The Real Deal New York

Posts Tagged ‘edward demarco’

  • edward-demarco

    Edward DeMarco

    Government-sponsored Fannie Mae and Freddie Mac said that they will increase fees charged to lenders by 0.1 percentage points — even though costs have already doubled in the past four years.

    The Federal Housing Finance Agency, which regulates both firms, hopes to balance out the rate hikes by cutting other fees that arose after the financial crisis. However, lenders in four states — New York, New Jersey, Connecticut and Florida – won’t be so lucky and will continue to have to pay both sets of fees. [more]

    Comments
  • Should you be concerned that the maximum loan amount buyers will be able to obtain through the biggest players in the mortgage industry — Fannie Mae and Freddie Mac — might be cut sometime next spring? You just might. [more]

    Comments
  • Edward DeMarco and Rep. Melvin Watt

    President Barack Obama is expected to tap a North Carolina congressman to lead the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, CNBC reported.

    Rep. Melvin Watt, a Democrat and senior member of the House Financial Services Committee, was integral to passing Dodd-Frank, the financial regulatory overhaul enacted in 2010. [more]

    Comments
  • Edward DeMarco

    The controversial regulator of Fannie Mae and Freddie Mac is urging lawmakers to drastically scale back or even eliminate the mortgage market’s reliance on taxpayers, Bloomberg News reported.

    Edward DeMarco is making his push to privatize Fannie and Freddie less than a week after a bipartisan group of Senators introduced a bill to keep the Obama administration from selling off shares in the government-backed lending giants without congressional approval. [more]

    Comments
  • Edward DeMarco

    The government-backed mortgage giants Fannie Mae and Freddie Mac are abandoning their separate systems for securitizing home loans and are forming a joint company that could be up and running as soon as next year, NBC News reported.

    The consolidation is intended to help reduce the government’s role in the mortgage market, according to its regulator, the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, and will regulate the new company as well. … [more]

    Comments
  • Rep. Elijah Cummings and Edward DeMarco

    A group of 45 members of the U.S. House of Representatives came together today to sign a letter urging president Obama to appoint a permanent leader of the Federal Housing Finance Agency who will make aiding distressed homeowners a priority, according to the Huffington Post. [more]

    2 Comments
  • White House looking for new FHFA director

    December 10, 2012 01:00PM

    From left: FHFA head Edward DeMarco, the White House

    The White House is preparing to nominate a new director of the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, as early as next year, the Wall Street Journal reported.

    The FHFA’s current director, Edward DeMarco, was appointed more than three years ago in an interim capacity after the Obama Administration’s first nominee, Joseph Smith Jr., withdrew from consideration following opposition from Senate Republicans, the Journal said. The FHFA was created four-and-a-half years ago and has never had its own director confirmed by the Senate. The director of the FHFA is a key policymaker because of the agency’s role as the gatekeeper of Fannie Mae and Freddie Mac. [more]

    Comments
  • Edward DeMarco, Federal Housing Finance Agency director

    The Federal Housing Finance Agency announced a new plan Monday to guide banks through the lending process in a way that minimizes financial institutions’ risk of being forced to buy back bad mortgages, the Wall Street Journal reported.

    Since the housing market’s collapse, Fannie Mae and Freddie Mac have forced banks to repurchase $75 billion worth of distressed mortgages. Banks’ are fearful of finding themselves in similar situations, and that has resulted in a tight lending environment. [more]

    Comments
  • Edward DeMarco, acting head of the FHFA

    In the wake of the Federal Housing Finance Administration’s firm stance that it will not allow principal reductions for Fannie Mae and Freddie Mac borrowers, the Obama administration is now looking for new ways to encourage the use of unspent federal housing funds to ease borrowers’ financial pains, Bloomberg News reported.

    Some states are using money from the Hardest Hit Fund, a $7.6 billion national aid program which has so far only spent $351 million of its funds, Bloomberg News said, to give debt relief to Fannie and Freddie borrowers. The difference with the money provided by Hardest Hit is that it is provided at no cost to the government sponsored entities, according to Bloomberg. [more]

    Comments
  • Mortgage writedowns, if approved by the Federal Housing Finance Agency, could save Fannie Mae and Freddie Mac up to $1.7 billion, Bloomberg News reported.

    Edward DeMarco, the FHFA head, said his agency would decide “in the next few weeks,” if it would allow Fannie and Freddie to perform the mortgage modifications. DeMarco is hesitating, because he does not want to create an incentive for lenders to default, he said in a speech yesterday at the non-profit the Brookings Institution. [more]

    1 Comment
  • From left: the White House and Edward DeMarco, head of the FHFA

    Democrats’ efforts to reduce mortgage principals for hundreds of thousands of borrowers are stymied by one man, ProPublica claimed: Edward DeMarco, head of the Federal Housing Finance Agency. [more]

    Comments
  • Paycut looms for mortgage giant execs

    March 09, 2012 02:30PM

    From left: Fannie Mae CEO Michael Williams and Freddie Mac CEO Ed Haldeman

    A dozen housing executives are about to take a massive paycut.

    The Associated Press reported that the salaries of the top 70 employees at Fannie Mae and Freddie Mac will be limited to $500,000 per year and bonuses will be eliminated. In 2009 and 2010 the top 12 executives at the government-sponsored enterprises collectively earned $35.4 million in bonuses and salary, with Fannie CEO Michael Williams and Freddie CEO Edward Haldeman receiving $9.3 million and $7.8 million, respectively, for the two-year stretch. [more]

    1 Comment
  • Edward Demarco, acting director of FHFA

    Interest rates for mortgages are set to go up, but quietly, the New York Times reported.

    A government-mandated increase in guarantee fees will push the overall interest rates for mortgages up, and also raise interest rates on mortgages re-sold to Fannie Mae or Freddie Mac. Estimates put the increase at one eighth of a percentage point for now, the Times said.  [more]

    Comments
  • The Congressional Budget office has thrown cold water on a U.S. initiative to refinance loans held by millions of homeowners, and stated its support for Edward DeMarco, the Federal Housing Finance Agency acting chief, who has drawn criticism for his skepticism of the plan, the Financial Times reported.

    The initiative would effectively leave private investors with double in losses what borrowers would get in payment relief, researchers at the CBO found in a recent study.

    “The study recognises the enormous losses private investors would suffer in a transfer of wealth to borrowers,” said Joshua Rosner, a housing finance expert and managing director at independent research firm Graham Fisher & Co. … [more]

    Comments
  • Edward DeMarco, a little-known man who has spent a lifetime in inconspicuous governmental roles, is now calling the shots as the White House presses to stimulate the housing market, the Wall Street Journal reported. DeMarco, acting director of the Federal Housing Finance Agency, was named the conservator of Fannie Mae and Freddie Mac when the U.S. government nationalized them three years ago.
    The main issue he’s tackling is the debate on mortgage refinancing, between those who hope to limit taxpayer losses short-term and those who say using the firms is in the long-term interest of taxpayers, the Journal said. While economists in the Obama administration and at the Federal Reserve believe Fannie and Freddie could bolster the economy by loosening restrictions on borrowers wishing to refinance their loans, others argue that the firms could speed up a housing recovery by financing more local investor purchases of foreclosed properties. … [more]

    1 Comment
  • Government-sponsored mortgage giants Fannie Mae and Freddie Mac have been ordered by their regulator, the Federal Housing Finance Agency, to delist their shares from the New York Stock Exchange after Fannie’s stock price fell below the required minimum of $1 per share, according to the Associated Press. Shares of Fannie, which closed at 92 cents yesterday, have been below the $1 threshold for 30 trading days. Freddie’s shares closed at $1.22 yesterday. “FHFA’s determination to direct each company to delist does not constitute any reflection on either enterprise’s current performance or future direction, nor does delisting imply any other findings or determination on the part of FHFA as regulator or conservator,” said Edward DeMarco, acting director of the agency. [AP via Crain's]

    [more]

    Comments
  • Government-sponsored mortgage giants Fannie Mae and Freddie Mac have been ordered by their regulator, the Federal Housing Finance Agency, to delist their shares from the New York Stock Exchange after Fannie’s stock price fell below the required minimum of $1 per share, according to the Associated Press. Shares of Fannie, which closed at 92 cents yesterday, have been below the $1 threshold for 30 trading days. Freddie’s shares closed at $1.22 yesterday. “FHFA’s determination to direct each company to delist does not constitute any reflection on either enterprise’s current performance or future direction, nor does delisting imply any other findings or determination on the part of FHFA as regulator or conservator,” said Edward DeMarco, acting director of the agency. [AP via Crain's]

    [more]

    Comments
MENU

Subscribe to our email newsletters

New York Real Estate News
South Florida Real Estate News