Fannie Mae

PSC begins hearing on Constellation-EDF Constellation Energy Group has acceded to state energy regulators' investigation of whether its $4.5 billion merger with France's largest utility, Electricite de France, will have an impact on the region's regulated utility, Baltimore Gas and Electric Co. But it is asking the Public Service Commission to make an expedited decision by May 31, so as not to threaten the closing of the deal and the financial condition of...

Though the final operational guidelines of the Obama administration's foreclosure-avoidance programs won't be released until Wednesday, key details have begun surfacing on the refinancing opportunities that will be available to an estimated 4 million to 5 million homeowners whose mortgages are owned or guaranteed by Fannie Mae and Freddie Mac. Under the Obama plan, borrowers who have made their monthly payments on time but are saddled with interest rates...

Baltimore developer Struever Bros. Eccles & Rouse, known for decades of urban revitalization projects throughout the city and elsewhere, faces more than $5.5 million in loan defaults, court records show. National City Bank is seeking $5.3 million for a commercial loan made to Struever Bros. in 2007, including $5 million in unpaid principal, plus interest, according to a lawsuit in Baltimore Circuit Court. The developer also has defaulted on a $5.5 million revolving loan that Fannie Mae approved in 2004 through its American Communities Fund and owes more than $557,000, according to a lawsuit filed in Baltimore Circuit Court.

Daschle amends tax returns to report more 4 WASHINGTON: Former Sen. Tom Daschle, picked by President Barack Obama to lead his health reform efforts, recently filed amended tax returns to report $128,203 in unpaid taxes and $11,964 in interest, according to a Senate document obtained by the Associated Press. The White House acknowledged yesterday that "some tax issues" had emerged in connection with the nomination, but a spokesman said the president is confident the former Senate Democratic leader will be confirmed as the new health secretary.

As we get ready to say goodbye to 2008, it's worth looking back at the year that was for home buyers, sellers and owners. Frankly, I wouldn't be surprised if this year goes down as one of the worst ever for housing since the Great Depression. Housing values fell by double-digits in many metropolitan areas. Housing starts virtually stopped. Inventories of new and existing homes grew dramatically. Mortgage interest rates remained relatively high, even as the short-term Federal Funds rate plunged to nearly zero by the end of December.

Here's some good news for homeowners facing tough financial times: You no longer have to miss two to three months of payments before your mortgage company can modify your unaffordable loan terms. Starting immediately, Fannie Mae - the mortgage giant with an estimated 18 million home loans in its portfolio or in mortgage bond pools it guarantees - will allow borrowers who face imminent financial difficulties to request "early workout" loan alterations, even if they've never been late. The policy change could help thousands of people who are losing jobs or facing layoffs as the recession crunches onward.

As the economy slumps, one Maryland bank has not only stayed out of trouble but has burnished the kind of 24-karat lending record that rivals would covet even in a boom. Bowie-based Old Line Bank has lent more than $200 million to local homebuilders, hoteliers, auto repair shops, lawyers, homebuyers and landscapers. But as banks fail nationwide at the greatest rate since 1993, so far every one of Old Line's borrowers is paying interest and principal as planned. A church that was behind on payments is catching up. Other than that, Old Line has zero "nonperforming" loans, defined as at least 90 days overdue.

WASHINGTON - In an attempt to keep struggling homeowners from losing their houses, federal officials announced yesterday a simpler and quicker procedure for modifying loans held by mortgage giants Fannie Mae and Freddie Mac and expressed hope that it would be adopted by the entire industry. The plan targets people who have missed three or more mortgage payments, live in the home and have not filed for bankruptcy protection. The goal is to make cut the payments to no more than 38 percent of a household's monthly gross income by reducing the interest rate, deferring payments on part of the principal and extending the term of the loan to as long as 40 years.

Credit squeeze, credit freeze, credit system seizures: Everybody knows how severe and painful the global financial breakdown has been - with banks unwilling to lend even to other banks. But what about mortgages and real estate? Can you still get a home loan with less than a 20 percent or 30 percent down payment? Or with a credit score below 720? Absolutely. It would be a big stretch to label housing the sunny side of the market at the moment, but there's a lot more light there than in most other financial sectors.