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Fannie Mae
built 644 days ago
Fannie Mae may be one of the most ill-fated welfare creations, ever, on the part of the United States government. In the beginning, Fannie Mae's impact was negligible... from the outset there were plans to swell Fannie's waistline by expanding her purchasing authority. At about the time the American soldiers were coming home from WWII, Fannie was enabled to purchase loans guaranteed by the Veterans Administration, in addition to the Federal Housing Administration-insured mortgages it was already purchasing. This creation and expansion of a secondary market for mortgages was a vital boost to the supply of lendable money in the United States.
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"Fannie Mae and Freddie Mac are just too big to be outside of the standard disclosure regime and maybe these events will galvanize attention to the issue," Paige continued. "U.S. Reps. Chris Shays (R-Conn.) and Ed Markey (D- Mass.) have introduced H.R. 2022, the 'Leave No Securities Behind Act,' that would require full GSE disclosure to the SEC. Every member of Congress who cares about accountability in corporate governance, economic prosperity and minimizing the potential for a bailout of either GSE ought to be getting on board with H.R. 2022. It is only a first line of defense, but it is still essential for homeowners, taxpayers and shareholders.
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Fannie Mae has programs for first time home buyers and those with low down payments. You should ask your mortgage broker about these programs. They have specific requirements and they will be in the best position to assist you with your home purchase.
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"Fannie Mae has a responsibility to serve the mortgage market in good times and in times like these," Daniel Mudd, Fannie Mae's chief executive officer, said in a statement. "The steps we are taking today are designed to enable us to meet that responsibility."
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As interest rates began to rise in 1979, Fannie Mae faced the most critical period in its history. Because the company borrows the money it uses to purchase mortgages through debentures and short-term notes, it is especially vulnerable to rising interest rates. The skyrocketing rates of the early 1980s put Fannie Mae's new chairman, David O. Maxwell, to the test. Maxwell replaced Hunter in 1981, a time when Fannie Mae was losing millions of dollars by borrowing at high interest rates to carry mortgages at lower ones. Maxwell initiated several programs to transfer some of the interest-rate risk to someone else. One of these was to begin buying adjustable-rate mortgages (ARMs), especially since many primary lending institutions were shifting to ARMs.
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Fannie Mae (FNM) opened at 66.36. So far today, the stock has hit a low of 65.00 and a high of 69.14. FNM is now trading at 67.70, up 1.77 (2.67%). The stock hit its 52 week high of 69.94 in June and set its 52 week low of 47.17 in August. FNM fell at the beginning of this year, but has been stronger recently. Fannie Mae shares have been rising in today's actions on rumors about the company's possible role in a bailout of troubled home loans.
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