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Freddie Mac

Fannie and Freddie Still Hurting Big Time

by Moe Bedard

On Dec. 24, Treasury said there would be no limit to the taxpayer money it was willing to deploy over the next three years to keep the two companies afloat, doing away with the previous limit of $200 billion per company. So far, the government has handed the two companies a total of about $111 [...]

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Does Freddie Mac Own Your Mortgage? Get Help at Freddie Mac’s New Borrower Help Centers

by Moe Bedard

Homeowners who are behind on their home loans and who want to avoid foreclosure can get free help with loan modifications at one of the Freddie Mac homeowner help centers located across the nation.
Freddie Mac has partnered with nonprofits across the country and is assisting both homeowners who have not searched help before and people [...]

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Freddie Mac CEO Says Market in Approaching Bottom: I Say LOL

by Moe Bedard

DETROIT, Jan 26 (Reuters) – The U.S. housing market appears to have bottomed out after its worst downturn since the Great Depression, but a large wave of homes in foreclosure remains a risk to the sector’s fragile recovery, Freddie Mac (FRE.N) Chief Executive Charles Haldeman said on Tuesday.

Freddie Mac, the No. 2 provider of U.S. [...]

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Fannie and Freddie to Eat Up All Bad Mortgages

by Moe Bedard

Banks, mortgage bond investors and servicers are loath to go further, by forgiving principal, because it’s either a direct hit to capital or tricky to do under current bond documents.
Enter Fannie and Freddie. With unlimited support from Treasury the two have theoretically unlimited capacity to eat losses, useful to Treasury if it wants to finance [...]

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Fannie and Freddie Hurting

by Moe Bedard

Unlike Citigroup (C), Bank of America (BAC), AIG (AIG), Chrysler, and GM, Congress deemed that Fannie Mae and Freddie Mac had not received “exceptional assistance” and therefore did not have to have their pay decisions scrutinized by the pay czar.
Top executives of Fannie and Freddie could get paid as much as $6 million for 2009, [...]

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Delinquencies on Freddie Mac Loans Continue to Rise

by Evan Bedard

Freddie Mac said delinquencies in its mortgage portfolio rose further last month, putting more pressure on the mortgage financier.
Both Freddie and Fannie Mae were put into conservatorship a year ago by the federal government because of fears of mounting losses.
Read more WSJ

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US Treasury Decides Whether or Not to Extend Fannie and Freddie’s Bailout

by Evan Bedard

The U.S. Treasury faces a decision by year end on whether to increase its bailout of Fannie Mae and Freddie Mac beyond the $400 billion it has already committed.
So far, the companies have taken $112 billion in capital infusions from the government, and most analysts believe they are unlikely to use up the full $400 [...]

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Fannie Mae and Freddie Mac’s Two Week Foreclosure Suspension

by Evan Bedard

WASHINGTON – Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures and evictions for about two weeks in a temporary break for borrowers during the holiday season.
The suspension, announced Thursday by the government-controlled companies, runs from Saturday through Jan. 3. “No family should have to face the prospect of being evicted during the [...]

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Fannie and Freddie Put the Freeze on Foreclosures For the Holidays

by Moe Bedard

Fannie Mae and Freddie Mac are breaking out the foreclosure freeze guns during the holidays and suspending foreclosures on occupied homes until early 2009. (Sorry again investors. Freddie and Fannie are leaving you in the cold)
Isn’t it amazing that they can just flick the foreclosure switch like that?
“We felt it was in the best interest of both [...]

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NACA Shines Media Spotlight on Fannie Mae Foreclosure Follies

by Moe Bedard

NACA, the Neighborhood Assistance Corporation of America says Fannie Mae was bailed out by the government with taxpayer money, but now Fannie Mae is turning its back on the same people whose money bailed them out.
NACA is led by one of the most controversial and effective consumer advocates in the country, Bruce Marks. A [...]

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Let’s Use Fannie to Clean Up the Mess It Made

by Moe Bedard

Earlier this week, James Lockhart, the director of the Federal Housing Finance Agency and the government conservator of Fannie Mae and Freddie Mac, said that the two companies need to begin writing

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Fannie & Freddie Offer More Carrots (Cash) for Servicers to “Try” and Entice Them to Help Struggling Borrowers

by Moe Bedard

Cash is king and when it comes to helping people in need, cash seems to light a fire under people’s arses to make them help a little bit more than they would if there were no cash incentives involved.
This is the “new” American way, right?
The facts are that it costs a servicer more money to perform some type [...]

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Fannie, Freddie: Taxpayers on the hook

by Moe Bedard

A number of senators on the banking committee – from both parties – characterized Paulson’s request as asking lawmakers for a “a blank check,” and they were none too keen on the idea, knowing they have to answer to taxpayers.
How lawmakers might alter the Treasury’s proposals isn’t clear yet. But if the government uses federal [...]

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The House Approves Massive Housing Bill – But Will it Help You?

by Moe Bedard

The House approved a massive plan Wednesday to try and put the brakes on the foreclosure crisis that is sweeping the nation and causing the worst housing decline since the Great Depression. The goal of this new bill is to provide aid to homeowners facing foreclosure and also a “bail out” of government backed mammoths Fannie Mae and [...]

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