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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
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.
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.
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
January 13, 2016
By Josh Rosner T he Big Short , the screen adaptation of Michael Lewis' book on the 2008 financial crisis, has reopened the debate about what caused and exacerbated the catastrophic collapse. Some commentators continue to assert that the crisis was entirely the fault of Fannie Mae and Freddie Mac, but that claim just doesn't hold up. Here's what happened. In the mid-1990s, after weak legislative reform of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, these firms - supported by government efforts to expand homeownership - began to subordinate their historic and effective public roles as countercyclical providers of liquidity to the mortgage market and to place profit growth ahead of their utility mission.
NEWS
January 13, 2016
By Peter J. Wallison We can all agree that the financial crisis was caused by a "mortgage meltdown" mostly among subprime and other risky mortgages. But what neither The Big Short nor its greed narrative tells us is why there were so many of these mortgages in the financial system to begin with. The answer: It was not Wall Street. In June 2008, just before the crisis, more than half of all U.S. mortgages - 31 million loans - were subprime or otherwise risky. Of these, 76 percent were on the books of government agencies, primarily the government-sponsored enterprises (GSEs)
BUSINESS
January 8, 2016
In the Region DNCC picks convention insurers The Democratic National Convention Committee (DNCC) announced Thursday that it had selected a Maryland-based firm to provide insurance coverage for the party's national convention this summer in Philadelphia. South River Partners , a law and risk-management firm based in Reisterstown, Md., is a 100 percent minority-owned enterprise, the DNCC said. "After a thorough review of insurance brokerage firms, we concluded that South River Partners is a great fit for the 2016 Democratic National Convention," said Leah D. Daughtry, CEO for the DNCC.
BUSINESS
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.
REAL_ESTATE
January 12, 2015 | By Erin Arvedlund, Inquirer Staff Writer
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.
BUSINESS
December 11, 2014 | By Alan J. Heavens, Inquirer Real Estate Writer
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.
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.
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