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...request. Before the sentence was passed, Assistant U.S. Attorney Peter Romatowski disclosed that Winans had circulated to publishers an outline for a book titled Trading Secrets: Fear, Power and Greed on Wall Street. Winans said it would dissuade others from resorting to "unethical or immoral behavior." MORTGAGES Fannie Mae Gets Tough...
...many young couples, the dream of owning their own homes became more distant last week. Reason: the Federal National Mortgage Association, known as Fannie Mae, tightened its mortgage-eligibility standards. Borrowers who put up less than 10% of the purchase price on a home must now have higher incomes. Under old Fannie Mae rules, for example, a buyer making $36,814 could purchase a $76,500 home by putting down 5% and getting a $72,700 loan at 12.2% interest. Now that same borrower would need an income...
Rather than lend directly to consumers, Fannie Mae buys mortgages from banks and savings and loan associations, providing them with money to make additional loans. Most lenders stay in line with Fannie Mae's rules so they can sell mortgages to the agency...
...Fannie Mae made its standards more stringent because a record number of borrowers with mortgages bought by the agency are defaulting on their loans. Explains Chairman David Maxwell: "It does no favor to home buyers in the market we serve--low, moderate and middle income--to saddle them with obligations they cannot carry." UNIONS Grape Boycott, Round...
DIED. ANDREW TOTI, 89, whose invention, the Mae West inflatable flotation vest (so dubbed by wearers who likened its shape to the chesty film star), saved many downed Allied pilots in World War II, among them George H.W. Bush, who later thanked Toti publicly; in Modesto, Calif...