The Archives
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12.12.08A mixed bag on foreclosuresForeclosure filings dropped 7 percent last month, according to the most-recent report from RealtyTrac. But don’t start celebrating an end to the housing meltdown quite yet. While a drop in the number of foreclosures certainly is a good thing, the numbers indicate that this is simply a lull in the storm. November’s foreclosure filings fell to one in every 488 homes in the nation. While down from October, the pace of foreclosures was still 28 percent above last year. And that drop in November? Primarily due to temporary foreclosure prevention efforts such as Fannie Mae and Freddie Mac’s “keep your home for the ...
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11.14.08Freddie posts $25 Billion lossFrom CNN: Freddie Mac reported a $25 billion quarterly loss Friday that forced the mortgage finance giant to tap $100 billion in bailout money set aside by the government. The loss triggered a $13.8 billion Treasury Department investment in Freddie (FRE, Fortune 500). The firm is likely to get the money by the end of the month; Treasury will receive preferred shares in return. A Treasury spokeswoman did not have any immediate comment. Treasury and regulator Federal Home Finance Authority announced on Sept. 7 that they had taken control of Freddie and Fannie Mae, the other giant mortgage finance company, when it became clear ...
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09.08.08Is the Fannie/Freddie bailout the end of real estate woes?With this weekend’s seizure of Fannie Mae and Freddie Mac by the government, many were celebrating the end of the housing crisis. Certainly, the takeover of the two GSEs – who between them have lost around $12 billion since last summer – is an historic move by the government to prop up a housing industry that is weathering its worst downturn since the great depression. And it shows a long-term commitment by the government, and by extension us the taxpayers, to keeping the housing gears going. But it is certainly not a miracle cure for all that is ailing the real estate ...
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09.07.08Govenrment bailout for Fannie and FreddieToday, officials of the Federal government announced that both Fannie Mae and Freddie Mac, pivotal players in the secondary mortgage market, are being placed under the direct control of the government. The plan, announced by Tresury Secretary Henry Paulson, places the two GSEs into "conservatorship" - with oversight by the Federal Housing Finance Agency. Between the two, Fannie and Freddie back $5 trillion in home loans, but both companies have come under increasing financial pressure as the real estate industry has imploded over the past year. We’d love to be your Closing Attorneys in Georgia. Want to know more? Contact us and we’ll be happy to ...