swept the halls. A number of tenants put rent money in bank accounts to hold the funds until problems with the landlord were resolved.
REAL_ESTATE
May 31, 1992 | By Kenneth R. Harney, SPECIAL TO THE INQUIRER
One of the nation's largest sources of mortgage money is preparing a hot summer offer for lenders, consumers and home builders across the country: Lower the energy bills on the houses you finance, buy, fix up or build, and we'll give you cold cash. Show us your monthly savings on electricity, gas or other energy consumption, and we'll cut you a more generous mortgage deal when you apply. We'll stretch your buying power, qualify you for a bigger loan, and help push energy conservation to boot.
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NEWS
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.
BUSINESS
July 3, 2013 | By Martin Crutsinger, Associated Press
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.
BUSINESS
June 29, 2013 | By Alan J. Heavens, Inquirer Real Estate Writer
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.
BUSINESS
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)
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
November 10, 2012 | By Jody Shenn and Heather Perlberg, Bloomberg News
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.
NEWS
November 2, 2012 | SAN JOSE MERCURY NEWS
LIVERMORE, CALIF. - R.C. and Stacy Davis lost their condominium to foreclosure in 2009, a bad break that seemed destined to keep them from buying another home for many years. Yet last week - only three years after their foreclosure - the couple signed the papers to buy a four-bedroom house. Their avenue to homeownership? A loan backed by the Federal Housing Administration. The ability to get an FHA loan so quickly after a foreclosure could be welcome news to thousands of people who lost their homes during the housing bust.
NEWS
August 10, 2012
Higher employment numbers last week helped pushed 30-year fixed-rate mortgages up from record lows, Freddie Mac reported Thursday. The 30-year fixed averaged 3.59 percent, and the 15-year fixed averaged 2.84 percent. Last week, the 30-year averaged 3.55 percent. A year ago, it was 4.32 percent. The 15-year was 2.83 percent last week, and 3.50 percent a year ago. - Alan J. Heavens
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