Fannie Mae Payments to U.S. Will Exceed Bailout
Source: Bloomberg
Fannie Mae will pay the Treasury Department $7.2 billion after posting an eighth straight quarterly profit, pushing total dividend payments above the $116.1 billion of aid it received after the financial crisis.
The mortgage-finance company, which is operating under federal conservatorship, had net income of $6.5 billion for the three months ended Dec. 31, Washington-based Fannie Mae (FNMA) said today in a regulatory filing. That brought earnings for 2013 to $84 billion, the highest ever for the 80-year-old firm.
Obviously, its good news for taxpayers that Fannie Mae is profitable, Chief Executive Officer Timothy J. Mayopoulos said on a call with reporters. I dont think our profitability should be interpreted as a reason for delaying housing-finance reform.
Fannie Mae and Freddie Mac (FMCC) were seized by regulators in September 2008, just before the failure of Lehman Brothers Holdings Inc., amid losses that pushed them toward collapse. The companies, which provide liquidity to the mortgage market by buying loans and packaging them into guaranteed securities, have returned to profitability as the housing market recovered and they raised fees.
Read more: http://www.bloomberg.com/news/2014-02-21/fannie-mae-to-pay-u-s-7-2-bln-after-quarterly-profit.html
msongs
(67,436 posts)Spitfire of ATJ
(32,723 posts)mopinko
(70,197 posts)Skittles
(153,182 posts)Spitfire of ATJ
(32,723 posts)No Sub-prime, no Countrywide, no securities backed by bundled mortgages that couldn't even be verified.
It was because Liberals wanted to engage in social engineering and force integration in white suburbia (and water down the Republican vote).
Recursion
(56,582 posts)We may well end up making money off the GM bailout, for that matter.
Just from a government finance standpoint we should have bailouts more often...
merrily
(45,251 posts)Even as to TARP, it depends on who is doing the calculating. I've read stories that go both ways. In isolation, each is convincing, but I don't know enough to decide between them.
Recursion
(56,582 posts)And continues to. Though this doesn't take into account that Treasury is making money in real terms by issuing bonds at a lower rate than inflation, either....
ms.smiler
(551 posts)of millions of properties. Although Fannie most often doesnt have a lien upon property in our land records, it owns and holds the Note. Fannie instructs their servicers to file fraudulent Assignments to them from MERS who is holding Title, and to foreclose in the servicers name. That is fraud upon the court.
Fannie Mae Servicing Guide
https://www.fanniemae.com/content/guide/svc031412.pdf
If the link doesnt appear to work for you, try a copy and paste into a new browser window.
Section 202.07.01
Fannie Mae is at all times the owner of the mortgage note, whether the mortgage loan is in Fannie Maes portfolio or part of the MBS pool. In addition, Fannie Mae at all times has possession of and is the holder of the mortgage note, except in the limited circumstances expressly described below. Fannie Mae may have direct possession of the note or a custodian may have custody of the note. If Fannie Mae possesses the note through a document custodian, the document custodian has custody of the note for Fannie Maes exclusive use and benefit.
Section 103.02
If Fannie Mae is not the mortgagee of record for a mortgage loan, it does not need to execute any release or satisfaction documents. The servicer should execute any required satisfaction documents in its own name (or in MERS® name, if applicable for a MERS-registered mortgage loan).
Section 202.06
The servicer may execute legal documents related to payoffs, foreclosures, releases of liability, releases of security, mortgage loan modifications, subordinations, assignments, and conveyances (or reconveyances) for any mortgage loan for which it (or the Mortgage Electronic Registration System, or MERS®) is the owner of record. When an instrument of record relating to a single-family property requires the use of an address for Fannie Mae, including assignments of mortgage loans, foreclosure deeds, REO deeds, and lien releases, the following address must be used:
Fannie Mae
P.O. Box 650043
Dallas, TX 75265-0043
Pre Foreclosure
Section 107
MERS must not be named as a plaintiff or foreclosing party in any foreclosure action, whether judicial or non-judicial, on a mortgage loan owned or securitized by Fannie Mae. When MERS is the mortgagee of record, the servicer must prepare an assignment from MERS to the servicer and bring the foreclosure in its own name unless Fannie Mae specifically allows the foreclosure to be brought in the name of Fannie Mae. In that event, the assignment must be from MERS to Fannie Mae, in care of the servicer at the servicers address for receipt of notices. The assignment must be prepared and executed before the foreclosure begins.
Post Foreclosure
Section 107
In most states, the foreclosure attorney (or trustee) must initiate the proceedings in the servicers name (or in the participating lenders name, if the servicer is not the mortgagee of record for a participation pool mortgage loan). The attorney (or trustee) must subsequently have title vested in Fannie Maes name in a manner that will not result in the imposition of a transfer tax. Examples of ways to accomplish this include the assignment of the foreclosure bid or judgment to Fannie Mae, inclusion of appropriate language in the judgment that directs the sheriff or clerk to issue a deed in Fannie Maes name, recordation of an assignment of the mortgage or deed of trust to Fannie Mae immediately before the foreclosure sale, recordation of a grant deed to Fannie Mae immediately following the foreclosure sale, etc. The servicer and the foreclosure attorney (or trustee) must determine the most appropriate method to use in each jurisdiction. If recordation of the assignment of the mortgage or deed of trust to Fannie Mae is the selected option, the assignment should not be recorded any earlier than is required by the states foreclosure procedures because of the possibility that the mortgage loan may be reinstated before the foreclosure sale.
A New York Ruling
http://stopforeclosurefraud.com/wp-content/uploads/2013/07/JP-Morgan-Chase-Bank-Natl.-Assn.-v-Butler.pdf
Fannie Mae is at all times the owner of the mortgage note, whether the note is in our portfolio or whether we own it as trustee for an MBS trust.
From the NY ruling page 11: Despite its December 2011 admission that FANNIE MAE owned the subject BUTLER mortgage and note, CHASE, prior to this, continuously presented its ownership subterfuge to Special Referee Goldstein and the Court. The Court cannot countenance the deceptive behavior of CHASE, the alleged owner of the subject BUTLER mortgage and note, its counsel, and FANNIE MAE, the real owner of the subject BUTLER mortgage and note. FANNIE MAEs Servicing Guide, with its deceptive practices to fool courts, does not supercede New York law.
Does Fannie own your mortgage loan? If Fannie owns your loan and doesnt appear in your land records, you have a clouded property Title.
Fannie Mae lookup tool: https://knowyouroptions.com/loanlookup
Kip Humphrey
(4,753 posts)Response to alp227 (Original post)
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