Real Estate Roundup
Lita Delgado-MCollum sent me this thing on Fannie and Freddie. Most folks on the street could not tell you what these organizations are or their function. Imagine a country where the government is not involved in the housing industry. How beautiful would that be?
"Fannie, Freddie & Ginnie:
Who Are They?
President Franklin Roosevelt's New Deal established the Federal National Mortgage Association (Fannie Mae) in 1938 as a federal agency in the wake of the Great Depression. Its purpose was to bring liquidity, stability and affordability to the U.S. housing and mortgage markets. Congress converted Fannie in 1968 to a publicly held corporation to help balance the federal budget.
To compete against Fannie Mae's domination of the secondary market and further lower housing costs, Congress chartered the Federal Home Loan Mortgage Corporation (Freddie Mac) as a public corporation in 1970.
Freddie and Fannie have similar Congressional mandates, charters and regulatory structures. Both entities buy mortgages from lenders and package them into mortgage-backed securities that are sold to investors with a guarantee against default. This creates a secondary market, allowing mortgage lenders to use the freed-up funds to make more home loans.
The Government National Mortgage Association (Ginnie Mae) was established by Congress in 1968. Unlike its GSE siblings, Ginnie does not purchase loans, but guarantees investors the timely payment of principal and interest on mortgage-backed securities containing federally insured loans — mainly FHA and VA loans.
In September 2008, the U.S. government rescued Fannie Mae and Freddie Mac from the brink of economic failure and placed them into conservatorship with the Federal Housing Finance Agency (FHFA). Some members of Congress have called for the gradual elimination of Fannie and Freddie to leave mortgage finance completely in the private sector. A Treasury Department report on the future of Fannie and Freddie will be delivered to Congress in the first half of February 2011."
You can reach Lita here: http://www.myprospectmortgage.com/LMcCollum
From Wikipedia: "On Oct 21, 2010 FHFA estimates revealed that the bailout of Fredie Mac and Fannie Mae will likely cost taxpayers $224–360 billion in total, with over $150 billion already provided."
A couple of weeks ago I met a Realtor that had a ton of designations listed on the business card and got me asking how many designations can there be? This is what the NAR website lists:
Accredited Buyers Representative
Accredited Land Consultant
Certified Commercial Investment Member
Certified International Property Specialist
Certified Property Manager
Certified Real Estate Brokerage Manager
Certified Residetial Specialist
General Accredited Appraiser
NAR's Green Designation
Graduate Realtor Institute
Performance Management Network
Realtor Association Certified Executive
Residential Accredited Appraiser
Society of Industrial and Office Realtors
Seniors Real Estate Specialist
At Home With Diversity (AHWD)
E-Pro
Real Estate Professional Assistant
Resort and Second Home Property Specialist
Short Sales and Foreclosure Resource
I am sure there are more but many of these are simply ways to make money off Realtors after attending a 3 day seminar. Some of these are just out of control political correctness. My suggestion would be to work with a Realtor who you enjoy talking with, does it full time and exhibits knowledge about the area you are interested in. A wise person told me when I started that "People work with who they want to work with" and that is true.
Lawrence Yun is the chief economist at the National Association of Realtors. Here is his latest article. He is correct that lenders are twisting it too tight.
And from our friends at the New York Times an article on the double dip. When reading this just ask yourself how much of this mayhem and confusion was caused by the best of intentions by the government? Read it here.
Tags:aviano,desert ridge,phoenix,real estate,villages at aviano,fireside,Arizona,short sale,foreclosure,fireside at desert ridge,Toll Brothers,pulte del web,bella monte. Information and pictures supplied by MLS and deemed reliable but not guaranteed. Proud to wake up, live and work in the great State of Arizona.
"Fannie, Freddie & Ginnie:
Who Are They?
President Franklin Roosevelt's New Deal established the Federal National Mortgage Association (Fannie Mae) in 1938 as a federal agency in the wake of the Great Depression. Its purpose was to bring liquidity, stability and affordability to the U.S. housing and mortgage markets. Congress converted Fannie in 1968 to a publicly held corporation to help balance the federal budget.
To compete against Fannie Mae's domination of the secondary market and further lower housing costs, Congress chartered the Federal Home Loan Mortgage Corporation (Freddie Mac) as a public corporation in 1970.
Freddie and Fannie have similar Congressional mandates, charters and regulatory structures. Both entities buy mortgages from lenders and package them into mortgage-backed securities that are sold to investors with a guarantee against default. This creates a secondary market, allowing mortgage lenders to use the freed-up funds to make more home loans.
The Government National Mortgage Association (Ginnie Mae) was established by Congress in 1968. Unlike its GSE siblings, Ginnie does not purchase loans, but guarantees investors the timely payment of principal and interest on mortgage-backed securities containing federally insured loans — mainly FHA and VA loans.
In September 2008, the U.S. government rescued Fannie Mae and Freddie Mac from the brink of economic failure and placed them into conservatorship with the Federal Housing Finance Agency (FHFA). Some members of Congress have called for the gradual elimination of Fannie and Freddie to leave mortgage finance completely in the private sector. A Treasury Department report on the future of Fannie and Freddie will be delivered to Congress in the first half of February 2011."
You can reach Lita here: http://www.myprospectmortgage.com/LMcCollum
From Wikipedia: "On Oct 21, 2010 FHFA estimates revealed that the bailout of Fredie Mac and Fannie Mae will likely cost taxpayers $224–360 billion in total, with over $150 billion already provided."
A couple of weeks ago I met a Realtor that had a ton of designations listed on the business card and got me asking how many designations can there be? This is what the NAR website lists:
Accredited Buyers Representative
Accredited Land Consultant
Certified Commercial Investment Member
Certified International Property Specialist
Certified Property Manager
Certified Real Estate Brokerage Manager
Certified Residetial Specialist
General Accredited Appraiser
NAR's Green Designation
Graduate Realtor Institute
Performance Management Network
Realtor Association Certified Executive
Residential Accredited Appraiser
Society of Industrial and Office Realtors
Seniors Real Estate Specialist
At Home With Diversity (AHWD)
E-Pro
Real Estate Professional Assistant
Resort and Second Home Property Specialist
Short Sales and Foreclosure Resource
I am sure there are more but many of these are simply ways to make money off Realtors after attending a 3 day seminar. Some of these are just out of control political correctness. My suggestion would be to work with a Realtor who you enjoy talking with, does it full time and exhibits knowledge about the area you are interested in. A wise person told me when I started that "People work with who they want to work with" and that is true.
Lawrence Yun is the chief economist at the National Association of Realtors. Here is his latest article. He is correct that lenders are twisting it too tight.
And from our friends at the New York Times an article on the double dip. When reading this just ask yourself how much of this mayhem and confusion was caused by the best of intentions by the government? Read it here.
Tags:aviano,desert ridge,phoenix,real estate,villages at aviano,fireside,Arizona,short sale,foreclosure,fireside at desert ridge,Toll Brothers,pulte del web,bella monte. Information and pictures supplied by MLS and deemed reliable but not guaranteed. Proud to wake up, live and work in the great State of Arizona.
