The Obama administration plans an Aug. 17 conference to discuss ways to fix the country’s “broken” housing-finance system and intends to submit a proposal by January to overhaul Fannie Mae and Freddie Mac.

Fannie Mae and Freddie Mac guarantee more than $5 trillion in mortgages and hold $1.6 trillion in agency loans and other securities in their portfolios. 

Government-controlled mortgage giant Freddie Mac is requesting $1.8 billion more in federal help after a larger second-quarter loss. Freddie Mac lost $6 billion, or $1.85 per share, from April through June, the firm announced Monday. Those losses include $1.3 billion the company is required to pay the Treasury Department, representing a 10 percent annual dividend. During the same period last year, the company lost $840 million. 

On Thursday, Fannie Mae asked for an additional $1.5 billion after posting a $3.13 billion loss, although its losses shrank dramatically in the second quarter, down from $11.5 billion in the first quarter.

Both companies, which own about half of the nation's mortgages, about 31 million, were rescued by the government from the edge of collapse almost two years ago. They've needed more than $149 billion to stay in business, including $63.1 billion used by Freddie Mac and $86.1 billion for Fannie Mae, including the second-quarter request. 

Fannie and Freddie faced political pressure and got an added push from Wall Street during the housing boom to expand home ownership to back riskier loans. Both companies have blamed their losses on bad loans they backed between 2005 and 2008. 

See full article: http://www.bloomberg.com/news/2010-07-27/obama-to-hold-aug-17-housing-conference-on-ways-to-repair-fannie-freddie.html

August 5, 2010

 

 

As I have previously stated in my testimony before Congress, FHA will lower its upfront premium simultaneously with the increase to the annual premium¹. It is our intention that effective on September 7, 2010, FHA’s upfront mortgage insurance premium will be adjusted down to 100 basis points on all amortization terms and the annual mortgage insurance premium will increase to 85-90 basis points on amortization terms greater than 15 years². A Mortgagee Letter will be forthcoming once President Obama signs the bill into law, but with today’s passage of H.R. 5981 and our expedited implementation schedule, I wanted to immediately inform the industry of our plans so the lending community can begin preparing for the operational and system changes required to implement FHA’s new mortgage insurance premium structure on all new case numbers by September 7, 2010.

 

With this authority, FHA is in a better position to address the increased demands of the marketplace and return the MMI fund to congressionally mandated levels without disruption to the housing market.

 

While we appreciate and applaud this recent action, there is still work to be done. HUD remains steadfast in its commitment to comprehensive FHA reform legislation, similar to the FHA Reform Act passed earlier this year by the House, which would further enhance FHA’s lender enforcement capabilities and risk management efforts. We hope Congress will take swift action to pass a broader FHA reform bill when they return from the August recess. FHA’s risk management efforts will not be complete without the ability to monitor lender performance and ensure compliance with our rules.

 

Although the transition timeframe is short, implementation by September is critical. Thank you in advance for the efforts of you and your organization to make this change happen on such short notice. We appreciate your hard work and continued partnership.

 

¹The upfront and annual premium changes do not apply to the following FHA Programs: Title I, HECM, HOPE for Homeowners (H4H), Section 247 (Hawaiian Homelands), Section 248 (Indian Reservations), Section 223 (e) (declining neighborhoods), Section 238(c) (Military Impact areas in Georgia and New York).

² LTV’s <= 95% will increase to 85bps and LTV > 95% will increase to 90 bps"

 

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Email us today if you are thinking of buying or selling your home or condo in Clearwater FL, or any of these other local cities: Dunedin FL, Safety Harbor FL, Palm Harbor FL, Largo, Seminole, Tarpon Springs, Clearwater Beach FL, Belleair Beach, Indian Rocks Beach, Indian Shores, Redington Shores, North Redington Beach, Redington Beach, Madeira Beach, Treasure Island or St Pete Beach.

If you’re looking for a Realtor we’d like you to know that we are passionate about being your real estate advocate. We’re committed to delivering Results based on Integrity, Knowledge & Experience – helping you find the perfect home or condo – just ask.

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