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The question of what damage could a Trump extreme right-wing cabinet and Presidency do to America is on many people’s minds.
I found this entry on a draft post on my CricketDiane blog from the GOP run America of the years before President Obama and the Democrats took over the ship (at least partially since the GOP continued to run most states) – and righted our economy.
The cost to taxpayers and homeowners plus Fannie Mae and Freddie Mac shareholders is known now, eight years later and it obviously hurt our economy in ways that destroyed lives, decimated communities and degraded the opportunities for massive numbers of Americans and their families for several generations yet to come.
The Federal Housing Finance Agency placed Washington-based Fannie and McLean, Virginia-based Freddie in a so-called conservatorship and ousted the chief executive officers. The Treasury agreed to invest as much as $100 billion in each company through preferred stock purchases as needed and put common shareholders on notice that they will rank last in the government’s consideration. 
I couldn’t remember where this quote came from, so I did a google search with it and these entries came up –
Douglas M. Holmes • View topic – Fannie Mae and Freddie Mac
Sep 28, 2004 – In a report released Tuesday, OFHEO, Fannie Mae’s chief regulator, found that …. billion in earnings last year, ousted top executives and was fined a record …. based Freddie Mac hold or guarantee half the U.S. mortgage debt and … loans to the two companies and to purchase stock in them if needed for a …
Watch out for the hurricane named FannieRegulators are starting to take a hard look at the books of Fannie Mae, and they don’t like what they see. That could spell trouble for the largest source of mortgage capital.
By Bill Fleckenstein
Gov’t may soon take over troubled mortgage finance giants Fannie Mae, … and Freddie and topurchase stock in the two companies if needed. … The Treasury plans to put Fannie andFreddie into a so– called conservatorship and pump … Paulson consulted with Bank of America Chief Executive Officer …
Mudd, the son of TV anchor Roger Mudd, was elevated to Fannie Mae’s top post in December 2004 when chief executive Franklin Raines and chief financial officer Timothy Howard were swept out of office in an accounting scandal. Syron was named Freddie Mac’s CEO in 2003, replacing former chief Gregory Parseghian, who was ousted in after being implicated in accounting irregularities.
He formerly was executive chairman of Thermo Electron Corp., a Waltham, Mass.-based maker of scientific equipment, served head of the American Stock Exchange was president of the Federal Reserve Bank of Boston in the early 1990s.
Fannie Mae was created by the government in 1938, and was turned into a shareholder-owned company 30 years later. Freddie Mac was established in 1970 to provide competition for Fannie.
A government takeover could cost taxpayers up to $25 billion, according to the Congressional Budget Office.[from – AP 2008 – Gov’t may soon take over troubled mortgage finance giants Fannie Mae, Freddie Mac] (included in post above)
The Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac, is a public government-sponsored enterprise (GSE), headquartered in the Tyson’s Corner CDP in unincorporated Fairfax County, Virginia. … On September 7, 2008, Federal Housing Finance Agency (FHFA) director James B. Lockhart III …
The litigation surrounding Fannie and Freddie’s conservatorship raises all … 2 See FEDERAL HOUSING FINANCE AGENCY (FHFA), ENTERPRISE SHARE OF …. Preferred Stock PurchaseAgreements (PSPAs) with the Treasury. … make unlimited equity and debt investments in the two companies‘ securities through.
Oct 4, 2016 – Kenneth C. Griffin, chief executive officer of Citadel Inves … “and gave the government every benefit of the doubt as she did so, and … Judge Sweeney, in the Court ofFederal Claims in Washington, D.C., and a … placed Fannie Mae and Freddie Mac intoconservatorship, with … Sponsored Financial Content.
But, for decades, Fannie Mae had been under siege from powerful enemies, who … with astock-market value of more than $70 billion and more earnings per … an obscure government agency known as the Federal Housing Finance Agency … in Fannie and Freddie (which was also put into conservatorship that same day), …
Sep 7, 2008 – Treasury Senior Preferred Stock Purchase Agreement. 2. …. Fannie Mae andFreddie Mac debt and mortgage backed securities outstanding today … indefinite in duration and have a capacity of $100 billion each, … If the Federal Housing Finance Agency determines that a GSE’s liabilities have exceeded its.
PRINCIPAL REDUCTION MODIFICATION
The Federal Housing Finance Agency (FHFA) undertook an extensive evaluation to determine whether to implement a Principal Reduction Modification program for seriously delinquent, underwater borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac (the Enterprises). FHFA’s objective was to develop a program that helped targeted borrowers avoid foreclosure while also adhering to FHFA’s mandate to preserve and conserve the assets of the Enterprises.
Am I Eligible?
Your loan must be owned or guaranteed by Fannie Mae or Freddie Mac and meet basic criteria.
- At least 90 days delinquent as of March 1, 2016
- Unpaid principal balance of $250,000 or less as of March 1, 2016