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Home prices up 11.3 percent in 2013

WASHINGTON, Feb. 25 (UPI) -- U.S. home prices rose 11.3 percent in 2013, the closely watched S&P/Case-Shiller Home Price Index report said Tuesday.

Home prices rose marginally in November

WASHINGTON, Jan. 23 (UPI) -- U.S. home prices rose 0.1 percent in November, the Federal Housing Finance Agency said Thursday.

FHFA settlements for 2013 reached $7.9 billion

WASHINGTON, Jan. 2 (UPI) -- The U.S. Federal Housing Finance Agency said Thursday it had collected $7.9 billion in settlements from financial firms in 2013.
Countrywide to cost BofA 30 times its purchase price

Countrywide to cost BofA 30 times its purchase price

CHARLOTTE, N.C., Dec. 27 (UPI) -- Bank of America could pay 30 times what it paid for Countrywide Financial Corp. in fines and fees connected to the deal, the U.S. bank's figures show.

Home prices rose in October

WASHINGTON, Dec. 24 (UPI) -- U.S. home prices rose 0.5 percent in October from September, the Federal Housing Finance Agency said Tuesday.
Home prices make solid gains in third quarter

Home prices make solid gains in third quarter

NEW YORK, Nov. 26 (UPI) -- U.S. home prices posted gains in the third quarter, private and public reports released Tuesday show.
Fannie Mae files suit against nine banks

Fannie Mae files suit against nine banks

NEW YORK, Oct. 31 (UPI) -- The Federal National Mortgage Association, known as Fannie Mae, sued nine banks Thursday for manipulating a key benchmark lending rate.

Commentary: Costly greed

WASHINGTON, Oct. 28 (UPI) -- Wall Street greed coupled with dire online warnings of financial disasters to come paint a grim picture of the state of democratic capitalism.
ARNAUD DE BORCHGRAVE, UPI Editor at Large
JPMorgan Chase reaches $5.1 billion agreement with FHFA

JPMorgan Chase reaches $5.1 billion agreement with FHFA

NEW YORK, Oct. 26 (UPI) -- U.S. financial giant JPMorgan Chase said it agreed to pay $4 billion to resolve litigation issues with the Federal Housing Finance Agency.
Jury finds Bank of America guilty of loan fraud

Jury finds Bank of America guilty of loan fraud

NEW YORK, Oct. 23 (UPI) -- A Manhattan jury found Bank of America guilty of fraud by purchasing Countywide Financial, which, in 2007, rushed to sell loans to national mortgage brokers.
Home prices up slightly in August

Home prices up slightly in August

WASHINGTON, Oct. 23 (UPI) -- The U.S. Federal Housing Finance Agency's House Price Index rose 0.3 percent in August with prices now higher for 19 consecutive months, the agency said.

Report: JPM, Justice Dept. reach $13B settlement

WASHINGTON, Oct. 19 (UPI) -- JPMorgan Chase & Co. has tentatively agreed to pay $13 billion to settle civil complaints in its mortgage securities business, U.S. officials said.
Strength of housing recovery questioned

Strength of housing recovery questioned

NEW YORK, Sept. 30 (UPI) -- The recovery in the U.S. housing market could run out of steam if it depends on investors to carry it along, an economic report explains.

JPMorgan Chase could face fine of $11 billion or more

WASHINGTON, Sept. 27 (UPI) -- A Department of Justice settlement with JPMorgan Chase could result in a fine of more than $11 billion, sources told The Wall Street Journal.

June to July, home prices rise

WASHINGTON, Sept. 24 (UPI) -- Home prices rose from June to July, a government agency and a private firm reported Tuesday.
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Wiki

The Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, is a stockholder-owned corporation chartered by Congress in 1968 as a government-sponsored enterprise (GSE), but founded in 1938 during the Great Depression. The corporation's purpose is to purchase and securitize mortgages in order to ensure that funds are consistently available to the institutions that lend money to home buyers.

On September 7, 2008, James Lockhart, director of the Federal Housing Finance Agency (FHFA), announced that Fannie Mae and Freddie Mac were being placed into conservatorship of the FHFA. The action is "one of the most sweeping government interventions in private financial markets in decades". As of 2008, Fannie Mae and the Federal Home Loan Mortgage Corporation (Freddie Mac) owned or guaranteed about half of the U.S.'s $12 trillion mortgage market.

Fannie Mae was established in 1938 as a mechanism to make mortgages more available to low-income families. It was added to the Federal Home Mortgage association, a government agency in the wake of the Great Depression in 1938, as part of Franklin Delano Roosevelt's New Deal in order to facilitate liquidity within the mortgage market. In 1968, the government converted Fannie Mae into a private shareholder-owned corporation in order to remove its activity from the annual balance sheet of the federal budget. Consequently, Fannie Mae ceased to be the guarantor of government-issued mortgages, and that responsibility was transferred to the new Government National Mortgage Association (Ginnie Mae). In 1970, the government created the Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, to compete with Fannie Mae and, thus, facilitate a more robust and efficient secondary mortgage market. Since the creation of the GSEs, there has been debate surrounding their role in the mortgage market, their relationship with the government, and whether or not they are indeed necessary. This debate gained relevance due to the collapse of the U.S. housing market and subprime mortgage crisis that began in 2007. Despite this debate, Fannie Mae, as well as Ginnie Mae and later Freddie Mac, has played an integral part in the development of what was the most successful mortgage market in the world which has allowed U.S. citizens to benefit from one of the highest home ownership percentages in the world

This article is licensed under the GNU Free Documentation License.
It uses material from the Wikipedia article "Federal National Mortgage Association."
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