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Issue Number 92, October 29, 1999
Conventional Mortgage Stories
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Conventional Mortgage Technology
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Freddie Mac closes on multifamily loan package
Pool includes $708 million in multifamily mortgages originated by Reilly Mortgage Group Inc.
CBSNews.com October 28
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Mortgage process still intimidates, survey finds
Survey of 1,015 women and 289 men by the Fannie Mae Foundation indicates that women remain uncomfortable with the process of getting a mortgage
SeattleTimes.com October 23
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Freddie Mac reports September portfolio summary
Year-to-date, mortgage purchases are at $8.758 billion
CBSNews.com October 19
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Freddie Mac Announces Record Earnings for Third Quarter 1999
Third Quarter 1999 Earnings Per Share Up 29 Percent
CBSNews.com October 19
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Fannie Mae Announces $6.5 Billion `HouseConnecticut' Investment Plan to Finance Affordable Housing for 65,000 Connecticut Families Over Next Five Years
BusinessWire.com October 18
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Interview with Fannie Mae (FNM) CEO Franklin Raines
There is no correlation between Fannie Mae's earnings and interest rates; it is a margin business
NewsPage.com October 14
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Golden West Financial Reports 21% Increase in Diluted Earnings Per Share Loan Originations Reach All-Time High
Parent of World Savings reports income for the first nine months of 1999
BusinessWire.com October 14
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Fannie Mae Reports Record Third Quarter 1999 Earnings of $991.0 Million, or $0.94 Per Common Share
FannieMae.com October 13
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Home mortgage financer reports third-quarter earnings up 16 percent
Fannie Mae said Q3 earnings rose 16% from the same quarter in 1998; portfolio >$500 billion
Boston.com October 13
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Colorado Association of Home Builders, "Built Green" Program of Colorado and Fannie Mae Announce New Environmental Mortgage Pilot
GMAC Mortgage to participate in program that considers energy costs savings in debt ratio calculations
FannieMae.com October 8
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NEW LAW REQUIRES LENDERS TO AUTOMATICALLY CANCEL PRIVATE MORTGAGE INSURANCE AS EQUITY RISES
Besides forcing lenders to cancel PMI at a specific point, new law also requires lenders to give borrowers a written explanation at closing that they have MI and that they have the right to cancel it at a certain point and send borrowers an annual reminder that they have MI and have the right to request cancellation once they've met certain conditions
ChicagoTribune.com October 6
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Fannie Mae, Freddie Mac Seen Posting Double-Digit Earnings Growth
Growth occurring from their aggressive moves into non-traditional areas like home equity and manufactured housing loans
AOL.com October 1
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Fannie Mae relaxing credit requirements for some borrowers
Government Sponsored Enterprise to offer rates better than those from traditional subprime companies, with a rate that decreases after 24 on time mortgage payments
Boston.com September 30
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Fannie Mae and Northern Kentucky Counties Announce $8.3 Million in Affordable Mortgage Funds, Down Payment, and Closing Cost Assistance for Local Families
FannieMae.com September 22
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Where the mortgage money comes from
Without Fannie Mae & Freddie Mac, the federal Office of Management and Budget estimates mortgage rates would be a quarter point to a half point more
Examiner.com September 20
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HUD Drops Probe Of Fannie, Freddie Fight Over Debt Deal
There were allegations that lending giant Fannie Mae (FNM) strong-armed dealers in a sprint with rival lender Freddie Mac
WSJ.com September 17 (subscription required)
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City of Oakland, Bank of America, Freddie Mac and Local Non-profit Groups Launch Unprecedented $1 Billion - 5 Year Housing Commitment
NewsPage.com September 16
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Anheuser-Busch Cos. is among those that have used e-commerce wisely in advertising
Fannie Mae praised as successful in reaching consumers with Internet sites
PostNet.com October 12
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FREDDIE MAC PROVIDES LOAN PROSPECTOR® USERS WITH UNPARALLELED CREDIT REPORT OPTIONS, CHOICES
Lenders can now obtain a merged credit report with their approval from the internet, with one input for Loan Prospector & credit report
FreddieMac.com October 4
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Fannie Mae Enhances Desktop Underwriter
Version 4.5 Includes New Features to Help Lenders Offer More Products, Reach More Borrowers
FannieMae.com September 27
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Fannie Mae and Chicago Title Corporation Team-Up to Provide Lenders With Appraisal and Flood Information Over MORNETPlus Network
FannieMae.com September 22
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Webster Mortgage Wins Fannie Mae's National Technology Leadership Award
Webster Bank wins award because of its innovative use of technology to streamline the mortgage process
FannieMae.com September 10
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Waterfield Mortgage, Fannie Mae Form Strategic Alliance
Waterfield Mortgage Co., one of the nation's top 50 lenders, will now have access to Desktop Underwriter testing and pilot programs
CBSNews.com September 8
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