Search results
Results from the WOW.Com Content Network
In addition, FIRREA gives both Freddie Mac and Fannie Mae additional responsibility to support mortgages for low- and moderate-income families (12 U.S.C §1441a–2(b). Authorization for State housing finance agencies and nonprofit entities to purchase mortgage-related assets - Investment requirement).
Today, Ginnie Mae securities are the only mortgage-backed securities that are backed by the "full faith and credit" guaranty of the United States government, although some have argued that Fannie Mae and Freddie Mac securities are de facto or "effective" beneficiaries of this guarantee after the US government rescued them from insolvency in ...
Fannie Mae created a liquid secondary mortgage market and thereby made it possible for banks and other loan originators to issue more housing loans, primarily by buying Federal Housing Administration (FHA) insured mortgages. [11] For the first thirty years following its inception, Fannie Mae held a monopoly over the secondary mortgage market. [10]
An FNMA loan, aka a conforming loan or Fannie Mae-backed mortgage, is a loan or mortgage that has been sold to the Federal National Mortgage Association (FNMA, or Fannie Mae) — or one that meets ...
The July 30, 2008, law enabling expanded regulatory authority over Fannie Mae and Freddie Mac increased the national debt ceiling by US$800 billion, to a total of US$10.7 trillion in anticipation of the potential need for the Treasury to have the flexibility to support the federal home loan banks.
Last year, 56% of older homeowners said they’d never sell their homes, according to Fannie Mae. And only 15% said they’d consider using their home’s equity for extra money during retirement.
A warranty doesn’t cover windows, doors, floors or other structural features. Nor does it cover smaller or freestanding appliances, like countertop ovens or trash compactors.
In the U.S., the fixed rate mortgage term is usually up to 30 years (15 and 30 being the most common), although longer terms may be offered in certain circumstances. Freddie Mac conducts a weekly survey of lenders on the rates and points for the most popular mortgage products. [7]