quote:

Freddie to Tap $30.8 Billion in Aid as Losses Deepen
By Dawn Kopecki

March 11 (Bloomberg) -- Freddie Mac, the mortgage-finance company thrust into a leading role in President Barack Obama’s homeowner rescue plans, said it will tap $30.8 billion in federal aid as its loan holdings and other assets deteriorated.

The company, which owns or guarantees more than 20 percent of U.S. home loans, today posted a wider fourth-quarter net loss of $23.9 billion, or $7.37 a share. The results pushed the value of Freddie’s assets below its liabilities, the McLean, Virginia- based company said in a statement, and come as Chief Executive Officer David Moffett leaves after six months on the job.

“These numbers are so mind-boggling,” said Paul Miller, an analyst at FBR Capital Markets in Arlington, Virginia, who stopped giving estimates for Freddie after the company was seized by regulators on Sept. 6. “You can’t even begin to analyze it.”

Freddie’s ability to return to profitability depends on how long the government keeps using the company to push its housing agendas, Miller said. Freddie and larger competitor Fannie Mae have been pressured to carry out policy initiatives, including offering low-cost mortgage refinancings, since the government takeover. The often conflicting demands of appeasing regulators and pursuing profit may have led Moffett to resign, Miller said.

“They want these guys to refi mortgages without new appraisals and to keep mortgage rates very low; those are not sound business decisions,” Miller said. “They are being used as a public policy tool to save the housing market. That is just going to make it more difficult for them to be floated out as public companies down the road.”

Housing Slump

Freddie earlier today named non-executive Chairman John A. Koskinen, 69, as interim CEO, and said it would work with its conservator, the Federal Housing Finance Agency, to find a permanent replacement for Moffett.

The company said its net worth, or the difference between assets and liabilities, declined to negative $30.6 billion as of Dec. 31 from negative $13.7 billion on Sept. 30. Freddie took $13.8 billion in aid from the Treasury in November. The year-ago fourth-quarter loss was $2.4 billion, or $3.97 a share.

Washington-based Fannie said Feb. 26 it would draw $15.2 billion in Treasury capital and raised the possibility of asking for more after posting a $25.2 billion fourth-quarter net loss.

Freddie and Fannie, which own or guarantee $5.2 trillion of the $12 trillion U.S. residential mortgage market, are part of Obama’s plan to help 9 million Americans avoid foreclosure amid the worst housing slump since the Great Depression.

‘Deteriorating Effect’

The Obama administration on March 4 said a program using Fannie and Freddie to refinance as many as 5 million loans would have the companies buy mortgages on properties that have less than 20 percent equity without requiring new appraisals or additional mortgage insurance.

The plan also requires the government-sponsored enterprises, or GSEs, to pay mortgage servicers and borrowers fees to modify troubled loans. Fannie said in its earnings statement that the costs “ will be substantial, and these programs would therefore likely have a material adverse effect on our business, results of operations, financial condition and net worth.”

U.S. Representative Scott Garrett, a New Jersey Republican, said in a statement last week that the refinancing program violates the law and will “have a deteriorating effect on the GSEs, which will result in a higher risk to the taxpayer.”

Writedowns and Losses

Fannie and Freddie were chartered by the government -- and later sold to shareholders -- primarily to lower the cost of homeownership. The companies buy mortgages from lenders, freeing up cash at banks to make more loans. They profit on the difference between their cost of borrowing and the yield on the debt. They also guarantee and package loans as securities for a fee.

Their losses have surged as the U.S. recession cut property values, boosted foreclosures and slowed home sales. In the fourth quarter, Freddie took a $7.2 billion provision for credit losses and expenses, up from $6 billion in the third quarter, and had $13.3 billion in net mark-to-market writedowns mostly because the value of derivatives, mortgage assets and guarantees declined.

FHFA put the companies under its control and forced out management after examiners said the two may be at risk of failing. JPMorgan Chase & Co. CEO Jamie Dimon, speaking before the U.S. Chamber of Commerce in Washington today, called Fannie and Freddie’s growth and collapse “perhaps the largest regulatory failure of all time.”

Moffett Leaves

The Treasury in September pledged to buy $100 billion of each company’s preferred stock as needed when the value of their assets drops below the amount they owe on obligations. On Feb. 18, it doubled that funding commitment.

Moffett, 57, was tapped by regulators to be CEO. The former Carlyle Group executive who was once vice chairman of U.S. Bancorp, “indicated that he wants to return to a role in the financial-services sector,” Freddie said March 2.

Koskinen, a former deputy director of the White House budget office, was also brought in after the takeover to restructure the board and help with oversight of the company. He will return to his position as non-executive chairman once a permanent CEO is found. Director Robert Glauber is filling in as chairman.

Fannie and Freddie shares, which were above $30 in March 2008, have been trading at less than $1 since December. Freddie closed today at 42 cents in New York Stock Exchange composite trading. Fannie was at 39 cents.

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ingepompd

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Op donderdag 12 maart 2009 01:09 schreef sneakypete het volgende:
De vrouwelijke naam van deze twee liefdadigheidsinstellingen verraadt al dat er iets mis moet zijn.
En wat blijkt? Het economische sexisme wraakt zich weer doordat deze banken er eerst een potje van maken en daarna erom vragen om lekker volgepompt te worden door de mannelijke centrale bank.

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Op woensdag 11 maart 2009 23:49 schreef digitaLL het volgende:
Uit de dikgedrukte teksten blijk dat reckless lending nu niet meer door investeerders maar door de overheid wordt overgenomen ten laste van de belastingbetalers.

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Op donderdag 12 maart 2009 19:14 schreef SeLang het volgende:
De USA zijn een socialistische planeconomie geworden.

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Foreign Demand for Long-Term U.S. Assets Weakens

Vincent Del Giudice

March 16 (Bloomberg) -- International demand for long-term U.S. financial assets fell in January, reflecting sales of corporate and government agency debt and China’s smallest net purchase since May.

Net sales of long-term equities, notes and bonds totaled $43 billion, compared with buying of $34.7 billion in December, the Treasury said today in Washington. Including short-term securities such as stock swaps, foreigners sold a net $148.9 billion, after net buying of $86.2 billion the prior month.

China, the U.S. government’s largest creditor, is “worried” about its holdings of Treasuries and wants assurances that the investment is safe, Premier Wen Jiabao said last week. President Barack Obama is relying on China to sustain buying of Treasuries amid record amounts of debt sales to fund a $787 billion stimulus package.

“There was a stampede by foreign investors to exit their U.S. dollar investments,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. “Everyone wants to bring their money home. It’s not about return on capital. It’s whether you can get your capital back.”

Economists predicted international investors would buy a net $45 billion of long-term securities in January, based on the median of five estimates in a Bloomberg News survey.

International investors sold a net $8.4 billion in U.S. corporate debt in January, the report showed. Net foreign purchases of Treasury notes and bonds were a net $10.7 billion in January after buying of $15 billion a month earlier.

Agency Debt

Foreign demand for U.S. agency debt from companies such as Fannie Mae and Freddie Mac continued to slide, with net sales of $22.5 billion, the fourth straight month of selling.

Net foreign purchases of U.S. equities were $1.4 billion in January, after net purchases of $3.9 billion the previous month.


.........
.

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Op maandag 16 maart 2009 23:59 schreef digitaLL het volgende:

[..]

Bloomberg

Ra ra wie die gaten opvult.
Juist ome Bernanke want het gaat zo goed met de geldpers dat een paar extra palletjes dollars printen geen probleem is.

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Fed to Buy $300 Billion of Longer-Term Treasuries

The Federal Reserve opened a new front in its battle to bring down borrowing costs across the economy, pledging to buy as much as $300 billion of Treasuries and stepping up purchases of mortgage bonds.

The announcement following the Federal Open Market Committee meeting today in Washington spurred the biggest rally in longer-dated Treasuries in decades. Officials unanimously voted to expand the Fed’s balance sheet up to $1.15 trillion, and said they may broaden a program aimed at boosting consumer loans to include other assets, today’s statement showed.

With today’s move, the Fed has committed to buy or loan against everything from corporate debt, mortgages and consumer loans to government debt, after cutting its benchmark interest rate to zero failed to end the credit crunch. The unprecedented campaign comes after a worsening recession sent the unemployment rate up to a quarter-century high of 8.1 percent.

“The FOMC may believe the economy is nowhere near a bottom,” William Poole, former president of the St. Louis Fed, said in an interview today with Bloomberg News. “The Fed is engaging in a massive quantitative easing.”

Quantitative easing refers to using injections of funds into the economy as the main policy tool. Poole is now a senior economic adviser to Merk Investments LLC in Palo Alto, California, and a contributor to Bloomberg News.
......


The Fed has cut the benchmark rate from 5.25 percent, beginning in September 2007, as credit froze and the economy buckled. Policy makers are now focused on how to further channel money to the economy.The Fed has already committed to buying $600 billion of mortgage-backed securities and bonds sold by government-sponsored housing agencies.

quote:

Freddie lost more than $50.1 billion last year and has so far requested $44.6 billion in capital from Treasury. Fannie booked $58.7 billion in losses last year and said it needs $15.2 billion in aid.

“As the previous senior management teams left, it would have been catastrophic to lose the next layers down and other highly experienced employees,” Lockhart said in a March 18 e- mailed statement, noting that the companies purchased 73 percent of all mortgages originated last year. Lockhart said “it was critical to retain their most important asset -- their employees -- who are being asked to play a vital role in the nation’s economic recovery.

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Op vrijdag 20 maart 2009 20:21 schreef sitting_elfling het volgende:
En het probleem is? verwachte inflatie? Het feit dat de USA fanny en freddo nooit hebben moeten oprichten?

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Fannie, Freddie Need Less Aid With Accounting Change, FHFA Says


By Dawn Kopecki

April 2 (Bloomberg) -- Fannie Mae and Freddie Mac, the mortgage-finance companies that have taken $60 billion in taxpayer-funded capital, will have less need for additional aid under new accounting rules for losses, their regulator said.

The Financial Accounting Standards Board, or FASB,approved rules today that give financial companies more latitude to use their judgment, instead of market prices, in determining changes in the value of assets, including mortgage-backed securities. The rule can be applied to first-quarter results and beyond.

The change has “the potential to have a positive effect on both earnings and shareholders’ equity, which would decrease potential future draws” by Fannie and Freddie from a $400 billion emergency Treasury fund, Corrine Russell, a spokeswoman for the Federal Housing Finance Agency, said in an interview.

The Treasury on March 31 injected $15.2 billion into Washington-based Fannie and $30.8 billion into McLean, Virginia- based Freddie, the companies said in separate filings to the Securities and Exchange Commission yesterday. Freddie also tapped $13.8 billion from the fund in November.

The Treasury payouts were made through investments in the companies’ preferred stock as part of a financing arrangement set up after the government seized Fannie and Freddie in September amid concern that the two largest mortgage-finance companies in the U.S. may fail. The companies must pay a minimum dividend of 10 percent on the investments.

quote:

Fannie, Freddie Defaults Rise as Borrowers Cite Lower Income

By Dawn Kopecki

April 21 (Bloomberg) -- Fannie Mae and Freddie Mac mortgage delinquencies among the most creditworthy homeowners rose 50 percent in a month as borrowers said drops in income or too much debt caused them to fall behind, according to data from federal regulators.

The number of so-called prime borrowers at least 60 days behind on mortgages owned or guaranteed by the companies rose to 743,686 in January, from 497,131 in December, and is almost double the total for October, the Federal Housing Finance Agency said in a report to Congress today.

Of all borrowers who ended up in default, 34 percent told Fannie and Freddie they were earning less money, about 20 percent cited excessive debt as a reason for missing mortgage payments, and 8.1 percent blamed unemployment, FHFA said.

Fannie and Freddie are the largest U.S. mortgage-finance companies, owning or guaranteeing 56 percent of all U.S. home loans. Regulators seized Fannie and Freddie in September and forced out top management after examiners said the companies’ capital may be inadequate to weather the worst housing market since the Great Depression.

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136 Teletekst wo 22 apr
***************************************
Kort nieuws buitenland

***************************************
` David Kellermann,de financieel topman
van hypotheekverstrekker Freddie Mac,is
dood gevonden in zijn kelder.Hij zou
zelfmoord hebben gepleegd.Freddie Mac
kwam in moeilijkheden door het inzakken
van de Amerikaanse huizenmarkt.Ondanks
de crisis kreeg de top van het bedrijf
flinke bonussen.Daarover moest Freddie
Mac nog verantwoording afleggen.David
Kellermann was 41 jaar

quote:

Uiteindelijk zullen bijna alle hypotheken via de USgov lopen omdat evt investeerders inzien dat de risicopremie te hoog is en die kunnen ze niet inprijzen in de hypotheekrente.

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Mortgage Bondholders Form Battle Lines Over Obama Housing Plan
By Jody Shenn

April 23 (Bloomberg) -- The head of Greenwich Financial Services LLC warned bond investors in Washington last month that government efforts to reverse the housing slump are doing more harm than good by undermining debt contracts.

...
Bondholders are preparing for a fight over legislation approved last month by the House of Representatives that would shield companies that collect homeowners’ payments from lawsuits over modified mortgages, even if new terms harm investors. The government’s actions may increase borrowing costs because creditors would demand higher returns to compensate for the risk that once-sacrosanct investment terms can be changed, they say.
....

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Op donderdag 12 maart 2009 19:14 schreef SeLang het volgende:
De USA zijn een socialistische planeconomie geworden.

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Op donderdag 23 april 2009 18:32 schreef henkway het volgende:

[..]

De USA bestaat over drie jaar niet meer

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Op donderdag 23 april 2009 17:22 schreef sitting_elfling het volgende:
Hoe wil jij het probleem eigenlijk oplossen DigitaLL? Ik neem aan dat men over het algemeen er van uit gaat dat de echte shit nog niet boven is.

Is TARP a Criminal Enterprise ? part 1/2

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Op donderdag 23 april 2009 19:24 schreef digitaLL het volgende:

[..]

De oplossing is marktwerking en dus het ontmantelen van Fanny en Freddy. Er bestaat zoiets als counterparty risc. Als je je wilt verzekeren van iets zal je je moeten vergewissen of de tegenpartij zijn contracten KAN nakomen.
Zoals je ziet creeerd men alleen maar meer corruptie/shit. De USgov heeft een hele nieuwe generatie liar loans gecreeerd. En er lopennu al strafzaken vanwege TARP en justitie zegt zelfs dat TARP een incentive is tot fraude en misbruik. De VS zijn moreel zwz failliiet. Ik ben in NY geweest half februari en ik ben zelfs erg geschrokken van de toestand daar terwijl ik toch aardig op de hoogte d8 te zijn. '

Is TARP a Criminal Enterprise ? part 1/2

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Op donderdag 23 april 2009 19:24 schreef digitaLL het volgende:

[..]

De oplossing is marktwerking en dus het ontmantelen van Fanny en Freddy. Er bestaat zoiets als counterparty risc. Als je je wilt verzekeren van iets zal je je moeten vergewissen of de tegenpartij zijn contracten KAN nakomen. rl]

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Op donderdag 23 april 2009 20:51 schreef henkway het volgende:

[..]

Dat zou betekenen het einde van pensioenfonds APG ofwel ABP

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Op donderdag 23 april 2009 20:56 schreef digitaLL het volgende:

[..]

Hopelijk wel ja

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Op donderdag 23 april 2009 21:01 schreef henkway het volgende:

[..]

En het einde aan het inkomen van een miljoenen ouderen

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Op donderdag 23 april 2009 19:28 schreef sitting_elfling het volgende:

De overheid zal spoedig z'n handen niet meer boven het hoofd houden van dit soort instellingen. Tenminste, daar ga ik wel van uit.

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Op donderdag 23 april 2009 21:57 schreef digitaLL het volgende:

[..]

Op wat voor grond ga je daar van uit?

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Fannie loses $23 billion, seeks more U.S. aid

Troubled mortgage giant asks Treasury for $19 billion, and says government doubles its funding commitment to $200 billion.

NEW YORK (CNNMoney.com) -- Fannie Mae, the troubled mortgage finance company, reported a first-quarter loss of $23.2 billion on Friday.

The mortgage giant also reported that it submitted a request for $19 billion from the Treasury Department to cover its losses. That followed a request earlier this year for $15.2 billion to cover 2008 losses.

It also said Treasury has doubled its support level to the company to $200 billion, as President Obama had authorized.

In its quarterly release, Fannie Mae said its entire mortgage portfolio was experiencing increases in delinquency and default rates. It blamed the rise in unemployment, falling home prices and the revaluation of homes in the wake of the economic downturn.

The mortgage company's first-quarter net loss was less than its fourth-quarter loss of $25.2 billion, which occurred immediately after the government takeover.

The most recent quarterly loss is more than 10 times the $2.2 billion net loss reported for the first quarter of 2008, before the government takeover.

................

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Op dinsdag 12 mei 2009 21:35 schreef digitaLL het volgende:
De kapitaalvernietiging gaat met behulp van bailout money in een hogere versnelling. Bijna afgebouwde of afgebouwde moeilijk verkoopbare nieuwe woningen worden vernietigd.

quote:

Freddie Mac to Tap $6.1 Billion in Aid After Loss


By Dawn Kopecki

May 12 (Bloomberg) -- Freddie Mac, operating under a federal conservatorship, asked the U.S. Treasury for a $6.1 billion capital investment as the mortgage-finance company’s loan holdings and other assets deteriorated.

The company, which has already taken $44.6 billion in aid, today posted a wider first-quarter net loss of $9.9 billion, or $3.14 a share. McLean, Virginia-based Freddie Mac has relied on $200 billion in financing pledged by the Treasury since regulators seized the company and rival Fannie Mae in September.

The death of finance chief David Kellermann last month and the resignation of Chief Executive Officer David Moffett in March have left Freddie Mac with no permanent managers in its top three positions as the credit quality of loans and mortgage bonds the company owns or guarantees erodes. The company has now posted more than $55 billion in losses since the third quarter, impairing efforts to free itself of government conservatorship.

Freddie Mac tapped $30.8 billion in aid in March and $13.8 billion in November, which the Treasury made through preferred stock purchases when the value of the company’s assets dropped below the amount owed on its obligations. Fannie Mae last week said it would seek $19 billion from the government, adding to $15.2 billion in assistance received in March.
...........

quote:

Redding huizenmarkt: VS gaat all-out, maar hoe lang financiert het buitenland dit nog?

Obama heeft het gehad: Amerikanen moeten kosten wat kost in hun huis blijven. Maar de maatregel om de garantie aan Fannie Mae en Freddie Mac op te trekken van 400 mld dollar naar "ongelimiteerd", is niet zonder risico, analyseert beurscommentator Hans de Geus.

Analyse Hans de Geus, RTLZ


Fannie en Freddie
Samen garanderen deze door de overheid geëntameerde instellingen de helft van de totale Amerikaanse hypotheekmarkt. Dat hebben we gemerkt: de overheid heeft al meer dan 100 miljard dollar aan steun moeten geven, omdat steeds meer gezinnen de hypotheekrente niet meer kunnen of willen ophoesten. En het aantal wanbetalers neemt maar toe...


Garantie door overheid
In hoeverre de staat garant staat voor Fannie en Freddie is lange tijd een beetje in het midden gelaten. De markt ging er wél vanuit, waardoor beide instellingen tegen zeer lage rente obligaties konden uitgeven. Effectief heeft de regering deze impliciete garantie nu expliciet gemaakt. Het bedrag waarvoor de overheid de schulden van de twee garandeert is opgetrokken van 400 miljard dollar tot oneindig!

Blanco Cheque
Dat nieuws is een beetje aan de aandacht ontsnapt, maar het betekent nogal wat. Het zou namenlijk een voorbode kunnen zijn voor een geheel nieuwe categorie drastische maatregelen om de Amerikanen in godsnaam maar in hun huis te houden, zoals het afstempelen van de hoofdsom: veel huizen zijn minder waard dan hun hypotheek, en dat geeft nogal een prikkel om de boel maar achter te laten en stilletjes een tijdje in een trailer te gaan wonen, de bank met de schuld achterlatend.

Het aanpassen van de hoofdsom, da's een dure grap. Zo duur dat er wel eens een hoop geld bij zou moeten bij Fannie en Freddie, voilà een toepassing van de ongelimiteerde garantie.

Betekenis
Kortom, de ophoging van de garantie is niet zonder betekenis, en kan onvoorstelbare gevolgen hebben: de ene helft van Amerika wordt gered door de andere helft, die daar helemaal het geld niet voor heeft. Dat alles loopt via de overheid, die het tekort maar weer verder laat oplopen.

Of buitenlandse financiers maar willen intekenen op de stortvloed aan Treasuries die híer weer voor uitgegeven moeten worden... Houd mededelingen van Fitch, Moody's en S&P de komende tijd maar goed in de gaten. Niet alleen meer vanwege Griekenland...

quote:

Fannie Taps Treasury for $15.3 Billion More After a 10th Loss

By Dawn Kopecki

Feb. 27 (Bloomberg) -- Fannie Mae will seek $15.3 billion in U.S. aid, bringing the total owed under a government lifeline to $76.2 billion, after its 10th consecutive quarterly loss.

The mortgage-finance company posted a fourth-quarter net loss of $16.3 billion, or $2.87 a share, Washington-based Fannie Mae said in a filing yesterday with the Securities and Exchange Commission.

Fannie Mae, which owns or guarantees about 28 percent of the $11.8 trillion U.S. home-loan market, has been hobbled by a three-year housing slump that wiped 28 percent from home values nationwide and led to record foreclosures. The company, which posted $120.5 billion in losses over the previous nine quarters, and rival Freddie Mac were seized by regulators in September 2008.

“Our financial results for 2009 reflected the continued adverse impact of the weak economy and housing market, which has resulted in record mortgage delinquencies and contributed to our recording significant credit-related expenses and net losses during each quarter of the year,” Fannie Mae said in the filing.

For the full year, Fannie Mae’s loss widened to $74.4 billion from $59.8 billion in 2008.

............

quote:

"Just looking at the numbers, we would expect there to be a bigger percentage of properties" repossessed by banks by now, he said.

This "shadow market" reflects the increasing lag between defaults and foreclosures. Many lenders are struggling to keep up with the overwhelming number of borrowers who can't make their payments, and they're reluctant to rush repossessed homes onto the market when prices are depressed.

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Op maandag 15 maart 2010 22:07 schreef Digi2 het volgende:
[ afbeelding ]
[..]

Het directe gevolg van "mark to myth" boekhouden. Indien de banken daadwerkelijk tot verkoop over zouden gaan moeten ze die verliezen afboeken op de balans. Nu blijven ze tegen veel te hoge prijzen in de boeken staan.

Bron

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Op maandag 15 maart 2010 23:14 schreef sitting_elfling het volgende:

[..]

Ik verbaas me er enigszins over dat het plaatje zo lineair is?

quote:

Fannie Mae Seeks $8.4 Billion in New Aid After Loss

By Lorraine Woellert

May 10 (Bloomberg) -- Fannie Mae, the mortgage-finance company operating under federal conservatorship, said it will seek $8.4 billion in aid from the U.S. Treasury Department after reporting an 11th-straight quarterly loss.

.......

quote:

Fannie, Freddie aid cost unclear: regulator

(Reuters) - It is unclear how much U.S. taxpayers will eventually have to shell out to help mortgage finance giants Fannie Mae and Freddie Mac, the regulator of the two companies said on Tuesday.

Housing Market

"The actual cost I do not know," Federal Housing Finance Agency Acting Director Edward DeMarco said in response to a question from Kentucky Republican Senator Jim Bunning at a Senate Finance Committee hearing.

Fannie Mae said on Monday it would need an additional $8.4 billion from the U.S. Treasury. The two firms have now tapped about $145 billion from the government and the Obama administration has said it will backstop losses, no matter how high they go, through 2012.

As a result, some Republican lawmakers are pushing for Fannie Mae and Freddie Mac to be included among firms subject to a tax aimed at financial institutions that received government money during the financial crisis.

Congress approved $700 billion in late 2008 for the Troubled Asset Relief Program (TARP), often referred to as the bank bailout.

Many financial institutions have repaid their TARP commitments, and losses from TARP are now estimated to be around $90 billion. The proposed fee is designed to get that money back.

While Fannie Mae and Freddie Mac did not receive TARP funds, then Treasury Secretary Henry Paulson took control of the two firms in late 2008 as losses from risky mortgages mounted.

Under the terms of the government "conservatorship," the firms have access to a separate, unlimited credit line from Treasury to backstop their losses.

DeMarco pointed out that any tax paid to the Treasury from Fannie and Freddie would ultimately come from the Treasury itself.

"To assess a particular fee at this time to Fannie and Freddie would not accomplish anything in terms of increasing revenue to the government," DeMarco told the lawmakers.

David John, a senior research fellow at the conservative Heritage Foundation in Washington, said he would like "nothing more" than to privatize Fannie Mae and Freddie Mac and shrink them as much possible.

But imposing a tax on them does not make sense because "it would make little sense to tax what is effectively another arm of the government," John told the panel, echoing DeMarco's remarks.

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Op woensdag 12 mei 2010 23:35 schreef Idler het volgende:
Bijna de gehele huizenmarkt is daar inderdaad in handen van de staat. Stelletje commies!

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Op woensdag 12 mei 2010 23:50 schreef piepeloi55 het volgende:

[..]

Het samengaan van privaat en overheid in deze vorm is fascisme, althans volgens de uberfascist mussolini.

`dat de natie boven het individu stelt, met als uitvloeisel een in zo'n systeem legitiem gebruik van geweld, moderne propagandatechnieken en censuur om politieke tegenstand de kop in te drukken en daarmee het bestaan van het systeem te waarborgen. Vaak worden in een dergelijk systeem de economie en de sociale maatschappij verregaand van bovenaf gecontroleerd en gereglementeerd, waarbij nationalisme wordt omhelsd.`

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Verkoop nieuwe huizen VS stijgt sterker dan verwacht

AMSTERDAM (Dow Jones)--De verkoop van nieuwe eengezinswoningen in de Verenigde Staten is in april harder gestegen dan verwacht, blijkt woensdag uit cijfers van het Amerikaanse ministerie van handel.

Het aantal verkochte nieuwe woningen in april kwam uit op 504.000, een stijging van 14,8% op maandbasis. Economen rekenden vooraf op 425.000 verkochte huizen.

Het aantal verkochte nieuwe woningen in maart werd opwaarts bijgesteld naar 439.000 van 411.000 eerder.

quote:

Price of single-family homes drops for sixth straight month

By Renae Merle
Washington Post Staff Writer
Wednesday, May 26, 2010

Home prices remained weak through the early months of this year, according to a closely watched housing index released Tuesday, an indication that the housing market continues to struggle despite recent improvements.

The Standard & Poor's/Case-Shiller home price index showed that prices of single-family homes were down 0.5 percent between February and March, the sixth consecutive month-over-month decline. On a seasonally adjusted basis, prices were flat, according to the index.

Prices in 13 of the 20 cities tracked by the index fell in March, including the Washington region, where prices were down 0.7 percent. Detroit and Minneapolis saw the largest price declines, 4.1 percent and 2.7 percent, respectively.

The housing market is in a tentative recovery. Sales of previously owned homes jumped nearly 8 percent in April compared with the previous month, for example. And there was some positive news in the Case-Shiller data: Prices were up about 2.3 percent compared with the same period last year.

"The housing market may be in better shape than this time last year; but when you look at recent trends, there are signs of some renewed weakening in home prices," David M. Blitzer, chairman of the Index Committee at Standard & Poor's, said in statement.

The recent weakness in prices is disappointing given record-low mortgage rates and a home buyer tax credit that helped boost sales through the first few months of this year, analysts said. The tax credit expired last month, and home sales are expected to decline in its absence.

............

quote:

U.S. Home Foreclosures Climb 44% to Record in May

By Dan Levy

June 10 (Bloomberg) -- U.S. home foreclosures reached a record for the second consecutive month in May, with increases in every state, as lenders stepped up property seizures, according to RealtyTrac Inc.

Bank repossessions climbed 44 percent from May 2009 to 93,777, the Irvine, California-based data company said today in a statement. Foreclosure filings, including default and auction notices, rose about 1 percent to 322,920. One out of every 400 U.S. households received a filing.

“We’re nowhere near out of the woods,” Rick Sharga, RealtyTrac’s senior vice president for marketing, said in a telephone interview. “We’re likely to set a quarterly record for home seizures if June is anything like May.”

Lenders are completing the “inevitable progression” of taking properties from homeowners who stopped paying, Sharga said. He predicted last month that another 5 million delinquent mortgages will end in foreclosure in addition to properties that had already been repossessed.

Almost 3.1 million properties have been seized by banks since April 2005, Daren Blomquist, RealtyTrac’s marketing communications manager, said in an interview today.

“The second quarter won’t be the peak,” Sharga said. “I’m not even sure 2010 will be.”

The previous record for seizures was 92,432 in April. Last month was the first in which every state had an increase in repossessions from a year earlier, according to RealtyTrac.


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Fannie-Freddie Fix at $160 Billion With $1 Trillion Worst Case

By Lorraine Woellert and John Gittelsohn

June 14 (Bloomberg) -- The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will be at least $160 billion and could grow to as much as $1 trillion after the biggest bailout in American history.

Fannie and Freddie, now 80 percent owned by U.S. taxpayers, already have drawn $145 billion from an unlimited line of government credit granted to ensure that home buyers can get loans while the private housing-finance industry is moribund. That surpasses the amount spent on rescues of American International Group Inc., General Motors Co. or Citigroup Inc., which have begun repaying their debts.

“It is the mother of all bailouts,” said Edward Pinto, a former chief credit officer at Fannie Mae, who is now a consultant to the mortgage-finance industry.

Fannie, based in Washington, and Freddie in McLean, Virginia, own or guarantee 53 percent of the nation’s $10.7 trillion in residential mortgages, according to a June 10 Federal Reserve report. Millions of bad loans issued during the housing bubble remain on their books, and delinquencies continue to rise. How deep in the hole Fannie and Freddie go depends on unemployment, interest rates and other drivers of home prices, according to the companies and economists who study them.

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Op woensdag 11 maart 2009 23:49 schreef digitaLL het volgende:
De verwachting is dan ook dat strax meer dan 80% van de hypotheken feitelijk door de overheid verstrekt dan wel gegarandeerd worden.
Om het centraal te houden plaats ik hier de berichten over Fanny en Freddy.
Ik verwacht dat er uiteindelijk meer dan $1000 miljard ingepompd gaat worden.

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Fannie Mae, Freddie Mac to delist shares from NYSE
Government-sponsored mortgage purchasers Fannie Mae and Freddie Mac plan to delist shares

NEW YORK (AP) -- Government-sponsored mortgage purchasers Fannie Mae and Freddie Mac plan to delist their shares from the New York Stock Exchange.

The companies' regulator, the Federal Housing Finance Agency, said Wednesday that it expects Fannie Mae and Freddie Mac shares to trade on the Over-the-Counter Bulletin Board, an electronic quotation service.

The move to delist the shares isn't a surprise. The crash in the housing market has pounded Fannie Mae and Freddie Mac with heavy loan losses since 2007. Fannie shares have been below the $1 average price level for 30 trading days. NYSE rules require a company to take action to boost its shares or delist.

The government took over the pair in September 2008 under the authority of a law passed by Congress. So far, taxpayers have poured $145 billion into Fannie and Freddie to keep them afloat and to buoy the overall housing market.

Fannie Mae, Freddie Mac, the FHA and the Veterans Administration backed nearly 97 percent of home mortgages in the first quarter of this year, according to trade publication Inside Mortgage Finance.

Fannie and Freddie were created by Congress to buy mortgages from lenders and package them into bonds that are resold to investors. Together they own or guarantee almost 31 million home loans worth about $5.5 trillion. That's about half of all mortgages.

During the housing boom, the two loosened their lending standards for borrowers and are reeling from the housing bubble bust.

Fannie Mae shares closed Tuesday at 92 cents, while Freddie Mac shares closed at $1.22.

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Kredietwaardigheid hypotheekbanken VS lager

Laatste update: 8 augustus 2011 17:09 info
NEW YORK - Kredietbeoordelaar S&P heeft de kredietwaardigheid van de grote Amerikaanse hypotheekbanken Fannie Mae en Freddie Mac maandag verlaagd.

De afwaardering was een gevolg van de verlaging van de Amerikaanse kredietwaardigheid die S&P dit weekend bekend heeft gemaakt.

Fannie en Freddie, zoals de banken in de volksmond worden genoemd, verloren net als de overheid hun AAA-rating.

''De verlagingen reflecteren hun directe afhankelijkheid van de Amerikaanse overheid'', aldus S&P.