Word: mortgagee
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The effort to stem foreclosures and the depressed house prices they perpetuate entered a new phase on Tuesday as Fannie Mae and Freddie Mac announced a fast-track program meant to make hundreds of thousands of mortgages affordable to people who can't currently meet their monthly payments. The roll...
But the details of how, exactly, monthly payments will be lowered has raised concern in certain quarters. In a news conference explaining the program, James Lockhart, who runs the agency that oversees Fannie and Freddie, highlighted three tacks: reducing interest rates, extending the length of loans and, in some cases...
And then there is the question of moral hazard, a continual refrain in dealing with almost every aspect of the housing and broader financial crisis. In order to target the most at-risk borrowers, the new program only kicks in once homeowners have missed three mortgage payments. Even though the...
While the Treasury still has about $480 billion to spend, it's not clear how much of what is left will be used for direct investments into banks. Shortly after the Emergency Economic Stabilization Act was passed by Congress, the Treasury said $250 billion was going to be used to...
But on Wednesday Treasury Secretary Henry Paulson told Congress that he believes buying mortgage bonds is no longer the best use for the remaining TARP funds. Instead, he said, Treasury is looking at injecting more money into struggling "banks and nonbanks." He said he plans to use some of the...