Insight: Fannie Mae, Freddie Mac clamping down on banks

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Insight: Fannie Mae, Freddie Mac clamping down on banks

Insight: Fannie Mae, Freddie Mac clamping down on banks

Reuters-

Government-owned Fannie Mae and Freddie Mac are stepping up efforts to find bad home loans that they can force mortgage lenders to buy back from them, providing an increasingly bigger headache to banks.

The government-controlled companies are squabbling with banks over who should bear the burden of losses from the housing crunch, in particular loans made between 2005 and 2008, when the market was at its frothiest.

Fannie Mae and Freddie Mac’s efforts will translate to higher mortgage losses for banks in the coming quarters. But the end of the fighting may be in sight. Fannie Mae, the larger of the two finance companies, is more than halfway through its review of loans to try to sell back to banks and is mainly focusing on that four-year period, a source familiar with the matter said.

Fannie Mae and Freddie Mac buy mortgages from banks and bundle the loans into bonds that get sold to investors. The loans are supposed to have met guidelines to be eligible for bundling. The two mortgage giants guarantee the packaged bonds.

[REUTERS]

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One Response to “Insight: Fannie Mae, Freddie Mac clamping down on banks”

  1. Charles Reed says:

    What wrong with this picture when Fannie & Freddie are having bank buy back loans but what about Ginnie Mae? The secret is Ginnie Mae does not and cannot buy a home loan but does have its hence men and one being Wells Fargo Bank to fraudulently claim that they are the lender are administratively foreclose to keep out the view of the court that Wells Fargo or Ginnie Mae are owners of the loans in the Ginnie Mae pools.

    How is it that the other two company owe the taxpayers $150 billion but at the same time Ginnie Mae has made $4 billion over the same period of time. The government has been informed of the lack of ownership of the home mortgages yet they are cracking down on the banks however when it come to the corruption done by the Federal Government wholly owned company that Ginnie Mae is and its regulator is HUD, the Great negotiator in the Secretary of HUD Donovan has made the choice to screw the Troop instead of doing the right thing.

    It not that Ginnie Mae is not paid monies for the bank investment because there is insurance that cover it, but they still foreclose when it is a fact that they don’t have the illegal stating to do so, and get paid twice the amount owe not by the home owner but the banks that have the financial agreement with “Investors” who purchase the Mortgage Backed Securities!

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