Freddie Mac (Federal Home Loan Mortgage Corporation)
- Homepage: http://www.freddiemac.com/
April 2006: "Freddie Mac makes housing more accessible and affordable for millions of families across America. How? We link homeowners and renters to the world’s capital markets. It is a unique mortgage credit system that makes homeownership a reality for more of America’s families.
Every day, in neighborhoods across America, we help families to buy their own homes and enjoy quality and affordable rental housing."http://www.freddiemac.com/corporate/about/?source=dropdown
March 2012: "Borrowers who have a mortgage held by Fannie Mae (FNMA, Fortune 500) or Freddie Mac (FRE) -- roughly half the market -- are out of luck. Loans insured by the Federal Housing Administration are also ineligible."http://money.cnn.com/2012/03/13/real_estate/mortgage-settlement/index.htm
February 2012: "While the $26 billion figure is the one being cited in the negotiations, federal officials said they hope the eventual value for homeowners reaches up to $39 billion. However, mortgages owned by the government’s housing finance agencies, Fannie Mae and Freddie Mac, will not be covered under the deal, excluding about half the nation’s mortgages."http://www.nytimes.com/2012/02/09/business/states-negotiate-25-billion-deal-for-homeowners.html
January 2012: "The Treasury Department is investigating a report that Freddie Mac, the mortgage giant, bet against homeowners’ ability to refinance their loans even as it was making it more difficult for them to do so, Jay Carney, a White House spokesman, said on Monday."http://www.nytimes.com/2012/01/31/business/freddie-mac-investments-under-scrutiny-by-treasury-dept.html
September 2011: "A bruising legal fight pitting the country’s most powerful banks against the full force of the United States government began Friday, as federal regulators filed suits against 17 financial institutions that sold the mortgage giants Fannie Mae and Freddie Mac nearly $200 billion in mortgage-backed securities that later soured."http://www.nytimes.com/2011/09/03/business/bank-suits-over-mortgages-are-filed.html
June 2011: "The federal agency overseeing Fannie Mae and Freddie Mac, the taxpayer-owned mortgage finance giants, failed to refer to criminal investigators and other authorities almost 100 complaints about possible foreclosure abuse and mortgage fraud at the companies over a recent two-year period, according to a report issued late Tuesday by the inspector general of the Federal Housing Finance Agency."http://www.nytimes.com/2011/06/22/business/22housing.html
February 2011: "It is also a more audacious call for the federal government to cut back its broadly popular, long-running campaign to help Americans own homes. The three ideas that the report outlines for replacing Fannie and Freddie all would raise the cost of mortgage loans and push homeownership beyond the reach of some families."http://www.nytimes.com/2011/02/12/business/12housing.html
December 2010: "In the world according to the G.O.P. commissioners, it’s all the fault of government do-gooders, who used various levers — especially Fannie Mae and Freddie Mac, the government-sponsored loan-guarantee agencies — to promote loans to low-income borrowers. Wall Street — I mean, the private sector — erred only to the extent that it got suckered into going along with this government-created bubble. It’s hard to overstate how wrongheaded all of this is."http://www.nytimes.com/2010/12/17/opinion/17krugman.html
July 2009: "2. Foreclosure moratoria skewed sales data Foreclosure filings had nearly ground to a halt in the first three months of the year, as most large loan servicers put a temporary halt on foreclosures in anticipation of the government’s announcement of the Making Home Affordable program. Fannie Mae (FNM2) and Freddie Mac (FRE3) also suspended foreclosures through the beginning of March. That temporary halt in filings skewed sales data for May, says Celia Chen, senior director of housing economics at Moody’s Economy.com. Because fewer properties were foreclosed on, fewer were sold by banks or at foreclosure auctions. Foreclosure sales tend to suppress sale prices."http://www.smartmoney.com/personal-finance/real-estate/3-things-the-latest-housing-data-don-t-say/
July 2008: "Over the course of this 18-month financial crisis, we have lurched from land mine to land mine. Last week’s was all about Fannie Mae and Freddie Mac, the giant government-sponsored enterprises set up to provide affordable housing across the nation. By issuing debt, these shareholder-owned companies guarantee or own more than $5 trillion in home mortgages. Got that? $5 trillion."http://www.nytimes.com/2008/07/13/business/13gret.html
July 2008: "Under the measure, Congress would lose some of its authority to oversee the companies, Fannie Mae and Freddie Mac, including the right to determine how much capital they must keep as a cushion against losses. That role would shift to the new regulator, which would be called the Federal Housing Finance Agency; the director of the agency would be appointed by the president and confirmed by the Senate."http://www.nytimes.com/2008/07/21/washington/21fannie.html
July 2008: "Last weekend, Bernanke offered Fed lending to the housing finance companies Fannie Mae and Freddie Mac and did not resist in gaining a new role for the Fed in setting those firms' capital requirements. In March, the Fed engineered the buyout of Bear Stearns and offered emergency lending to all investment banks."http://www.washingtonpost.com/wp-dyn/content/article/2008/07/16/AR2008071602655.html
July 2008: "The Securities and Exchange Commission, under pressure to respond to the tumult in the financial industry, announced emergency measures on Tuesday to curb certain kinds of short-selling that aims at Fannie Mae and Freddie Mac, as well as Wall Street banks."http://www.nytimes.com/2008/07/16/business/16short.html
July 2008: "WASHINGTON — Democratic Congressional leaders on Tuesday pushed back their timetable for approving emergency housing legislation after Republicans voiced growing skepticism and, in some cases, angry opposition to the Bush administration’s proposal to rescue Fannie Mae and Freddie Mac, the government-chartered mortgage finance companies."http://www.nytimes.com/2008/07/16/business/16rescue.html
July 2008: "The S.E.C. has been engaged in an internal debate over what kind of investigation to mount with respect to rumors. The turbulence in the markets last week, with rumors adding to concerns about fundamentals affecting commercial banks, investment banks and the government-sponsored enterprises Fannie Mae and Freddie Mac, sped the decision to begin the examination and make it public."http://www.nytimes.com/2008/07/14/business/14sec.html
August 2007: 'The proposals would expand the program of insuring home loans under the Federal Housing Administration, part of the Department of Housing and Urban Development; create a national fund for “affordable housing”; expand the ability of Fannie Mae and Freddie Mac, the government-sponsored finance companies, to buy renegotiated subprime mortgages; and give bankruptcy judges more power to order easier terms for borrowers.'http://www.nytimes.com/2007/08/28/business/28workout.html
October 2007: Any loan that carried an interest rate more than 3 percentage points above the prevailing rate for long-term Treasury bonds was considered a subprime mortgage. In 2006, Treasury rates ranged from 4.5 to 5.3 percent. Prime mortgage interest rates averaged 6.1 to 6.8 percent, according to the Federal Home Loan Mortgage Corporation.http://www.nytimes.com/2007/10/15/nyregion/15subprime.html
April 2006: Mortgage finance giant Freddie Mac said yesterday that it has agreed to pay $410 million to settle outstanding shareholder lawsuits against the company and former officials stemming from accounting errors that forced it to restate earnings by $5 billion from 2000 to 2002.http://www.washingtonpost.com/wp-dyn/content/article/2006/04/20/AR2006042002124.html
September 2002: "When Congress created Freddie Mac's charter in 1970, it set a clear mission for us: stabilize the nation's mortgage markets and expand opportunities for homeownership and affordable rental housing." http://www.freddiemac.com/corporate/vital/
Role Name Type Last Updated Cooperation (past or present) Federal Housing Finance Agency (FHFA) Organization Jan 31, 2012 Founder/Co-Founder of Independent Valuation Protection Institute Organization Sep 17, 2009 Director/Trustee/Overseer (past or present) Office of Federal Housing Enterprise Oversight (OFHEO) Organization Sep 27, 2004 Organization Head/Leader (past or present) David Glenn Person Apr 22, 2006 Organization Head/Leader (past or present) Richard F. Syron Person Apr 22, 2006 Advised by (past or present) John Taylor Person Apr 20, 2008
Articles and Resources
Date Fairness.com Resource Read it at: Mar 13, 2012 Rage grows over mortgage deal
QUOTE: As more details emerge about the massive $26 billion foreclosure settlement between the five biggest mortgage lenders and the states' attorneys general, a growing number of borrowers are realizing that the deal will do little, if anything, to help them out.
CNN (Cable News Network) Feb 08, 2012 States Negotiate $26 Billion Deal for Homeowners
QUOTE: After months of painstaking talks, government authorities and five of the nation’s biggest banks have agreed to a $26 billion settlement that could provide relief to nearly two million current and former American homeowners harmed by the bursting of the housing bubble, state and federal officials said. It is part of a broad national settlement aimed at halting the housing market’s downward slide and holding the banks accountable for foreclosure abuses.
New York Times Jan 30, 2012 Treasury Investigates Freddie Mac Investment
QUOTE: The Treasury Department is investigating a report that Freddie Mac, the mortgage giant, bet against homeowners’ ability to refinance their loans even as it was making it more difficult for them to do so...
New York Times Sep 02, 2011 Federal Regulators Sue Big Banks Over Mortgages
QUOTE: A bruising legal fight pitting the country’s most powerful banks against the full force of the United States government began Friday, as federal regulators filed suits against 17 financial institutions that sold the mortgage giants Fannie Mae and Freddie Mac nearly $200 billion in mortgage-backed securities that later soured.
New York Times Jun 21, 2011 Oversight Group Did Not Refer Housing Complaints
QUOTE: The federal agency overseeing Fannie Mae and Freddie Mac, the taxpayer-owned mortgage finance giants, failed to refer to criminal investigators and other authorities almost 100 complaints about possible foreclosure abuse and mortgage fraud at the companies over a recent two-year period, according to a report issued late Tuesday by the inspector general of the Federal Housing Finance Agency.
New York Times Apr 06, 2011 Federal examiners protested help for politically connected bank, e-mails show
QUOTE: A decision... to help a politically connected bank in Boston left federal bank examiners there angry enough that some called it a “travesty of justice..." The chairman of OneUnited Bank, a friend of Rep. Maxine Waters (D-Calif.), had rendered it insolvent through lavish spending and bad investments... after Waters arranged a key Treasury Department meeting for the bank, it had won a bailout loan and a unique exemption from the FDIC’s accounting rules.
Washington Post Mar 31, 2011 Report Criticizes High Pay at Fannie and Freddie
QUOTE: When the government stepped in to support some of the nation’s biggest financial institutions in 2008, compensation became an issue of concern to taxpayers... The executives at Fannie and Freddie received far more than their counterparts at other federal housing agencies.
New York Times Feb 11, 2011 Administration Calls for Cutting Aid to Home Buyers
QUOTE: The three ideas that the report outlines for replacing Fannie and Freddie all would raise the cost of mortgage loans and push homeownership beyond the reach of some families.
New York Times Dec 16, 2010 Wall Street Whitewash
QUOTE: The bipartisan Financial Crisis Inquiry Commission was established by law to “examine the causes, domestic and global, of the current financial and economic crisis in the United States.” The hope was that it would be a modern version of the Pecora investigation of the 1930s, which documented Wall Street abuses and helped pave the way for financial reform. Instead, however, the commission has broken down along partisan lines, unable to agree on even the most basic points.
New York Times Jan 01, 2010 Consumer Confidential
QUOTE: Do you know when you're being hustled by bankers, mortgage brokers, and investment peddlers? Check out our tip sheet on financial pros' everyday deceptions—and how to protect yourself against them
AARP Bulletin Sep 16, 2009 When Work Doesn't Pay For The Middle Class: Middle-class folks are finding that a raise or second paycheck doesn't always mean living better. Time to work less?
QUOTE: Work isn't the only middle-class virtue that is getting punished. The system penalizes savings, too--not just through taxes, but also through programs that reward debtors, the profligate and college families that show up at the financial aid office with empty pockets. Yet another series of tax and benefit rules penalizes marriage.
Forbes Sep 07, 2009 Mortgage Market Bound by Major U.S. Role: Classes of Borrowers Cannot Find Loans as Publicly Backed Debt Mounts (Consequences of the Crisis Part 2)
QUOTE: the government's newly dominant role... has far-reaching consequences for prospective home buyers and taxpayers. The government has the power to decide who is qualified for a loan and who is not. As a result, many borrowers among both poor and rich are frozen out of the market.
Washington Post Aug 18, 2009 In Appraisal Shift, Lenders Gain Power and Critics (Back to Business)
QUOTE: The Home Valuation Code of Conduct is setting off a bitter battle. Mortgage brokers, lenders, real estate agents, regulators and appraisers are all arguing over whether an effort to fix one problem has created many new ones.
New York Times Aug 04, 2009 Dueling Public Interests In Policing Rescued Firms: SEC Actions Could Weigh on U.S. Stakes
QUOTE: the quandary [the SEC filing suit against Regions Financial] shows the difficulty facing the nation's top Wall Street cop at a time when the economic crisis has left the U.S. government as the part-owner or controller of an unprecedented array of financial companies. Protecting investors on the one hand could mean harming taxpayer-owners on the other.
Washington Post Jul 29, 2009 3 Things the Latest Housing Data Don't Say
QUOTE: 1. The numbers need to be adjusted....2. Foreclosure moratoria skewed sales data....3. Unemployment will pace the recovery
Smart Money Jun 27, 2009 Economic View: The Pitfalls of the Public Option
QUOTE: IN the debate over health care reform, one issue looms large: whether to have a public option. Should all Americans have the opportunity to sign up for government-run health insurance?....Even if one accepts the president’s broader goals of wider access to health care and cost containment, his economic logic regarding the public option is hard to follow. Consumer choice and honest competition are indeed the foundation of a successful market system, but they are usually achieved without a public provider.
New York Times Dec 21, 2008 Even Bernard Madoff Doesn't Deserve This
QUOTE: when it comes to large-scale frauds involving public companies and their millions of shares, the guidelines' grounding in mathematics sometimes results in sentences that are, quite literally, off the charts. They fall within the realm of prison terms usually reserved for Mafia bosses, major international drug lords, cop killers, child molesters and terrorists.
Washington Post Nov 13, 2008 For a Washington Job, Be Prepared to Tell All
QUOTE: A seven-page questionnaire being sent by the office of President-elect Barack Obama to those seeking cabinet and other high-ranking posts may be the most extensive — some say invasive — application ever.
New York Times Jul 22, 2008 A Housing Rescue Nears - But For Whom? Minority neighborhoods would especially benefit from a $3.9 billion aid package
QUOTE: industry analysts expect that black and Hispanic homeowners will bear the brunt of the foreclosure crisis. But is it because they overextended and should not have been in the housing market to begin with? Or were they the unsuspecting victims of predatory lending?
Christian Science Monitor Jul 21, 2008 New Regulator in Rescue Plan Spurs Debate
QUOTE: While experts on the companies agree that the proposed regulator would be stronger than the existing one, housed in the Department of Housing and Urban Development, some contend that the legislation does not go far enough. These critics say that the measure tilts in favor of the companies, even as it tries to strike a balance between promoting affordable housing — a primary mission of the government-sponsored mortgage giants — and setting limits on them to diminish the risks they pose to the world financial system.
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