Thursday, June 29, 2006

Fannie Mae


Part of Fannie Mae's website

12 comments:

  1. Davd, Great idea on giving the link to this website! We're lucky to have such kinds of quasi-governmental organizations in this country making it easier for more and more of us to be homeowners. You're giving the link to it on your website will maybe make it easier for individuals to educate themselves on all the possibilities out there for financing a home even in these very difficult to buy, high-priced times we are living in.

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  2. Quick! Shut down the comments section!

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  3. Two observations:
    (1) the month-old press release
    "Fannie Mae Agrees to Comprehensive Settlements with OFHEO and SEC" leaves out the crucial informaiton that, AFAIK, they still can't certify their financial statements, and (2)they consider people with "less-than-perfect credit" as having "special needs". I'm surprised they're not lobbying for ADA coverage.

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  4. anon said:
    "(2)they consider people with "less-than-perfect credit" as having "special needs". I'm surprised they're not lobbying for ADA coverage."

    So, you don't think they should be helping make homeownership possible even for those with dings in their credit? Throw 'em out to the wolves, huh? That's harsh man!

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  5. In response to Lance
    I should made it clear that my second observation related only to Fannie's use of adspeak in place of plain language. I guess an article entitled "Fannie Mae helps people who can't pay their bills get six-figure mortgages" might make investors nervous. I do not, however, intend to make light of people who have had financial difficulties. Most of us will face them at some point in our lives.

    However,(1) you assume that less-than-perfect credit=few dings, and(2) not having FNMA support loans to those with "special needs" does not = throwing them to the wolves--they may simply have to pay a higher rate as determined by the market, as opposed to rates supported by a GSE. I do like your use of the word harsh; reminds me of California.

    A quick look through your plentiful posts in the last few topics on this blog indicates your passion for detail and thorough replies. I would be interested to have your response to the first point raised in 9:33 -am.

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  6. Real Estate Agent Lance meant to say:

    Davd, BAD idea on giving the link to this website! We're UNlucky to have such kinds of quasi-governmental organizations in this country making it easier for more and more of us to be homeowners -- AND MAKING MASSIVE PROFITS FROM FUZZY ACCOUNTING SCHEMES AT SHAREHOLDERS' EXPENSE. You're giving the link to it on your website will maybe make it easier for individuals to GET INTO MASSIVE DEBT BY financing an POORLY CONSTRUCTED home in these very difficult, OVER-priced times we are living in."

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  7. Anon asked:

    "(1) the month-old press release
    "Fannie Mae Agrees to Comprehensive Settlements with OFHEO and SEC" leaves out the crucial informaiton that, AFAIK, they still can't certify their financial statements"

    From what I read in a previous post on this blog from a former Freddie Mac person, this only relates to their internal accounting ... i.e., their shareholders could get hurt. It has nothing to do with the loans they helped get processed. It makes sense to me. They seem to be accomplishing their mission which is to set loan underlying guidelines such that more loans are made and these are made responsibly so that the individuals/banks holding the loans aren't left holding valueless instruments.

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  8. Real Estate Lance. Like I mentioned before, he's admitted to being an real estate agent (though now he denies this), so what he says should come as a surprise to no one.

    Just be sceptical of his claims - and buyer neware!

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  9. dc housing news/ bill,

    Have you ever heard of the word "libel" ... keep spreading your lies about my being a real estate agent and I'm going to be looking into how to make you accountable for your lies. You've had to register your new blog ... so, you are traceable ... fairly easily.

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  10. http://en.wikipedia.org/wiki/Libel

    Here's a primer on "libel," Lance. Oh, and please be sure to read the part about "freedom of expression."

    And please show us all how you can trace someone through this blog service. Let me know how you manage to obtain a warrant to force Blogspot.com to give you whatever data they have on me and then trace it to my home computer, via my Internet provider and the phone lines over which that Internet connection travels. You've got lots of work ahead of you, Lance.

    Seriously, let us know how it goes (and what it costs you in lawyers' fees and time). The benefit of all that work may be having to read less of your nonsensical, housing cheerleading postings on this blog. That would be a welcome relief for us all!

    Besides, why are you so ashamed of working for the real estate industry? And are you implying that calling one a "real estate agent" is grounds for libel? That's a harsh indictment of the real estate business, Lance. I thought you had more positive views on it than that.

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  11. Lance,

    As I have previously stated, I admire the passion and precision with which you put your arguments. Therefore, it is with regret that I must give you a D for your last effort.

    "From what I read in a previous post on this blog from a former Freddie Mac person, this only relates to their internal accounting ... i.e., their shareholders could get hurt. It has nothing to do with the loans they helped get processed. It makes sense to me. They seem to be accomplishing their mission which is to set loan underlying guidelines such that more loans are made and these are made responsibly so that the individuals/banks holding the loans aren't left holding valueless instruments."

    In seriatum,

    --quoting a "Freddie Mac person" (sic) is authoritative...how?

    --"this only relates to their internal accounting ... i.e., their shareholders could get hurt." Gee, 'how bout those shareholders being municipal and private pension funds, 401K participants, and trustees who bought Fannie stock based on bogus earnings reports?

    -- and "...they seem to be accomplishing their mission..." -- well, time will tell.

    BTW, calling someone a "real esatte agent" is not libelous unless its use causes injury to that person's reputation (e.g. calling someone a criminal).

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