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By Steve Kilar and The Baltimore Sun | January 8, 2013
Montgomery County on Monday filed a federal class action lawsuit against Fannie Mae and Freddie Mac, alleging the mortgage finance firms wrongly avoided paying transfer taxes in Maryland. In some instances, the companies have said they are exempt from the taxes (required to record documents, including deeds, at land records offices throughout the state) "because they are governmental entities or agencies," according to the county's complaint. But that's not true, claims the county.
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NEWS
November 19, 2013
U.S. banks don't come any bigger than JPMorgan Chase, so no one should be surprised by the size of its settlement with the U.S. Department of Justice that was announced today - $13 billion to end civil litigation regarding mortgage lending practices. The question people should be asking is whether that's enough to prevent such irresponsible behavior from happening again. In the run-up to the financial collapse, JPMorgan took subprime home loans made by other financial institutions and sold them to others, including Fannie Mae and Freddie Mac. Much of this was done by two companies JPMorgan acquired - Bear Stearns and Washington Mutual - both of which the company was encouraged to buy by Bush administration officials, including then-Treasury Secretary Hank Paulson.
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BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | January 21, 2011
Attorneys who handle foreclosures for Fannie Mae will be able to charge as much as $1,300 per case in the state starting next month, a nearly 40 percent jump that will make Maryland's fee one of the highest in the nation. The decision to increase the amount by $350 was met with concern Friday by Maryland regulators because it will be added to the total that struggling borrowers must pay to avert an auction. "The homeowner ultimately has to bear the cost of those fees," said Anne Balcer Norton, Maryland's deputy commissioner of financial regulation.
NEWS
Robert L. Ehrlich Jr | October 20, 2013
Those of you who read my first book ("Turn This Car Around") will recall my indictment of the many contributors to our historic mortgage industry meltdown and worldwide recession, AKA "The greatest financial crisis since the Great Depression," per President Barack Obama. The guilty (and greedy) included Wall Street rating houses that regularly awarded sub-prime or otherwise risky mortgage backed products their coveted AAA rating; the (formerly) powerful government sponsored enterprises, most notably Fannie Mae and Freddie Mac, that lowered their underwriting standards in order to purchase ever more low quality mortgages; brokers and other middle men who helped to steer marginal credit clients into obviously unaffordable mortgages; naive (or worse)
BUSINESS
October 27, 2002
The Fannie Mae Baltimore Partnership office has moved to the Suntrust Bank Building, 120 E. Baltimore St., Suite 1710, Baltimore, 21201. The phone number remains 410-659-1205.
NEWS
June 5, 2003
On June 2, 2003, FANNIE MAE COLE. Friends may call at the family-owned March Funeral Home West Inc., 4300 Wabash Ave., on Friday after 8:30 A.M., where the family will receive friends on Saturday at 11A.M., followed by funeral services at 11:30See: www.marchfh.com
BUSINESS
By Bloomberg News | May 23, 2007
WASHINGTON -- The House passed legislation yesterday creating a stronger regulator for Fannie Mae and Freddie Mac that falls short of constraints that the Bush administration sought to impose on the companies' combined $1.4 trillion in mortgage assets. The bill passed 313-104. The legislation gives a new regulator the power to alter reserve requirements for Fannie Mae and Freddie Mac, sell their assets in the event of default, bar them from new lines of business and force a reduction in the companies' mortgage assets when the portfolios threaten the soundness of the companies.
BUSINESS
By Dinah Zeiger and Dinah Zeiger,Knight-Ridder News Service | February 2, 1992
BOULDER, Colo. -- It's no secret: Home mortgages are cheap. You can now find 30-year, fixed-rate loans as low as 7 3/4 percent. And if you are really diligent, you can go even lower, down to 5 percent or 5 1/2 percent, by taking out an adjustable rate mortgage.In the rush to refinance out of double-digit mortgages, most homeowners choose fixed terms. But for some borrowers, ARMs are an attractive alternative. The catch is to not use such a loan to buy more house than you can afford. The Federal National Mortgage Association, the nation's largest supplier of mortgage money, wants to make sure you don't.
BUSINESS
By Jay Hancock | February 24, 2002
IF YOU wind up on the bad side of both Ralph Nader and Alan Greenspan, you must be doing something wrong. Mortgage financier Fannie Mae has accomplished it: bipartisan fear and loathing. For Democrats, Fannie Mae is a showcase of obscene executive salaries and massive corporate welfare that fails in its duty to spread homeownership as widely as possible among Americans of little means. For Republicans, Fannie represents patronage politics, government intrusion into the marketplace and the socialization of American home finance.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | May 30, 1996
WASHINGTON -- A report to Congress raised questions yesterday about whether the government should continue to provide financial benefits to two private companies established by the government to make mortgages more readily available to low- and middle-income homebuyers.The report by the Congressional Budget Office is certain to intensify a long-running debate over whether the companies, known as Fannie Mae and Freddie Mac, should retain an implicit government guarantee of the debt securities they issue in purchasing home mortgages from lenders and selling them to investors.
NEWS
By Eric John Abrahamson | May 28, 2013
As the five-year anniversary of the Lehman Bros. bankruptcy and the collapse of the mortgage market approaches, Americans are still struggling to cope with the consequences of the Great Recession. More than 4 million households have lost their homes to foreclosure. Millions of breadwinners are still out of work. Meanwhile, households have seen an estimated $2 trillion in wealth evaporate. Pundits and politicians have spent nearly five years pointing fingers, but too few have questioned the root cause of the crisis: a deeply held belief that Americans should own their own homes and that the government should help make that dream possible.
BUSINESS
By Steve Kilar and The Baltimore Sun | March 20, 2013
Maryland Attorney General Douglas F. Gansler and nine other attorneys general sent a letter Monday to President Obama and the U.S. Senate's leaders demanding new management at the government entity that oversees Fannie Mae and Freddie Mac. The housing finance firms, which have been controlled by the federal government since 2008, have become an “obstruction” to economic recovery, said the letter signed by Gansler and the attorneys general of...
BUSINESS
By Steve Kilar and The Baltimore Sun | January 8, 2013
Montgomery County on Monday filed a federal class action lawsuit against Fannie Mae and Freddie Mac, alleging the mortgage finance firms wrongly avoided paying transfer taxes in Maryland. In some instances, the companies have said they are exempt from the taxes (required to record documents, including deeds, at land records offices throughout the state) "because they are governmental entities or agencies," according to the county's complaint. But that's not true, claims the county.
BUSINESS
Yvonne Wenger | May 4, 2012
Housing experts say homeowners can wait as long as nine months to get approval to sell their home as a short sale, and efforts are underway to push lenders to give a prompt answer. HouseLogic says homebuyers may find themselves in the position of having to send multiple requests to their lender to ask for approval for them to sell their house for less than they owe while a potential buyer waits in the wings. HouseLogic, a service offered by the National Association of Realtors, provides information on homeownership, such as taxes and insurance.
BUSINESS
Jamie Smith Hopkins | May 2, 2012
Internal Fannie Mae documents show the mortgage financier was about to launch a principal reduction program in 2010 after determining that it would save taxpayers hundreds of millions of dollars, a Baltimore congressman says -- contradicting claims by Fannie's regulator that such a move would be costly. U.S. Reps. Elijah E. Cummings of Baltimore and John F. Tierney of Massachusetts, Democrats who sit on the House Committee on Oversight & Government Reform, sent a joint letter Tuesday to regulator Edward DeMarco demanding more information about why the program was "mysteriously terminated" in July 2010.
BUSINESS
By Hanah Cho, The Baltimore Sun | February 9, 2012
As the federal government and 49 states signed a landmark mortgage relief settlement Thursday, housing advocates and others pointed to shortcomings and raised questions about how the $25 billion plan would be able to provide relief to nearly 2 million current or former homeowners across the country. The nation's five largest loan servicers agreed to provide mortgage reductions, refinancing and other loan modification help to homeowners hurt by the housing collapse. Maryland is expected to receive nearly $1 billion, the sixth-largest share of the total amount, because it was among the states hardest hit by the wave of foreclosures, state Attorney General Douglas F. Gansler said.
NEWS
February 1, 2012
In its editorials and Dan Rodricks columns, The Sun continues to emphasize and underscore the big lie that banks or "predatory lenders" were the cause of the housing crash ("What took so long?" Jan. 26). "Predatory lending" is a term of relatively recent vintage, since prior generations tended to hold individuals responsible for the greed and ignorance that drove irresponsible decision-making. Far better to investigate Fannie Mae and Freddie Mac and Rep. Barney Frank for creating a bubble based on the idea that everyone should own a home.
NEWS
October 25, 2011
In 2009, President Barack Obama lifted the $400 billion cap off the bailout money that Freddie Mac and Fannie Mae could pass on to the taxpayers. Apparently, $400 billion wasn't enough. Fannie and Freddie are publicly owned. You and I own them and all the debt they are accumulating and passing on. At times, the administration has allowed companies like Warren Buffett's Berkshire Hathaway to "buy their losses," a process by which a company gets to reduce their tax burden by giving cash in exchange for the bad debt.
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