Word: mortgagees
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Dates: during 2000-2009
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In what is getting to be something of a habit, Treasury Secretary Hank Paulson ruined his own and a lot of other people's weekend by choosing the morning of Sunday, Sept. 7, to announce the seizure of money-losing mortgage giants Fannie Mae and Freddie Mac.
1 | What are Fannie and Freddie again? Fannie Mae and Freddie MAC--let's call them Frannie for short--are mortgage lenders. They don't make loans directly but buy them from banks, thrifts and mortgage companies that do. They hold on to some loans but repackage most of them...
Fannie Mae began life in 1938 as the Federal National Mortgage Association, a New Deal government agency, and was privatized in 1968 to get its debts off the government's books. Two years later, Congress created Freddie Mac, the Federal Home Loan Mortgage Corp., in part to give Fannie some...
2 | How will this bailout affect my mortgage? It shouldn't affect existing loans at all. But Treasury's guarantee of Frannie's debts has already brought down rates on new mortgages because worries about the companies' future had been driving up rates. Two days after the takeover, the average...
But trusting in the wisdom of stock markets in 2000 or real estate markets in 2005 was a mistake too. In Shiller's view, the biggest dangers in financial markets come from unanimity. In Subprime Solution, he argues that what united the missteps by the Federal Reserve, mortgage brokers, Wall...