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For clarity, the code was inserted as a portion of a lawsuit filed by (then) NY Attorney General Andrew Cuomo against Federal Government controlled (owned) FNMA and Freddie Mac. Even though a small part of the entire suit, the AG's office widely publicized that portion. Many who researched the background of the suit came to the same conclusion.
The Act amended the charter of Fannie Mae and Freddie Mac to reflect the Democratic Congress' view that the GSEs "have an affirmative obligation to facilitate the financing of affordable housing for low- and moderate-income families in a manner consistent with their overall public purposes, while maintaining a strong financial condition and a ...
The Housing and Economic Recovery Act of 2008—passed by the United States Congress on July 24, 2008, with bipartisan support and signed into law by President George W. Bush on July 30, 2008—enabled expanded regulatory authority over Fannie Mae and Freddie Mac by the newly established FHFA, and gave the U.S. Treasury the authority to advance ...
Fannie Mae and Freddie Mac also have slightly different requirements for the mortgages they purchase. In both cases, Fannie and Freddie loans must be conforming loans , or adhere to these ...
Today, Ginnie Mae securities are the only mortgage-backed securities that are backed by the "full faith and credit" guaranty of the United States Federal Government, although some have argued that Fannie Mae and Freddie Mac securities are de facto or "effective" beneficiaries of this guarantee after the Federal Government rescued them from ...
An FNMA loan, aka a conforming loan or Fannie Mae-backed mortgage, is a loan or mortgage that has been sold to the Federal National Mortgage Association (FNMA, or Fannie Mae) — or one that meets ...
The stocks of Freddie Mac and Fannie Mae — semi-acronyms for Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association — jumped in the hours after Ackman’s comments.
Gerald P. O'Driscoll, former vice president at the Federal Reserve Bank of Dallas, stated that Fannie Mae and Freddie Mac became examples of crony capitalism as government backing let Fannie and Freddie dominate mortgage underwriting, saying. "The politicians created the mortgage giants, which then returned some of the profits to the pols ...