The president of the nation's largest single source of home loans warned Friday that housing will be less affordable for millions of Americans in the next few years because a rise in bad debts has forced mortgage lenders to demand bigger down payments and to tighten credit.
Frank V.
Mark J.
Every segment of the U.S. housing industry--builders, buyers and salesmen--will be badly hurt if White House budget planners are successful in placing new fees on government-sponsored housing agencies, the head of the Federal National Mortgage Assn.
The Federal National Mortgage Assn. announced that it will start issuing securities backed by new government-insured mortgages, a move intended to bridge the gap caused by the temporary suspension of these guarantees by the Government National Mortgage Assn.
A former official of the Federal National Mortgage Assn. who embezzled about $770,000 to pay his gambling debts was sentenced Monday in federal court in Los Angeles to four months at a community treatment center.
Remics, which stands for real estate mortgage investment conduit, are tax-advantaged securities created by the Tax Reform Act of 1986.
No doubt about it, Fannie Mae will be making it tougher for all Americans--particularly young ones seeking to be first-time homeowners--to buy a home.
The two agencies said that, starting Jan. 1, they will buy single-family mortgage loans up to $133,250, an increase from the present limit of $115,300.
The Federal National Mortgage Assn., one of the nation's largest buyers and sellers of mortgage securities, said Friday that it will no longer buy mortgages insured by financially troubled Ticor Mortgage Insurance Co.
The Internal Revenue Service is battling the Federal National Mortgage Assn.
Fannie Mae, as the country's largest single supplier of home mortgage credit, wants more home buyers to ante up more down payment.
The Federal National Mortgage Assn., grappling with record mortgage foreclosures, announced tougher standards Monday for the mortgages that it buys from banks and savings and loans.
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The war of words over the Reagan Administration's proposal to increase the cost of government-backed housing loans escalated Tuesday as the deputy director of the Office of Management and Budget lashed back at the head of the quasi-governmental Federal National Mortgage Assn.
The mortgages will be packaged and sold as securities through public sales, private placements and auctions, the Federal National Mortgage Assn. said.
Until a couple of years ago, most mortgage bankers in Southern California--and every place else in the country outside New York--wouldn't even consider making mortgage-type "share loans" to people buying into stock cooperatives.
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