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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. [2008]

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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
www.dmholmeslaw.com/appiesboard/viewtopic.php?f=2&t=1236…
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 …

Fannie Mae and Freddie Mac

Postby doug » Tue Sep 28, 2004 1:03 pm

Watch out for the hurricane named Fannie
Regulators 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

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VietFun For All – Gov’t may soon back Fannie, Freddie

community.vietfun.com/printthread.php?t=571974
Sep 5, 2008 – 17 posts – ‎7 authors

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 socalled 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)
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Plus these entries – 

Freddie Mac – Wikipedia

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 …

[PDF]An Overview of the Fannie and Freddie Conservatorship Litigation

brooklynworks.brooklaw.edu/cgi/viewcontent.cgi?article=1000…

by DJ Reiss – ‎2014 – ‎Cited by 2 – ‎Related articles

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.

Fannie Mae, Freddie Mac Investors Win Court Round Against …

fortune.com/2016/10/04/fannie-mae-freddie-mac-ruling-government/

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.

Fannie Mae’s Last Stand | Vanity Fair

http://www.vanityfair.com/news/2009/02/fannie-and-freddie200902-2

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), …

[PDF]us treasury department office of public affairs – Judicial Watch

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.

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Obviously, there are repercussions from the GOP run years that have even yet to be realized despite all the efforts of the Obama administration to make things right. But, since Donald Trump has been given these shoes to fill as President of the United States and has nominated a host of extreme right wing loyalists in positions of power, it is time to look at the playing fields that will be impacted by their policies and actions.
This quote I found that tops this post, led me to find a few things of help and value as well, which many Americans need to access before everything potentially damaging can be enacted by the GOP backed new administration, GOP run Congress and Senate as well as the predominantly GOP run state legislatures across the country.
As promised by GOP after the 2008 decimation of housing values, as millions of Americans suffered from mortgage values far in excess of market values for their homes, many programs were put in place – nearly all of which performed poorly or not at all to relieve homeowners from these blighted economic difficulties.
However, today I found this program that relieves the principle owed on upside down mortgages and it is a current program. Before it is decimated by the Republicans coming into policy making extremes of the new administration run by Trump, it is worth taking advantage of this program as quickly as possible.
There are areas of the country that are to be mainly served by this program’s opportunities but not necessarily exclusive to those areas of the country and that would be worth finding out if you are a homeowner who is in need of this program’s help and promises.
I found it at the Federal Housing Finance Agency website – and there may be three people in the entire world that actually know it exists and they are probably bankers. Many programs to help homeowners have been issued through other agencies and to get a realistic list of them and their requirements would likely be a Herculean effort. But, start here and find the requirements briefly that I’ve added from their website. The link to the page is below the quoted material.
– cricketdiane, 12-29-2016

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
  • Owner-occupied
 From The Federal Housing Finance Agency (FHFA) website –  https://www.fhfa.gov/PolicyProgramsResearch/Policy/Pages/Principal-Reduction-Modification.aspx
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