Fannie Mae, Battling Losses, to End Alt-A Mortgages (Update4)
By Jody Shenn
Aug. 8 (Bloomberg)
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ac.pGKwsRx5k
Fannie Mae, the largest U.S. mortgage finance company, will stop buying and guaranteeing Alt-A mortgages because of surging losses from home loans to borrowers without proof of their finances.
Fannie won't accept new Alt-A loans after Dec. 31, according to a statement today. The mortgages, which make up about 11 percent of the $3 trillion financed by the Washington-based company, accounted for almost half of second-quarter credit losses, Chief Financial Officer Stephen Swad said today on a conference call.
The debt, generally considered between prime and subprime in terms of expected defaults, has "driven our credit expenses," Chief Executive Officer Daniel Mudd said on the call. ``Alt-A foreclosures have doubled in southern California.''
Internet Censorship Alert
Internet Censorship Alert: Alex Jones exposes agenda to 'blacklist' dissenting sites (March 14, 2010)
As I predicted, the Obama Administration is trying to shut down the Internet - at least the parts he doesn't like. Barack Obamas regulatory czar, Cass Sunstein has stated that he wants to ban conspiracy theories from the internet. Think about what this means - Every video, every website, every blog, every email, that exposes or just criticizes the government for any reason whatsoever could be labeled a "conspiracy" and taken down. Your home could be raided in the middle of the night, and you could be carted of to jail for criticizing the government. All they have to do is call it a "conspiracy theory".
http://www.youtube.com/watch?v=aqAWmBLFodE
Saturday, August 9, 2008
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment