Links in “Fannie Mae/Freddie Mac/Ginnie Mae”

Tim Rood, chairman of The Collingwood Group, predicts that the legislation to change Fannie Mae and Freddie Mac won't be going through any time soon, partly due to the fact that 6% of the federal government's 2013 income came from these associations. Rood said, "I can't see anyone being really anxious to change that." [9/16/14]

Congressional Budget Office estimates that replacing Fannie Mae and Freddie Mac with private insurance would save the government billions of dollars over the next 10 years. [9/8/14]

Office of Inspector General's report finds that Fannie Mae voided a contract to buy loans with lender Taylor Bean in 2000. But Freddie Mac and Ginnie Mae began buying loans in 2002, and when the lender's fraud scheme was uncovered, it was well on its way to bankruptcy, causing the two other GSEs to lose billions. Better communication between the government agencies is recommended. [8/28/14]

Bank of America agreed to pay a settlement of nearly $17 billion in response to allegation of mortgage loan fraud. Although $800 million will go to the FHA fund and $200 million to Ginnie Mae, the remaining $16 billion of the settlement will be used to resolve fraud claims across the country. Of the $16 billion, $7 billion will be reserved for consumer relief, which will be distributed in a variety of ways to those hit hardest during the housing crisis. [8/22/14]

The Partnership to Strengthen Homeownership Act was proposed on Thursday. This act would wind down Fannie Mae and Freddie Mac over a five-year period, replacing them with an insurance program from Ginnie Mae which would then be its own entity, no longer under the jurisdiction of the HUD. [7/11/14]

Julián Castro was voted in and confirmed Wednesday as the new secretary of the US Department of Housing and Urban Development (HUD). It is still unclear what approach he will take concerning issues like Fannie Mae and Freddie Mac. [7/10/14]

An inspector general's concerns about servicing transfers involving Fannie Mae and Freddie Mac loans caused Ginnie Mae to step in. Among other measures, President Tozer said they are "spending a lot of time upfront to ensure the people know what they are doing...before taking on the servicing." [7/7/14]

The Johnson-Crapo reform bill that would phase out Fannie Mae and Freddie Mac in their current form passes the Senate Banking Committee. The bill now heads to the Senate. [5/16]

The movement to phase out Fannie Mae and Freddie Mac hits another snag, as six key senators appear to be deciding not to lend their support to the reform bill. [5/12]

If the nation experienced another 2008-style economic downturn, Fannie and Freddie would likely require another $190B bailout, according to the results of the inaugural Dodd-Frank Stress Test. [5/1]