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Fannie Mae Reports Net Loss of $2.9 Billion in 2Q
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Fannie Mae Reports Net Loss of $2.9 Billion in 2Q
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
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The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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Fannie Mae Reports Net Loss of $2.9 Billion in 2Q
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August 5, 2011 (Shirley Allen)

Government Sponsored Enterprise (GSE) Fannie Mae reports that it suffered a net loss of $2.9 billion in the second quarter of 2011, compared to a net loss of $6.5 billion in the first quarter of 2011, citing continued weakness in the housing and mortgage markets and the cost of loan modifications as contributors to its losses in the quarter.

The mortgage giant also stated in its Second Quarter Results report that it was making a $2.3 billion dividend payment to the Treasury Department making the quarter’s total net loss $5.2 billion.

As a consequence, Fannie Mae’s net worth deficit was $5.1 billion as of June 30, 2011, prompting the Acting Director of the Federal Housing Finance Agency (FHFA) to submit a request for $5.1 billion in funds to the Treasury Department to eliminate the mortgage giant’s net worth deficit.

The latest request for funds puts the total cost to taxpayers for Fannie Mae alone at $104.8 billion.

FHFA oversees the operation of Fannie Mae since the company was taken over by the government in September of 2008 after massive loses threatened to topple the company when the housing market collapsed.

Fannie Mae along with its sibling, Freddie Mac, currently own or guarantee about half of all mortgages in the United States and backed nearly 90 percent of the mortgages in the past year.

Since January 1, 2009, government agencies Fannie Mae, Freddie Mac, and Ginnie Mae have collectively guaranteed more than 80 percent of all single-family mortgages in the United States.

Fannie Mae has suffered $130 billion in single-family credit losses from January 1, 2009 through June 30, 2011, with the vast majority of those losses attributable to loans the company acquired from 2005 through 2008.

But Fannie Mae says the future looks brighter as 47 percent of its single-family guaranty book of business as of June 30, 2011 consisted of loans it had purchased or guaranteed since the beginning of 2009 which have a strong overall credit profile, are performing well and should be profitable over their lifetime.

Tags: Fannie Mae, Second Quarter Results, FHFA, mortgage market, loan modifications, mortgage giant, GSE, single-family mortgages

Source:
Fannie Mae

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Rates

August 5, 2011 (Shirley Allen)

Government Sponsored Enterprise (GSE) Fannie Mae reports that it suffered a net loss of $2.9 billion in the second quarter of 2011, compared to a net loss of $6.5 billion in the first quarter of 2011, citing continued weakness in the housing and mortgage markets and the cost of loan modifications as contributors to its losses in the quarter.

The mortgage giant also stated in its Second Quarter Results report that it was making a $2.3 billion dividend payment to the Treasury Department making the quarter’s total net loss $5.2 billion.

As a consequence, Fannie Mae’s net worth deficit was $5.1 billion as of June 30, 2011, prompting the Acting Director of the Federal Housing Finance Agency (FHFA) to submit a request for $5.1 billion in funds to the Treasury Department to eliminate the mortgage giant’s net worth deficit.

The latest request for funds puts the total cost to taxpayers for Fannie Mae alone at $104.8 billion.

FHFA oversees the operation of Fannie Mae since the company was taken over by the government in September of 2008 after massive loses threatened to topple the company when the housing market collapsed.

Fannie Mae along with its sibling, Freddie Mac, currently own or guarantee about half of all mortgages in the United States and backed nearly 90 percent of the mortgages in the past year.

Since January 1, 2009, government agencies Fannie Mae, Freddie Mac, and Ginnie Mae have collectively guaranteed more than 80 percent of all single-family mortgages in the United States.

Fannie Mae has suffered $130 billion in single-family credit losses from January 1, 2009 through June 30, 2011, with the vast majority of those losses attributable to loans the company acquired from 2005 through 2008.

But Fannie Mae says the future looks brighter as 47 percent of its single-family guaranty book of business as of June 30, 2011 consisted of loans it had purchased or guaranteed since the beginning of 2009 which have a strong overall credit profile, are performing well and should be profitable over their lifetime.

Tags: Fannie Mae, Second Quarter Results, FHFA, mortgage market, loan modifications, mortgage giant, GSE, single-family mortgages

Source:
Fannie Mae

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

August 5, 2011 (Shirley Allen)

Government Sponsored Enterprise (GSE) Fannie Mae reports that it suffered a net loss of $2.9 billion in the second quarter of 2011, compared to a net loss of $6.5 billion in the first quarter of 2011, citing continued weakness in the housing and mortgage markets and the cost of loan modifications as contributors to its losses in the quarter.

The mortgage giant also stated in its Second Quarter Results report that it was making a $2.3 billion dividend payment to the Treasury Department making the quarter’s total net loss $5.2 billion.

As a consequence, Fannie Mae’s net worth deficit was $5.1 billion as of June 30, 2011, prompting the Acting Director of the Federal Housing Finance Agency (FHFA) to submit a request for $5.1 billion in funds to the Treasury Department to eliminate the mortgage giant’s net worth deficit.

The latest request for funds puts the total cost to taxpayers for Fannie Mae alone at $104.8 billion.

FHFA oversees the operation of Fannie Mae since the company was taken over by the government in September of 2008 after massive loses threatened to topple the company when the housing market collapsed.

Fannie Mae along with its sibling, Freddie Mac, currently own or guarantee about half of all mortgages in the United States and backed nearly 90 percent of the mortgages in the past year.

Since January 1, 2009, government agencies Fannie Mae, Freddie Mac, and Ginnie Mae have collectively guaranteed more than 80 percent of all single-family mortgages in the United States.

Fannie Mae has suffered $130 billion in single-family credit losses from January 1, 2009 through June 30, 2011, with the vast majority of those losses attributable to loans the company acquired from 2005 through 2008.

But Fannie Mae says the future looks brighter as 47 percent of its single-family guaranty book of business as of June 30, 2011 consisted of loans it had purchased or guaranteed since the beginning of 2009 which have a strong overall credit profile, are performing well and should be profitable over their lifetime.

Tags: Fannie Mae, Second Quarter Results, FHFA, mortgage market, loan modifications, mortgage giant, GSE, single-family mortgages

Source:
Fannie Mae

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.