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04.12.2014

If you’ve taken out a home mortgage — whether to buy or refinance — you may not realize it, but Freddie Mac and Fannie Mae, known as government-sponsored enterprises (GSEs), were behind the scenes helping to keep your interest rate payments lower than they might otherwise have been.
It's undeniable that government-sponsored enterprises need an overhaul, but getting rid of them is not the answer.
First, a bit of background: Congress established the GSEs generations ago to expand home ownership to qualified low- and middle-income buyers.
Consumers will find it difficult to find financing, especially in times of economic turmoil.
Matt Dornic is a writer, reporter and senior media relations specialist from Washington D.C. Looks very reasonable until you realize that it only makes sense if you agree with the author's unstated assumption that the ultimate goal with respect to housing is to maximize and facilitate as much house ownership as possible, ignoring the reality that 30 year financial obligations may not be in the interest of every person, especially poor people with mobile, seasonal, or uncertain long term employment situations.
As always from reporters or publicists who get their salary from the housing market, the goal is always to maximize house sales, without concern to the good of the buyers or of our country. Fannie Mae is one of the infamous GSEs that needed a huge bailout during the financial crisis due to its role in funding the housing market.
It has become profitable again, though it remits its payments back to the government to repay the bailout. Ackman is the largest hedge fund shareholder in Fannie with a roughly 10% stake in the company.
Earlier this summer, Fannie Mae announced several guideline changes that have a fairly significant impact on the home buying process.
As your trusted mortgage partner, we wanted to make you aware of the changes that were implemented and how they will impact the home buying process moving forward.
The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) are both Government Sponsored Enterprises (GSEs), which means they are backed by the government but they are not part of the government. Fannie and Freddie purchase bundles of these conforming mortgage loans from banks, which means the loans must “conform” to the rules set by the GSEs.
Lenders want these mortgages to be eligible for purchase, so their loan guidelines are often very similar, if not identical, to guidelines set by Fannie and Freddie.
The current minimum down payment for a Fannie Mae or Freddie Mac Loan, which are commonly referred to as conventional loans, is 5% of the purchase price.
These rules also include a limit on the amount of loan money the GSEs will guarantee, known as the “conforming loan limit.” Loans that are larger than these loan limits are known as non-conforming or “jumbo” loans. The Federal Housing Finance Agency published a report on Thursday, April 30th that notes that Fannie Mae and Freddie Mac might need as much as a $160 billion infusion from the U.S. The new FHFA report focuses on the potential financial needs of Fannie Mae and Freddie Mac in “severely adverse” circumstances such as a four-percent jump in the unemployment rate to 10% by mid-2016, together with a major drop off in economic growth. It is important to note that the FHFA does not anticipate such a severe scenario will come to pass. Keep in mind that because of financial agreements with Treasury, both Fannie and Freddie have funds available to them that are greater than the losses modeled even under the “severely adverse” scenario. Analysts note that because of their bailout agreements with the government, both GSEs are required to send the Treasury most of their quarterly profits, a situation that leaves shareholders with almost no chance for real share price appreciation.


Clayton Browne is a writer, editor and translator with a background in business and finance, technology and the social sciences.
So why do some on Capitol Hill want to eliminate Fannie and Freddie and make it harder for you to buy a home?
Despite their intended purpose, things got out of hand and the GSEs began buying bundles of loans that included exotic, high-risk, and undocumented mortgages, which helped stimulate the housing crisis. Both Congress and the Obama administration agree that GSE reform is needed to protect taxpayers from another housing crisis. Some experts say the outcome of such a move would be a 20-plus-year decline in home ownership and therefore a 20-plus-year decline in property values.
A lot of hedge funders are long the stock, betting that ultimately the profits will go back to shareholders and that the government will leave Fannie (and it's sibling Freddie Mac) as is, in their original state. The good news is that many of these changes have relaxed qualification requirements and documentation procedures, making it easier for some buyers to purchase a home. Fannie Mae and Freddie Mac don’t directly offer mortgage loans but instead buy the mortgages from banks, credit unions, and other financial institutions so that they, in turn, can lend to more homeowners.
So when you apply for a mortgage loan at a bank, it’s a good idea to know what these guidelines are. To calculate your debt to income ratio take your total debt payment and divide it by your total monthly income. Fannie Mae does offer a low down payment option available for properties owned by Fannie Mae called the HomePath loan. But there are programs available on a much more limited basis that allow for 3% down, such as Fannie Mae’s Homepath and My Community mortgage products. Jumbo loans are not guaranteed by the GSEs, so they have higher interest rates than conforming loans.
In a severely adverse scenario, services for homes and other assets would drop dramatically, while market volatility would spike and spreads on U.S. The report is for regulators to see how Fannie and Freddie would hold up under extreme stress for planning purposes. Sign up for our free newsletter and like our Facebook page for latest news updates and leaks. Having no idea about fudge myself I was surprised when a coworker brought some of this fudge to the office for the holidays. Although they’re not lenders, Fannie and Freddie, along with the FHA and VA, play an important part in the existing mortgage market by backing about 90% of all home loans today. Because of their congressional charter, investors assumed that loans backed by GSEs were guaranteed by the federal government. But extremists on Capitol Hill are taking things too far, championing the elimination of Fannie and Freddie in favor of an entirely privatized secondary mortgage market.
A steady flow of mortgage funding is essential to the nation’s economic recovery and long-term health of the housing market.
But I would expect that exception to be addressed through proper underwriting standards and GSE reform.


Even after the mortgage is sold, the original lender can often still be the servicer for the loan. For example, if you have a total monthly debt of $2,000 and a monthly income of $6,000, your debt to income ratio is 33%.
Many potential home owners think that 20% down is the only option when buying a home, unfortunately that is just a common misconception, there are many options out there. In October 2011, the Senate voted to restore the higher loan limits for conforming loans  , which was an important step here in Massachusetts where average home prices tend to be higher than in the rest of the country. It was wonderfully moist and melted in your mouth, unlike many dry and crumbly fudges I'd had in the past. Although not technically true, when the GSEs became insolvent, the government decided to take control and go ahead and back the mortgages. The result of such a drastic change would be crippling to home buyers, owners, and sellers.
Fannie Mae also offers a program for borrowers who purchase a property in need of moderate renovation called the HomeStyle Renovation loan. In most cases with a Fannie Mae or Freddie Mac loan you can even avoid paying expensive monthly PMI (Private Mortgage Insurance) if you’re working with the right Mortgage Lender . But the higher loan limits were only approved for FHA loans; Fannie and Freddie loans were not included. An active member of his community in Austin, Texas, Clayton is also a member of the Austin-area Salvation Army Advisory Board.
But I do support responsible underwriting and I think it's important for those who are financially prepared to have access to home ownership.
The loan is for the purchase and the cost of renovations and also offers a down payment as low as 3% (no mortgage insurance with 20% down).
Generally this consists of a slight increase in your interest rate, but results in a significantly lower monthly payment.
It is available for the purchase of a primary residence, a second home, or investment property. Additionally, with this option you can roll the closing costs into your offer and have the seller contribute towards them or ask the Lender to offer you an option in which they pick up the tab on the closing costs. This will reduce the money needed by the borrower to just the 5% down payment contribution.
The 5% down options are restricted to buying a primary residence and single family home with a conventional mortgage.



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