Mortgage Default Rates Soar for Senior Citizens as Feds Loosen Mortgage Rules for Seniors

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 […]

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. […]

Freddie Mac Stock Jumps On Earnings – What’s Next For Shareholders?

Freddie Mac (FMCC), the government sponsored agency that backs mortgage loans for millions of American home buyers reported all time record annual profit of $11 billion for 2012.  Freddie Mac has been in the black now for five consecutive quarters as the housing market improves and loan delinquencies decrease. Freddie Mac has been operating under […]

Why Banks Will Continue To Blow Up

Although there were a multitude of factors involved in the banking collapse of 2008, many analysts believe that the repeal of Glass-Steagall was one of the major triggers.  No less an authority than Sandy Weill, former Citigroup CEO, joined the chorus of voices last week in calling for the reinstatement of the Glass-Steagall Act. Would […]

Congress Moves To Prevent FHA Collapse With “FHA Emergency Solvency Act”

The latest FHA Single-Family Outlook report from the FHA shows that serious delinquencies continue to plague the FHA. The number of seriously delinquent FHA loans increased by 18.9% from last year to a record number of 711,082 mortgage loans.  FHA loans classified as seriously delinquent amount to 9.6% of all FHA insured mortgages. A seriously […]

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 […]

Banking Update – Daily Banking News

Welcome to Banking Update, a roundup of articles and news from around the Internet. Let’s go right to the links. The credit ratings of eight major banks were downgraded by Fitch. The eight global trading and universal banks (GTUB) that saw their credit ratings lowered were Bank of America, Morgan Stanley, Goldman Sachs, Barclays, Credit […]

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 […]