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Bailout Blues.(Editorial)
The federal government has created a template for widespread loan modifications with the FDIC's bold gambit to rescue thousands of IndyMac borrowers from potentially toxic option-ARM loans. The gist is this: refinance them into a fixed-rate loan at the prevailing Freddie Mac rate so long as the resulting payments do not exceed 38% of the homeowner's income. If the principal, interest, taxes and insurance monthly bill still exceeds 38%, the interest rate may be reduced or other terms adjusted to meet that 38% threshold. In some cases, the FDIC may even consider reducing the principal amount of the mortgage.
The $700 billion financial rescue package (or bailout, depending upon what nomenclature you prefer) recently enacted by Congress also paves the way for more streamlined modifications. With the new law, the FDIC's growing role in the management of troubled banks, and the takeover of Fannie Mae and Freddie Mac, it's clear that the federal government is poised to play a major role in determining how servicers, and investors, respond to the burgeoning number of homeowners who are likely to ...
- Fifth Third Mortgage Company Refinances More Freddie Mac Loans Than Any Other...
- Press release article from: PR Newswire May 4, 2009 700+ words
...more than $21 million Freddie Mac-owned or guaranteed mortgages through the Freddie Mac Relief Refinance(SM...lenders. Over the years, Freddie Mac has made home possible...symbol "FITB." Member FDIC. Equal Housing Lender...
- Zacks Analyst Blog Highlights: Bank of America Corp., Colonial Bancgroup Inc.,...
- Newspaper article from: Zacks Investment Research - August 17, 2009 700+ words
...Bancgroup Inc. ( ), Freddie Mac ( ), BB&T Corp...1 billion it owed to Freddie Mac ( ). Bank of America...proceeds it received from Freddie Mac for buying mortgage and...Insurance Corporation (FDIC) to take it over. If...
- A dogged pursuit: two longtime advocates for shoring up the foundation on which...
- Magazine article from: Mortgage Banking Schiavone, Louise L. May 1, 2005 700+ words
...investigated Fannie Mae and Freddie Mac and the adequacy of their...GSEs) Fannie Mae and Freddie Mac. The effort has the support...I had written the FDIC [Federal Deposit Insurance...nation, Fannie Mae and Freddie Mac had engaged an army of...
- Former Freddie Mac National Director Partners with Billion Dollar Investment...
- Newspaper article from: Biotech Week July 1, 2009 700+ words
...community development leader and former Freddie Mac National Director of Expanding Markets...government now, as we did by the FDIC and RTC during that time. Vaughn...Finance, Financial, Foreclosure, Freddie Mac, Government, Investing, Investment...
- Columbia Business School Economists Offer Plan for Stabilizing House Prices;...
- News wire article from: AScribe Law News Service October 2, 2008 700+ words
...at 5.25 percent through Fannie Mae and Freddie Mac, under the conservatorship of the U.S...assets already owned or guaranteed by the FDIC, the Fed, the Treasury, Fannie Mae and Freddie Mac, by putting a floor under house prices...
- Whispers.(Constance Jameson joins Jones, Day, Reavis and Pogue)(Shaker Sundaram...
- Newspaper article from: Asset Securitization Report September 30, 2002 700+ words
For the FDIC's exclusive three-page comment on...based capital rule for Fannie Mae and Freddie Mac. The comment period has been extended...The challenge to Fannie Mae's and Freddie Mac's favored status is not a new debate...
- Intermountain Community Bancorp Announces No Exposure to Fannie Mae or Freddie...
- Press release article from: Business Wire September 19, 2008 700+ words
...or the Federal Home Loan Mortgage Corporation (FHMLC or "Freddie Mac"). As a result, it has no exposure to these securities...capital ratios as of June 30, 2008 are well in excess of the FDIC's guidelines for 'well-capitalized' banks," he noted...
- Freddie Mac Grants Three-Month Suspension of Mortgage Payments for Borrowers...
- Press release article from: PR Newswire September 8, 2005 700+ words
...Va., Sept. 8 /PRNewswire/ -- Freddie Mac today announced several special policies...the victims of this disaster," said Freddie Mac Chairman and CEO Richard F. Syron...will apply to every borrower with a Freddie Mac-owned single family mortgage in these...
Source: HighBeam Research, Bailout Blues.(Editorial)