Former Fannie Executive Offers Insight
Fannie Mae's former chief credit officer says many problems at Washington, D.C.-based company and its government-controlled cousin Freddie Mac began in the late nineties.
Edward Pinto was the chief credit officer at Fannie from 1987 to 1989. He is now a consultant for the industry.
Pinto told a Wall Street Journal reporter that problems began in the late nineties "as HUD, particularly Andrew Cuomo as the secretary of HUD, starts announcing that the goals are going to be boosted substantially" for low- and very low-income borrowers.
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Future of Mortgage Lending Debated
Some of the biggest names in mortgage banking traveled to Washington Tuesday to discuss the future of real estate finance and what role the U.S. government should have in the mortgage market.
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PennyMac Chief Talks about NPL Securitizations
A former senior executive of Countrywide Financial Corp. is investing in non-performing loans through his current venture, PennyMac Mortgage Investment Trust. He sees possible securitizations for non-performing loans.
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Non-Bank Originators On SAFE
Mortgage operators in California see good and bad to the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
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Obama Signs Financial Reform Bill
Legislation that has been called the most sweeping reform of financial regulation since the Great Depression has been signed into law by President Barack Obama.
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CitiMortgage CEO Downplays Role of Negative Equity
CitiMortgage Inc. has stepped in to provide modifications itself for borrowers who don't qualify for the Home Affordable Modification Program. The company's chief says negative equity has much less to do with defaults than affordable payments, and he weighed in on the moral obligation of borrowers to repay their loans.
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Rough Second Half Ahead
Banks face hard times in the second half of 2010, according to financial guru Meredith Whitney. She warned that borrowers who are waiting for modifications are spending the money that was intended for their mortgage payments on unsecured debts and activities that had been curtailed with the onset of the recession -- making the situation even more difficult for banks.
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PNC Chief Defends TARP, Bankers
The Troubled Asset Relief Program was a great idea that benefited The PNC Financial Services Group Inc., the U.S. government and the financial system, according to PNC's chairman and chief executive officer. He also thinks that bankers have gotten a bad rap despite all the good that comes from the sector.
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