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 […]

Housing Recovery Stalls as Old Rules for Recover No Longer Apply

The old rules for a strong housing market appear to have changed in a fundamental manner frustrating traditional analysts who have been predicting a housing recovery. In the latest Economic and Housing Market Outlook report, Freddie Mac examines three fundamental areas in the housing market that have not behaved as expected which has contributed to […]

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 […]

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 […]

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 […]