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The July 30, 2008, law enabling expanded regulatory authority over Fannie Mae and Freddie Mac increased the national debt ceiling by US$800 billion, to a total of US$10.7 trillion in anticipation of the potential need for the Treasury to have the flexibility to support the federal home loan banks.
Second mortgages allow homeowners to receive an immediate cash infusion, which can be used for home improvements, debt consolidation, education expenses, or other financial needs.
The GSEs Fannie Mae and Freddie Mac were both placed in conservatorship in September 2008. [7] The two GSEs guaranteed or held mortgage-backed securities (MBS), mortgages, and other debt with a notional value of more than $5 trillion. [8] Merrill Lynch was acquired by Bank of America in September 2008 for $50 billion. [9]
Similarities. Description. Creation and structure. Created by Congress in 1938 (Fannie Mae) and 1970 (Freddie Mac) to address issues in the housing market.
"Over the past decade Fannie Mae and Freddie Mac have reduced required down payments on loans that they purchase in the secondary market. Those requirements have declined from 10% to 5% to 3% and in the past few months Fannie Mae announced that it would follow Freddie Mac's recent move into the 0% down payment mortgage market." [153]
Fannie Mae and Freddie Mac are government-sponsored enterprises that buy and sell home loans on the secondary mortgage markets. The two help make affordable financing available to home buyers by ...