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Senate and House GOP Lead Freddie Mac/Fannie Mae Reform
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Senate and House GOP Lead Freddie Mac/Fannie Mae Reform
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
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Receive Multiple Offers. Save Money.
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Senate and House GOP Lead Freddie Mac/Fannie Mae Reform
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April 1, 2011 (Chris Moore)
mortgage-gse-image
Republicans in the House of Representatives and the Senate have introduced bills whose ultimate goal is to shrink the federal government’s role in the mortgage market. While the Obama Administration’s three option proposal has been little heard from since it was first unveiled over a month ago, the GOP has come out swinging in its boost for GSE reform.

Thursday, Sens. John McCain, R-Ariz., and Orrin Hatch, R-Utah, unveiled a bill that would dismantle Fannie and Freddie within five years, or turn them completely into private entities.

The legislation proposes having Freddie Mac and Fannie Mae charge higher fees to dissuade use by mortgage borrowers and to start shrinking the size of their mortgage portfolios so that the mortgage market will open up to private banks.

Since their collapse and subsequent seizure by the federal government in 2008, Freddie Mac and Fannie Mae have cost taxpayers over $150 billion. Both Republicans and Democrats, and the Obama Administration, agree that the mortgage giants need to be wound down, they just disagree on how they want to do it.

“Never again can we allow the taxpayer to be responsible for poorly managed financial entities who gambled away billions of dollars,” said McCain, who made the near-collapse of the two housing finance companies an issue in his failed 2008 presidential campaign. “Fannie and Freddie are synonymous with mismanagement and waste.”

Meanwhile, over in the House, Scott Garrett , R-NJ., released a summary of eight bills that cover a broad range of issues in bringing an end to the federal governments involvement with the mortgage giants and establishing policies for a new system of financing the housing industry. Each bill covers a different aspect of reform and was introduced by a different member of the Financial Services Committee.

Garrett, who is the Chairman of the House Financial Services committee overseeing the GSE’s, says the bills are “very specific, very targeted bills to end the bailouts, protect the taxpayers, and get private capital off the sidelines.”

The eight bills are expected to be approved next Tuesday and would take steps like forbidding employees of Fannie and Freddie from being paid more than analogous federal workers, increasing the fees they charge to guarantee loans and ending the requirement that they subsidize lower-cost housing.

The new bills would also require Freddie Mac and Fannie Mae to adhere to the new Qualified Residential Mortgage (QRM) rules from which they are now currently exempt. Garrett said this bill will make it clear that Fannie Mae and Freddie Mac will be held to the same standards as any other secondary mortgage market participants.

Tags: GOP, Freddie Mac, Fannie Mae, mortgage giants, GSE, QRM, mortgage market, bailouts, mismanagement, federal government, secondary mortgage market

Sources:
AP
MortgageNewsDaily

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April 1, 2011 (Chris Moore)
mortgage-gse-image
Republicans in the House of Representatives and the Senate have introduced bills whose ultimate goal is to shrink the federal government’s role in the mortgage market. While the Obama Administration’s three option proposal has been little heard from since it was first unveiled over a month ago, the GOP has come out swinging in its boost for GSE reform.

Thursday, Sens. John McCain, R-Ariz., and Orrin Hatch, R-Utah, unveiled a bill that would dismantle Fannie and Freddie within five years, or turn them completely into private entities.

The legislation proposes having Freddie Mac and Fannie Mae charge higher fees to dissuade use by mortgage borrowers and to start shrinking the size of their mortgage portfolios so that the mortgage market will open up to private banks.

Since their collapse and subsequent seizure by the federal government in 2008, Freddie Mac and Fannie Mae have cost taxpayers over $150 billion. Both Republicans and Democrats, and the Obama Administration, agree that the mortgage giants need to be wound down, they just disagree on how they want to do it.

“Never again can we allow the taxpayer to be responsible for poorly managed financial entities who gambled away billions of dollars,” said McCain, who made the near-collapse of the two housing finance companies an issue in his failed 2008 presidential campaign. “Fannie and Freddie are synonymous with mismanagement and waste.”

Meanwhile, over in the House, Scott Garrett , R-NJ., released a summary of eight bills that cover a broad range of issues in bringing an end to the federal governments involvement with the mortgage giants and establishing policies for a new system of financing the housing industry. Each bill covers a different aspect of reform and was introduced by a different member of the Financial Services Committee.

Garrett, who is the Chairman of the House Financial Services committee overseeing the GSE’s, says the bills are “very specific, very targeted bills to end the bailouts, protect the taxpayers, and get private capital off the sidelines.”

The eight bills are expected to be approved next Tuesday and would take steps like forbidding employees of Fannie and Freddie from being paid more than analogous federal workers, increasing the fees they charge to guarantee loans and ending the requirement that they subsidize lower-cost housing.

The new bills would also require Freddie Mac and Fannie Mae to adhere to the new Qualified Residential Mortgage (QRM) rules from which they are now currently exempt. Garrett said this bill will make it clear that Fannie Mae and Freddie Mac will be held to the same standards as any other secondary mortgage market participants.

Tags: GOP, Freddie Mac, Fannie Mae, mortgage giants, GSE, QRM, mortgage market, bailouts, mismanagement, federal government, secondary mortgage market

Sources:
AP
MortgageNewsDaily

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.

April 1, 2011 (Chris Moore)
mortgage-gse-image
Republicans in the House of Representatives and the Senate have introduced bills whose ultimate goal is to shrink the federal government’s role in the mortgage market. While the Obama Administration’s three option proposal has been little heard from since it was first unveiled over a month ago, the GOP has come out swinging in its boost for GSE reform.

Thursday, Sens. John McCain, R-Ariz., and Orrin Hatch, R-Utah, unveiled a bill that would dismantle Fannie and Freddie within five years, or turn them completely into private entities.

The legislation proposes having Freddie Mac and Fannie Mae charge higher fees to dissuade use by mortgage borrowers and to start shrinking the size of their mortgage portfolios so that the mortgage market will open up to private banks.

Since their collapse and subsequent seizure by the federal government in 2008, Freddie Mac and Fannie Mae have cost taxpayers over $150 billion. Both Republicans and Democrats, and the Obama Administration, agree that the mortgage giants need to be wound down, they just disagree on how they want to do it.

“Never again can we allow the taxpayer to be responsible for poorly managed financial entities who gambled away billions of dollars,” said McCain, who made the near-collapse of the two housing finance companies an issue in his failed 2008 presidential campaign. “Fannie and Freddie are synonymous with mismanagement and waste.”

Meanwhile, over in the House, Scott Garrett , R-NJ., released a summary of eight bills that cover a broad range of issues in bringing an end to the federal governments involvement with the mortgage giants and establishing policies for a new system of financing the housing industry. Each bill covers a different aspect of reform and was introduced by a different member of the Financial Services Committee.

Garrett, who is the Chairman of the House Financial Services committee overseeing the GSE’s, says the bills are “very specific, very targeted bills to end the bailouts, protect the taxpayers, and get private capital off the sidelines.”

The eight bills are expected to be approved next Tuesday and would take steps like forbidding employees of Fannie and Freddie from being paid more than analogous federal workers, increasing the fees they charge to guarantee loans and ending the requirement that they subsidize lower-cost housing.

The new bills would also require Freddie Mac and Fannie Mae to adhere to the new Qualified Residential Mortgage (QRM) rules from which they are now currently exempt. Garrett said this bill will make it clear that Fannie Mae and Freddie Mac will be held to the same standards as any other secondary mortgage market participants.

Tags: GOP, Freddie Mac, Fannie Mae, mortgage giants, GSE, QRM, mortgage market, bailouts, mismanagement, federal government, secondary mortgage market

Sources:
AP
MortgageNewsDaily

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.