Tagged: conservatorship

Fannie Seeks Upstanding Invisibles for Long-Term Commitment 11

Fannie Seeks Upstanding Invisibles for Long-Term Commitment

Fannie’s big news about embracing the “invisibles,” under the pretext of helping the underserved, Fannie announced it had tweaked the knobs and dials on its impenetrable underwriting algorithm in order to fit “credit invisibles” for mortgages.  In the final scene of the 1990 mob masterpiece “Goodfellas,” wise guy Henry Hill recalls his life as he enters federal witness protection. “It was easy to disappear. My house was in my mother-in-law’s name. My cars were registered to my wife. My Social Security card and driver’s license were phony. I never voted. I never paid taxes. My birth certificate and my arrest...

Ending the Conservatorship... Potential Changes to GSEs Gaining Steam 2

Potential Changes to GSEs Gaining Steam

Folks, if you have not been hiding under a rock since 2009, you know that both FNMA and FrMAC have been under ‘conservatorship’, regulated by FHFA for over the past 10+ years. If you’ve been paying attention, you also know that over the past few years there has been increasing talk to end the conservatorship, and now, to add competitors to the GSE’s in the mortgage loan purchase arena. That prospect is outlined in the latest Report to Congress by Mark Calabria, Director of FHFA, summarized in this article posted Tues, June 16, 2020, in Mortgage News Daily: The Federal...

The GSEs to Split from FHFA? Will the Separation Happen? 7

The GSEs to Split from FHFA?

A key issue is Congress’s thirst for the income the two GSEs generate since they paid off their bailouts… Will separation happen? I found this info in the Mortgage News Daily e-newsletter by Jann Swanson on May 19, 2020: From the article “Fannie/Freddie Seek Financial Advisor to Help Them Exit Conservatorship”: “Fannie Mae and Freddie Mac (the GSEs) have taken what each is calling an important step toward ending their 12 years of operating under conservatorship. Each has announced they are about to issue a request for proposals (RFP) to secure a financial advisor to facilitate that move. In a...

Clarocity Multi Million Dollar Garbage Technology vs. Appraisers 81

Garbage Replacing Appraisers?

If appraisers were to embrace such garbage, would the demise of this technology be sooner? …14.53 million dollar loss in 2017… Hey Clarocity, Give it up. It is time to face the facts! From Clarocity Public Financial Statements: 14.53 million dollar loss in 2017 9.49 million dollar loss in 2016 13.00 million dollar loss in 2015 5.43 million dollar loss in 2014 6.82 Million dollar loss 2013 4.95 million dollar loss in 2012 0.36 million dollar loss in 2011 1.19 million dollar loss in 2010 0.86 million dollar loss in 2009 44.8 million dollar loss in 2008 The 2017 Clarocity’s...

Appraisers Knew Fannie Mae Would Need Another Bailout 46

Kudos to Rep Hensarling!

Kudos to Congressman Member Jeb Hensarling! House Financial Services Committee Chairman Jeb Hensarling (R-TX) is one of the few federal watchdogs that ‘gets it’ on Fannie Mae’s & all GSE’s operations. All appraisers that have watched Fannie Mae’s changes in policies over the past 3+ years knew it was only a matter of time before they would need another taxpayer bailout. What we didn’t know was that it would be this soon. Most of us assumed it would be after the next crash that their reckless policies trigger. Reading the recent press release from the House Financial Services Committee, my...

Housing Finance Reform Must Be Tackled by Congress 5

Congress Must Act

The “Sustainable Housing Finance” hearing took place yesterday morning. Please take a minute to read and / or listen to what is being said. Hensarling: Congress Must Tackle Housing Finance Reform WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following opening remarks at today’s hearing on sustainable housing finance reform: Today we welcome back our former colleague and committee member Mel Watt, the Director of the Federal Housing Finance Agency. Director Watt served with distinction on this committee for many, many years and was respected on both sides of the aisle. Sir, it is good to...

Congress, Please…No More Cash for FNMA clunkers! 7

Congress, Please…No More Cash for FNMA Clunkers!

Congress, cut FNMA loose from conservatorship and let them sink or swim… Every day I tend to agree more and more that we are facing an uphill battle against corporate America. Then I remember that as a former Marine, I’m supposed to be ‘ok’ with uphill battles. We make do with what we have, not necessarily what we want or need. Add to this most, if not all of our Congress from both Senate and House. Some isolated exceptions but most either don’t care or encourage the weaknesses in the financial system for their own gain. There is a reason...

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