Mortgage Daily

Published On: August 17, 2010
Former Fannie Executive Offers Insight

Video: Interview with Ed Pinto

Aug. 16, 2010

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.

“Those are the borrowers that really need the loosened lending the most,” Pinto said. “They need almost no down payments in order to qualify. They need other advantages in terms of loosened lending.”

photo of Ed Pinto


next story

FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.

Amortization Calculator

Affordability Calculator

Mortgage Calculator

Refinance Calculator

FHA Mortgage Calculator

VA Mortgage Calculator

Real Estate Calculator

Tags

Pre-Approval Resources!

Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…

Resource Center

Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.

Your mortgages approval starts here.

Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.

Stay Up To Days with Today’s Latest Rates

Mortgage

Today’s rates starting at

4.63%

5/1 ARM
$200,000 LOAN

Home Refinance

Today’s rates starting at

4.75%

30 YEAR FIXED
$200,000 LOAN

Home Equity

Today’s rates starting at

3.99%

3 YEAR
$200,000 LOAN

HELOC

Today’s rates starting at

2.24%

30 YEAR FIXED
$200,000 LOAN