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...famous people wouldn't just come in; they would go out into the community too. So on a cool day in March, she dispatched a regiment of role models to schools across Washington, including singers Alicia Keys and Sheryl Crow, Ann Dunwoody, the first female four-star general, and Mae Jemison, the first African-American woman to travel into space. Michelle visited Anacostia High School, where violence is common and signs on the walls tell students which baby supplies will be available through the Baby Bonus Bucks Redemption Program. She sat with a group of 10 girls and three boys...
...concrete success can be seen in another part of the Administration's original plan. The government has made it possible for homeowners with little or no equity to refinance into cheaper loans - a particularly tough trick to pull off with tighter lending standards. Loans owned or guaranteed by Fannie Mae or Freddie Mac qualify; the two government-sponsored entities cover more than half of mortgages in the U.S. In the first three weeks of the program, Freddie Mac closed about 1,000 of these refinances, though "that's a drop in the bucket compared to what's expected," says Patricia...
With mortgage rates near all-time lows, interest in this program is running extremely high. In the first few weeks of April, Fannie Mae had 1.2 million homeowners check its website to see if their mortgages qualified. During that time, Fannie received some 22,000 refinance applications from people who owe between 80% and 105% of the value of their home - the group the plan targets. A Fannie spokeswoman couldn't comment on how many of those had closed...
...millions in bonuses when their organizations lost more than $100 billion in a year," Senator Charles Grassley said in a statement. Barney Frank, chair of the House Financial Services committee, wrote to Lockhart: "I am writing to urge strongly that you rescind the retention bonus programs at Fannie Mae and Freddie...
...horrible and plenty of their most-talented workers - i.e., those that can easily get hired elsewhere - are leaving. Freddie Mac doesn't have a permanent chief executive, chief operating officer, or chief financial officer. Many slots for other top positions are likewise vacant - as they are at Fannie Mae. Lockhart recently said of the agencies that "everybody is stretched very thin." That is only one of the problems...