The Consumer Financial Protection Bureau (CFPB) is concerned about the rapidly increasing default rate on mortgages held by senior citizens. A study done by the CFPB shows that the number of senior citizens with mortgage debt has increased, the amount of debt owed has increased, and default rates have risen. According to the CFPB since […]
Mortgage Default Rates Soar for Senior Citizens as Feds Loosen Mortgage Rules for Seniors
Fannie Mae Is Suddenly The Most Profitable Company on Planet Earth
In early April Fannie Mae announced blockbuster profits of $17.2 billion for 2012 and $7.6 billion for the fourth quarter. The profits reported for 2012 represented the largest annual and quarterly net profits in the company’s history. The financial position of Fannie Mae had improved dramatically since 2011 when Fannie Mae reported a loss of […]
Fannie Mae Stock Soars As Mortgage Delinquencies Decline
Fannie Mae’s recently released Monthly Summary reports that serious loan delinquencies decreased slightly in January. A single family home mortgage loan classified as “seriously delinquent” is three or more months past due or in the process of foreclosure. A multifamily mortgage loan is considered seriously delinquent when payments are 60 days or more past due. […]
Americans Remain Remarkably Optimistic About Housing And Their Personal Finances
The latest Fannie Mae National Housing Survey shows that Americans remain remarkably optimistic about the future of the housing market as well as their personal financial situation. The Fannie Mae survey polls a nationally representative sample of 1,001 adults and compares the results to a previous poll conducted a year earlier. Home Prices The survey […]
Banking News – Daily Banking Update
Welcome to Banking Update, a roundup of articles and news from around the Internet. Exactly how do you keep your money safe, will Bank of America fail in 2012, a potential housing bottom, Fannie and Freddie executives line their pockets, foreclosures take a short break for the holidays and why this great recession just won’t […]
Fannie and Freddie Send Employees To Lavish Conference At Cost of $640,000 – Laughing At The Taxpayers While Losing Billions
Fannie Mae and Freddie Mac just keep on laughing at the taxpayers as they award bonuses, send employees off on expensive travel junkets and pile up losses that have already cost the taxpayers $183 billion. Just weeks after it was revealed that the top ten executives at Fannie and Freddie received $47.8 million in bonuses […]
Fannie and Freddie Executives Pay Themselves $48 Million For Sterling Performance and Then Ask Taxpayers For $13.8 Billion Bailout
What we all wouldn’t give to be an executive at bankrupt housing agencies Fannie Mae or Freddie Mac? According to a report released by the Inspector General of the FHFA, a total of $47.8 million was paid to the top ten executives of Fannie Mae and Freddie Mac since they were placed into receivership. The […]
FHFA Head Says Fannie Mae and Freddie Mac Cannot Be Fixed
In a speech before the American Mortgage Conference, Acting Director Edward DeMarco of the Federal Housing Finance Agency (FHFA), said that Fannie Mae and Freddie Mac have little chance of emerging from conservatorship. Both Fannie Mae and Freddie Mac, the mortgage financing giants of the housing industry, faced collapse in late 2008 as mortgage defaults […]
Regulators Say Banks Have 20% Delinquency Rate On $2.6 Trillion Mortgage Portfolio
Who says the mortgage crisis is over? Regulators revealed today that the nation’s banks and thrifts have an alarming delinquency rate of almost 20% on their $2.6 trillion mortgage portfolio. The Office of the Comptroller of the Currency and the Office of Thrift Supervision jointly released the 2011 first quarter Mortgage Performance Report. The Report […]