Search Results: Freddie Mac
Freddie Launches Its Awaited Mezzanine Financing Program
Freddie Mac’s new mezzanine financing arrangement allowing mezzanine debt on qualifying senior multifamily mortgages (first mortgages) it purchases, has now officially been launched.
Economy Watch: Fannie, Freddie Still Vexed by Mortgage Defaults
Federal Housing Finance Agency acting director Edward J. DeMarco told Congress on Thursday that it ain’t over till it’s over when it comes to the problems caused by U.S. housing mortgage delinquencies. And for Freddie Mac and Fannie Mae especially, it’s not nearly over.
Still Active Fannie, Freddie Dole Out $53M for M-F Deals
With the finance industry suffering, securing a loan of any size is not as easy as it used to be. But despite the current economy, Fannie Mae and Freddie Mac remain active sources of financing. In one of the agencies’ latest deals, Arbor Commercial Funding L.L.C. announced the funding of three loans totaling $53 million under the Fannie Mae DUS product line. Financing for the three multi-family properties was arranged by Carolina Mortgage Co. in Fayetteville, N.C. The loans included a 288-unit Battleground North Apartments, located in Greensboro, N.C., in the amount of $16.2 million; Eagle Point Village, a 300,000-unit…
Government Places Freddie, Fannie Under Investigation
About three weeks after being seized by the U.S. Department of the Treasury and put in conservatorship, beleaguered housing mortgage lenders Freddie Mac and Fannie Mae revealed that they have been notified of new investigations that are underway. Late last week, the two entities received federal grand jury subpoenas from the U.S. Attorney’s Office for the Southern District of New York, and they were put on notice by the U.S. Securities and Exchange Commission’s Staff of the Enforcement Division that it would be conducting its own inquest. The government appears to be bound and determined to discover the intricacies of…
Bacon: Stabilized Fannie, Freddie Will Aid U.S. Housing Market
The move by the U.S. government to put Fannie Mae and Freddie Mac into conservatorship will stabilize the two giant government-sponsored entities, said Kenneth Bacon (pictured), executive vice president of housing and community development for Fannie Mae. The result of the government’s move means that the two agencies “are very much in business,” said Bacon, this morning’s keynote speaker at the Cityscape USA conference in New York. The market’s reaction to the government’s actions have been positive, Bacon said. He said that Fannie Mae’s sale of $ 7billion in debt since the actions was oversubscribed. Fannie Mae’s apartment portfolio has…
Former HUD Secretary Never Expected Fannie, Freddie Move
“I never expected such a day to come,” said Henry Cisneros, executive chairman of CityView and former Secretary of the Department of Housing and Urban Development under President Bill Clinton. He was speaking of Sunday, Sept. 7, when President George W. Bush announced the federal government’s takeover of Fannie Mae and Freddie Mac. Two days later, on Tuesday, Cisneros (pictured) delivered the Opening Keynote Presentation, Home Ownership and the Uncertain Mortgage Market, at the first ever Cityscape USA, Bridging U.S. and Emerging Real Estate Markets conference at New York City’s Jacob K. Javits Convention Center. Cisneros proclaimed his long-term advocacy…
Observers: Fannie, Freddie Takeover Was Necessary
The federal government’s takeover of Fannie Mae and Freddie Mac is a necessary step to stabilize the U.S. housing market, according to industry experts who are still examining the ramifications of the announcement. The takeover will go a long way toward solving what Stuart Saft, partner in the law firm of Dewey & LeBoeuf called a “catch 22” that has been bedeviling a critical part of the economy, housing. Real estate, being an illiquid asset, needs a steady stream of capital inflows. The credit freeze-up has meant that home prices have fallen, thus causing lenders to be much more cautious…
Feds Form Conservatorship for Fannie, Freddie
Treasury Secretary Henry Paulson Jr. announced Sunday that the Treasury Department and Federal Housing Finance Agency would step in to act on behalf of Fannie Mae and Freddie Mac. A conservatorship has been formed that will manage taxpayer investment in the two giants, among other steps.In July, Congress had given the department power to bolster the two. “Since that time,” Paulson stated over the weekend, “we have closely monitored financial market and business conditions and have analyzed in great detail the current financial condition of the GSEs – including the ability of the GSEs to weather a variety of market conditions…
Troubled Fannie, Freddie Still Vital to Capital Markets
Government-sponsored entities Fannie Mae and Freddie Mac may well be in line for a further infusion of capital that would reduce stockholder value. The future of the two agencies is still up in the air, but the capital markets are relying on them heavily for multi-family financing. Although both Fannie and Freddie are experiencing major problems tied to the housing market’s downturn and the subprime crisis in particular, top capital markets professionals point out the GSEs still have a critical role. “From what we see, they are continuing to support (multi-family) in a disciplined way,” Thomas McManus, chairman & CEO…
Shares of Fannie, Freddie Down Again
Shares of Fannie Mae and Freddie Mac plummeted yet again today on renewed fears of the possibility that the government may be forced to bail out the beleaguered institutions. Shares of both Fannie and Freddie were down 27 percent in trading on the New York Stock Exchange this afternoon, continuing a slide which saw each already down some 20 percent thus far this week, and a staggering 90 percent so far this year after being stung by the subprime mortgage crisis and housing slowdown. Given the importance of the two agencies to the American housing market–Fannie and Freddie together own…