Fannie/Freddie discussion with Mnuchin starts around the 14:20 mark. It's along the lines of what he's been saying, but nice to see Mnuchin keep pushing for resolution: https://www.pscp.tv/w/1mnGeEMpZpAGX
Wow. Fannie will look the other way on student debt so these cheesers can get mortgages? The top just got closer. This can't be real life
http://www.fanniemae.com/portal/media/financial-news/2017/student-loan-debt-6546.html
Fannie Mae Introduces Innovative Solutions for Borrowers with Student Loan Debt
Innovations Help Borrowers Pay Down Student Debt and Overcome Debt Related Obstacles When Buying a Home
Aleksandrs Rozens
202-752-7916
WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced new policies that will help more borrowers with student debt qualify for a home loan. These innovations address challenges and obstacles to homeownership due to a significant increase in student loan debt over the past decade and provide access to credit for qualified borrowers. The new solutions give homeowners the opportunity to pay down student debt with a mortgage refinance, allow borrowers to exclude non-mortgage debt paid by others as part of the loan application process, and make it more likely for borrowers with student debt to qualify for a mortgage loan by allowing lenders to accept student debt payments included on credit reports.
“We understand the significant role that a monthly student loan payment plays in a potential home buyer’s consideration to take on a mortgage, and we want to be a part of the solution,” said Jonathan Lawless, Vice President of Customer Solutions, Fannie Mae. “These new policies provide three flexible payment solutions to future and current homeowners and, in turn, allow lenders to serve more borrowers.”
Innovative Solutions for Making Homeownership Affordable for Borrowers with Student Debt
Because there is rarely a “one size fits all” approach to this issue, the policies announced today provide options to borrowers based on their individual circumstances:
Student Loan Cash-Out Refinance: Offers homeowners the flexibility to pay off high interest rate student debt while potentially refinancing to a lower mortgage interest rate.
Debt Paid by Others: Widens borrower eligibility to qualify for a home loan by excluding from the borrower’s debt-to-income ratio non-mortgage debt, such as credit cards, auto loans, and student loans, paid by someone else.
Student Debt Payment Calculation: Makes it more likely for borrowers with student debt to qualify for a loan by allowing lenders to accept student loan payment information on credit reports.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
- See more at: http://www.fanniemae.com/portal/med...dent-loan-debt-6546.html#sthash.I0U3zHPk.dpuf
http://www.fanniemae.com/portal/media/financial-news/2017/student-loan-debt-6546.html
Fannie Mae Introduces Innovative Solutions for Borrowers with Student Loan Debt
Innovations Help Borrowers Pay Down Student Debt and Overcome Debt Related Obstacles When Buying a Home
Aleksandrs Rozens
202-752-7916
WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced new policies that will help more borrowers with student debt qualify for a home loan. These innovations address challenges and obstacles to homeownership due to a significant increase in student loan debt over the past decade and provide access to credit for qualified borrowers. The new solutions give homeowners the opportunity to pay down student debt with a mortgage refinance, allow borrowers to exclude non-mortgage debt paid by others as part of the loan application process, and make it more likely for borrowers with student debt to qualify for a mortgage loan by allowing lenders to accept student debt payments included on credit reports.
“We understand the significant role that a monthly student loan payment plays in a potential home buyer’s consideration to take on a mortgage, and we want to be a part of the solution,” said Jonathan Lawless, Vice President of Customer Solutions, Fannie Mae. “These new policies provide three flexible payment solutions to future and current homeowners and, in turn, allow lenders to serve more borrowers.”
Innovative Solutions for Making Homeownership Affordable for Borrowers with Student Debt
Because there is rarely a “one size fits all” approach to this issue, the policies announced today provide options to borrowers based on their individual circumstances:
Student Loan Cash-Out Refinance: Offers homeowners the flexibility to pay off high interest rate student debt while potentially refinancing to a lower mortgage interest rate.
Debt Paid by Others: Widens borrower eligibility to qualify for a home loan by excluding from the borrower’s debt-to-income ratio non-mortgage debt, such as credit cards, auto loans, and student loans, paid by someone else.
Student Debt Payment Calculation: Makes it more likely for borrowers with student debt to qualify for a loan by allowing lenders to accept student loan payment information on credit reports.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
- See more at: http://www.fanniemae.com/portal/med...dent-loan-debt-6546.html#sthash.I0U3zHPk.dpuf
Here's a good Podcast put out by Tim Pagliara (Investors Unite). This is with Michael Ciklin. Ciklin and Adam Spittler were the two CPAs that put together the original papers disclosing the fraud they discovered. This is very informational and worth a listen:
http://investorsunite.org/ep-iu-member-michael-ciklin-forensic-analysis-conservatorship-fannie/
There's also supposed to be a vote today for HR 1694 (the Fannie and Freddie Open Records Act) -- Votes expected later this afternoon. This would open up F&F to FOIA requests while they are under Conservatorship, which could certainly help us get some of those 11,000 docs still pending in the Fairholme (Judge Sweeney) case.
http://investorsunite.org/ep-iu-member-michael-ciklin-forensic-analysis-conservatorship-fannie/
There's also supposed to be a vote today for HR 1694 (the Fannie and Freddie Open Records Act) -- Votes expected later this afternoon. This would open up F&F to FOIA requests while they are under Conservatorship, which could certainly help us get some of those 11,000 docs still pending in the Fairholme (Judge Sweeney) case.
Mnuchin earlier today to Bartiromo -- http://www.foxbusiness.com/politics...funds-used-to-pay-for-obamacare-its-true.html
Mnuchin is also appearing at the Milken Institute's conference today and at the ICBA's conference on Wednesday.
We have Freddie's earnings tomorrow, and Fannie's earnings on Wednesday.
Mnuchin is also appearing at the Milken Institute's conference today and at the ICBA's conference on Wednesday.
We have Freddie's earnings tomorrow, and Fannie's earnings on Wednesday.
Latest from Epstein on Perry ruling -- https://www.forbes.com/sites/richar...aims-in-perry-capital-v-mnuchin/#5c2ea3217370
Great article that discusses Ciklin's and Spittler's early findings of the accounting fraud -- http://www.mortgageorb.com/can-avoid-gse-bailout
More mainstream coverage/reporting on Fox News this morning: https://www.youtube.com/watch?v=kDOUnD2ItMs
Technically, they are still private companies (Fortune 50 companies at that). The Government has a warrant (that it hasn't exercised yet) to obtain 79.9% of the Common shares in both of the GSEs.
Re-privatizing is basically suggesting the GSEs issue new stock (likely Preferred, but possibly some Common) to raise capital -- since the Treasury took all of their capital which dwindles more each quarter
Big
This is happening tomorrow -- https://www.banking.senate.gov/publ...ce-system-after-nine-years-of-conservatorship
The director of the FHFA, Mel Watt, will be in front of the Senate Banking Committee to discuss the conservatorships. I can only imagine how fun this will be to watch. Expect volatility tomorrow.
This is happening tomorrow -- https://www.banking.senate.gov/publ...ce-system-after-nine-years-of-conservatorship
The director of the FHFA, Mel Watt, will be in front of the Senate Banking Committee to discuss the conservatorships. I can only imagine how fun this will be to watch. Expect volatility tomorrow.
It would probably a good idea to re-read Watt's previous comments regarding the dwindling capital levels at the GSEs heading into tomorrow: https://www.fhfa.gov/Media/PublicAffairs/Pages/Prepared-Remarks-Melvin-Watt-at-BPC.aspx
I guess we don't have to wait until tomorrow, LOL. Boom Time!
http://www.reuters.com/article/us-usa-fhfa-watt-idUSKBN18633I
http://www.reuters.com/article/us-usa-fhfa-watt-idUSKBN18633I
What a great show from Mr. Watt. Pure genius. He's obviously working with Mnuchin behind the scenes. Did you see Bob Corker storm out after their exchange? Wow, what a joke that guy is. "Take $10B right now and see what happens," LOL!! He clearly doesnt understand that the Treasury's back-stop is not capital and it's still a draw on taxpayer funds.
More great stuff coming as early as next week:
https://www.wsj.com/articles/trump-...nnie-freddie-overhaul-back-in-play-1494495000
"The White House hasn’t advanced any proposal of its own. Craig Phillips, a deputy of Mr. Mnuchin’s, may shed some light on the administration’s preferred approach as early as next week, when he is scheduled to address the issue publicly for the first time in New York."
https://www.wsj.com/articles/trump-...nnie-freddie-overhaul-back-in-play-1494495000
"The White House hasn’t advanced any proposal of its own. Craig Phillips, a deputy of Mr. Mnuchin’s, may shed some light on the administration’s preferred approach as early as next week, when he is scheduled to address the issue publicly for the first time in New York."
Statement of Melvin L. Watt, Director, FHFA, Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs -- https://www.fhfa.gov/mobile/Pages/p...nking-Housing-and-Urban-Affairs-05112017.aspx
