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By Randi F. Marshall and Randi F. Marshall,NEWSDAY | October 3, 2004
Homebuyers and sellers didn't need another worry, on top of the future of interest rates and the potential for a housing market slowdown. But the news that Fannie Mae - the nation's largest buyer of home loans - was being accused of accounting misdeeds gave some consumers something else to fret about. Will bankers become leery of making new loans? Will interest rates spike? Not likely, say mortgage bankers and other experts. Very little from Fannie Mae's troubles will trickle down to buyers or sellers - and anything that does shouldn't affect their housing plans.
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BUSINESS
By Lorraine Mirabella, The Baltimore Sun | May 19, 2011
Fewer Maryland homeowners were in foreclosure or behind on mortgage payments in the first quarter compared to the same period a year ago, reflecting a loan crisis on the mend, statistics released Thursday show. About 133,000 of the state's nearly 1.1 million residential loans, or 12.6 percent, were either in the foreclosure process or at least 30 days late at the end of March, a 9 percent drop from last year's first quarter, the Mortgage Bankers Association said. The survey, which the group says covers most but not all residential mortgages, showed continuing improvement in the market for Maryland borrowers.
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NEWS
July 24, 1995
A 757-unit apartment complex off Southbridge Drive will be renovated to provide affordable rental housing, county and federal officials have announced.The 26-building complex, called Valley Brook apartments, has been bought by the Corcoran Jennison Co., a Prince George's County developer.The complex is being renamed Villages at Marley Station.The acquisition and renovation of the complex is being financed, in part, by a mortgage revenue bond issued by the county and purchased by the Federal National Mortgage Association (Fannie Mae)
BUSINESS
By KEN HARNEY | November 16, 2008
What will it take to get consumers off the sidelines to buy more houses and help stimulate the economy? How about a mortgage at 2.99 percent fixed rate for 30 years for anyone who purchases a home before next July 1? Or how about a non-repayable federal tax credit of 10 percent of the home price up to $22,000? Would enticements like these be sufficient to shift you into buying mode? Alternatively, if you preferred a plan that cost the Treasury less, would you go for a mortgage in the 4 percent to 5 percent range, fixed for 30 years, along with a $7,500 tax credit?
NEWS
June 16, 1992
The Enterprise Foundation has received a $500,000 grant from the Fannie Mae Foundation for its "neighborhood transformation project" in West Baltimore's Sandtown-Winchester area.The grant will be used as the Enterprise Foundation and the city, in partnership with community leaders, try to improve housing, schools, health care and other services in Sandtown.The gift comes as former President Jimmy Carter and his wife, Rosalynn, are to be in Sandtown today to help renovate vacant houses as part of a Habitat for Humanity International project.
BUSINESS
By David Conn | September 27, 1991
Gov. William Donald Schaefer yesterday signed into law a bill that struck a delicate compromise between the companies that buy and sell mortgage-backed securities and the state officials who want freedom to regulate the securities.The bill exempts Maryland from a 1984 federal law intended to enhance the availability and affordability of home mortgages. The Secondary Mortgage Market Enhancement Act (SMMEA) required states to treat government securities, such as those issued by the Government National Mortgage Association (Ginnie Mae)
BUSINESS
By Thomas Easton and Thomas Easton,Sun Staff Correspondent | September 12, 1991
WASHINGTON -- A Senate panel on securities opened hearings yesterday on the Salomon Brothers treasury bond scandal, hoping to hear about the inner workings of the primary market for the government's $2.3 trillion debt.But out of the 39 participants in the market, only Warren Buffett, the newly installed chief executive of Salomon, showed up.The rest, it emerged in response to irate inquiries by senators, had been subpoenaed by the Securities and Exchange Commission or had forsworn attendance on the advice of legal counsel.
NEWS
By Karen Masterson and Karen Masterson,SUN STAFF | September 28, 1997
Due to an editing error, an article in Sunday's Maryland section incorrectly reported that Fannie Mae, the Federal National Mortgage Association, sponsored a homeowners fair Saturday. In fact, the event was sponsored by the Fannie Mae Foundation, a private, nonprofit organization.The Sun regrets the error.The Baltimore Convention Center was packed with would-be homeowners yesterday for a fair geared to minority and low- and middle-income buyers.Seventy area real estate agents, credit and mortgage agencies, nonprofit housing-development groups and offices of the Department of Housing and Community Development set up booths and dispensed advice.
BUSINESS
By David I. Turner and David I. Turner,Knight-Ridder News Service | May 17, 1992
Some first-time homebuyers who cannot qualify for a regular mortgage may be able to get a loan through a program run by the Federal National Mortgage Association (Fannie Mae).The Community Home Buyer's Program was designed to help low- and moderate-income buyers, according to Geoffrey Smith, director of low- and moderate-income housing for Fannie Mae's Northeast Regional Office, in Philadelphia. He said that typically about two-thirds of the borrowers in such Fannie Mae programs are first-time buyers.
BUSINESS
July 14, 1996
MGIC, Fannie Mae agree to a 'first'Mortgage Guaranty Insurance Corp. (MGIC), the nation's BTC leading provider of private mortgage insurance, and the Federal National Mortgage Association (Fannie Mae), the nation's largest source of home mortgage funds, announced last week that MGIC's contract underwriting affiliate will offer mortgage lenders access to Fannie Mae's Desktop Underwriter computer program.Under the agreement, the first of its kind nationwide, mortgage applications approved by MGIC's contract underwriting affiliate using Desktop Underwriter will have Fannie Mae's approval for purchase or securitization.
BUSINESS
By Ken Harvey and Ken Harvey,earthlink | July 20, 2007
Leonardo Simpser has blunt advice for homebuyers considering a funny-money subprime loan requiring no documentation: Don't! "If you can't afford to buy a house," he says, "don't buy a house." And definitely don't sign up for a mortgage that promises to make the unaffordable affordable. Simpser holds a key position in the American mortgage market. He is managing director of the Hispanic National Mortgage Association (HNMA), a major new funding channel connecting Latinos and other communities with Wall Street and the global capital markets.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | December 7, 2006
Fannie Mae, the largest buyer of American mortgages, said yesterday that it would reduce its earnings by $6.3 billion to correct several years of accounting problems in one of the nation's biggest financial scandals. Federal regulators said they planned to file a lawsuit before the end of the year in an effort to recover millions of dollars from Fannie Mae's former top two executives, whose bonuses were tied to the manipulated earnings. Franklin D. Raines, the former chairman and chief executive, and J. Timothy Howard, who had been chief financial officer, were ousted from the company in December 2004, and investigators have laid much of the blame on their shoulders.
BUSINESS
By Randi F. Marshall and Randi F. Marshall,NEWSDAY | October 3, 2004
Homebuyers and sellers didn't need another worry, on top of the future of interest rates and the potential for a housing market slowdown. But the news that Fannie Mae - the nation's largest buyer of home loans - was being accused of accounting misdeeds gave some consumers something else to fret about. Will bankers become leery of making new loans? Will interest rates spike? Not likely, say mortgage bankers and other experts. Very little from Fannie Mae's troubles will trickle down to buyers or sellers - and anything that does shouldn't affect their housing plans.
NEWS
By Erin Texeira and Erin Texeira,SUN STAFF | February 28, 1999
Charles and Silvine Dett of Woodlawn are not civil rights activists or NAACP members, but first thing yesterday they went to NAACP national headquarters ready for action.They've repaired their credit rating and are ready to buy their first home.They were two of about 100 Baltimore-area residents who gathered yesterday at the NAACP's Economic Empowerment Summit to learn about strengthening their financial lives through homeownership, personal investing and business loans.The educational workshops, which are free, are part of a larger program organized by the civil rights organization and financial institutions to teach people the ins and outs of building personal wealth.
NEWS
By Karen Masterson and Karen Masterson,SUN STAFF | September 28, 1997
Due to an editing error, an article in Sunday's Maryland section incorrectly reported that Fannie Mae, the Federal National Mortgage Association, sponsored a homeowners fair Saturday. In fact, the event was sponsored by the Fannie Mae Foundation, a private, nonprofit organization.The Sun regrets the error.The Baltimore Convention Center was packed with would-be homeowners yesterday for a fair geared to minority and low- and middle-income buyers.Seventy area real estate agents, credit and mortgage agencies, nonprofit housing-development groups and offices of the Department of Housing and Community Development set up booths and dispensed advice.
BUSINESS
By Robert Nusgart and Robert Nusgart,SUN REAL ESTATE EDITOR | July 13, 1997
In a effort to keep pace with the ever-growing and ever-changing senior population of America, Fannie Mae has put a new wrinkle into its reverse mortgage program that now makes it possible to use that product for purchasing a new home and not being saddled with mortgage payments.The program, "Home Keeper for Home Purchase," was introduced Thursday by Robert J. Sahadi, vice president for product development for Fannie Mae. The product is available in the Baltimore market through Unity Mortgage in Columbia, GMAC Financing and branches of Norwest Mortgage.
BUSINESS
By JANE BRYANT QUINN and JANE BRYANT QUINN,Washington Post Writers Group | March 29, 1992
New York -- Conservative investors are being bombarded with a pitch for what sounds like the dream buy: a package of triple-A mortgages, with principal and interest guaranteed, yielding an unusually high rate of interest.I, too, have listened to one of those pitches, from a stockbroker making a cold call. When I asked what's the catch, the broker said there wasn't one. "Your only risk," he joked, "is that you'll get your money back too soon."These brokers are touting something called a "collateralized mortgage obligation," although those ponderous words may never cross their lips.
NEWS
By WERNER RENBERG | October 18, 1992
If you're one of the many people who replaced a high fixed-rate mortgage with an adjustable-rate mortgage (ARM) to take advantage of falling interest rates in recent years, you're probably glad you did.But what if you bought shares in a mutual fund that has invested in securities collateralized by ARMs?You may be less pleased with your decision -- thus far.ARM interest rates are reset at intervals of a year or less -- within limits -- on the basis of the fluctuating rates for short-term U.S. Treasury securities or certain indexes reflecting other short-term rates.
BUSINESS
By Jane Bryant Quinn and Jane Bryant Quinn,Washington Post Writers Group | May 5, 1997
WHEN THE reverse mortgage was designed, everyone agreed -- industry, government and consumer groups -- to be especially careful.These loans are aimed at a potentially vulnerable group: the elderly with small incomes but substantial cash locked up in their homes. No one wanted slick salespeople moving in, pocketing some of that cash themselves. So they surrounded these loans with consumer protections.For example, before taking a reverse mortgage you have to go through counseling to have all your options explained.
NEWS
By Jay Hancock and Jay Hancock,SUN STAFF | March 8, 1997
The remarkable U.S. economy kept chugging in February, adding the most jobs since May, leaving fewer people unemployed and adding to the suspense over future interest rates.The country had 339,000 more jobs last month than it did in January, after adjustments for seasonal rhythms, the Labor Department said yesterday.That's about 100,000 more than many analysts expected, and it suggests that the current economic expansion will blow past its sixth birthday this spring and aim toward a seventh.
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