Easy money is narcotic

COLLEGE PARK, Md., Sept. 20 (UPI) -- Easy money is a painkiller, not a cure.
PETER MORICI, UPI Outside View Commentator

JPMorgan Chase to pay more than $700 million fine over trading losses

NEW YORK, Sept. 16 (UPI) -- Authorities are prepared to fine U.S. bank JPMorgan Chase more than $700 million in response to $6 billion in trading losses, sources told The New York Times.

Second quarter GDP revised higher

WASHINGTON, Aug. 29 (UPI) -- The U.S. economy grew at an annual rate of 2.5 percent in the second quarter of 2013, the Commerce Department said Thursday in the second of three estimates.

U.S. home prices rose in second quarter

WASHINGTON, Aug. 22 (UPI) -- Rising prices drove the U.S. Federal Housing Finance Agency House Price Index up 2.1 percent in the second quarter of 2013, its eighth straight quarterly gain.

FDIC to charge Sallie Mae with overcharging military personnel

WASHINGTON, Aug. 10 (UPI) -- The former U.S. government-sponsored financial firm known as Sallie Mae said regulators would soon accuse the firm with overcharging for student loans.
Tough choices behind Obama's mortgage initiative

Tough choices behind Obama's mortgage initiative

COLLEGE PARK, Md., Aug. 9 (UPI) -- U.S. President Barack Obama wants private banks to use depositor and investor funds to write 30-year, fixed-rate mortgages at affordable rates. He won't admit those goals and others imposed by Congress require the federal government to guarantee mortgages and banks against failure.
PETER MORICI, UPI Outside View Commentator
Fannie Mae to pay back $10.2B to Treasury

Fannie Mae to pay back $10.2B to Treasury

WASHINGTON, Aug. 8 (UPI) -- Fannie Mae said Thursday it turned a $10.1 billion profit and would pay that plus $100 million to the U.S. Treasury, shrinking its housing crisis bailout debt.
Obama outlines new push for U.S. housing industry

Obama outlines new push for U.S. housing industry

PHOENIX, Aug. 6 (UPI) -- The housing industry was ready for another push although with precautions to keep unqualified buyers out of the market, President Obama said Tuesday in Arizona.

U.S. home prices up modestly in May

WASHINGTON, July 23 (UPI) -- A U.S. home price index rose 0.7 percent April to May, the Federal Housing Finance Agency said Tuesday.

Jumbo loans bounce back

NEW YORK, July 12 (UPI) -- Those bigger than big U.S. home loans called jumbo loans are showing signs of a recovery, lending experts said.

Citigroup to pay Fannie Mae $968 million

WASHINGTON, July 1 (UPI) -- Citigroup said Monday it would pay the Federal National Mortgage Association $968 million to resolve claims concerning 3.7 million mortgages.
Report: Home prices find momentum in upswing

Report: Home prices find momentum in upswing

NEW YORK, June 25 (UPI) -- U.S. home prices headed higher in April, posting double-digit gains in a closely watched private report.

Banks cooking up another financial crisis

COLLEGE PARK, Md., June 17 (UPI) -- Wall Street is cooking up another crisis -- making shoddy loans and selling worthless securities to investors hungry for higher yields than certificates of deposit and government bonds offer.
PETER MORICI, UPI Outside View Commentator

FHFA: Home prices indicate market stability

WASHINGTON, May 23 (UPI) -- A U.S. home price index rose 1.9 percent in the first quarter, the Federal Housing Finance Agency said Thursday.

The almanac

UPI Almanac for Wednesday, May 8, 2013.
By United Press International
Page 2 of 8

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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