Category: fannie mae

>WASHINGTON | Mon Jun 6, 2011 6:20pm EDT

WASHINGTON (Reuters) – The number of loan modifications and mortgage repayment plans completed by Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) declined in the first quarter of 2011 as fewer borrowers were eligible for help, their federal regulator said on Monday.

The mortgage buyers’ foreclosure prevention actions, which also include completing sales of homes below market value, fell to 171,531 from 208,416 in the previous quarter.

Many borrowers in the pipeline for aid are now severely delinquent and therefore do not qualify.

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>WASHINGTON (Reuters) – A key Republican in the U.S. House of Representatives on Thursday said he would try for the third time to eliminate government controlled mortgage finance giants Fannie Mae and Freddie Mac within five years.

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By Zachary A. Goldfarb
Washington Post Staff Writer
Friday, October 22, 2010; 12:13 AM

The bailout of Fannie Mae and Freddie Mac is likely to cost taxpayers an additional $19 billion and may cost as much as $124 billion more if the economy starts shrinking again, according to a government projection released Thursday.

The rescue of the mortgage giants, which has helped keep the housing market alive amid economic crisis and recession, already has a price tag of $135 billion. The money went to cover losses on defaulted home loans.

The ballooning price of the Fannie and Freddie bailout comes as the Obama administration celebrates news of lower costs on other financial rescues. Administration officials are also preparing to release a plan for reforming the two companies in coming months.

In its projection Thursday, the Federal Housing Finance Agency sought to indicate how much more money the companies may need in the next three years under different economic scenarios.

In the most likely, as defined by the agency, which regulates the two companies, housing prices would decline slightly amid a modest economic recovery, and then inch upward. In this scenario, the total bailout of Fannie and Freddie would cost $19 billion more, or $154 billion.

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