35 Burst results for "Fannie"

A Look Back at the Great Financial Crisis of 2008

The Charlie Kirk Show

02:02 min | 3 months ago

A Look Back at the Great Financial Crisis of 2008

"So in 2004, 5 and 6, you saw the housing boom, largely thanks to Fannie Mae and Freddie Mac. Thanks to the negligence of our own quote unquote housing regulators, cheap money policies from Washington, D.C., buying up bad mortgages and incentivizing people to do the same. We built an entire economic model on a House of Cards of people that were bar waitresses earning cash tips that had three homes, two of which they've never visited because people were incentive incentivized to go to low income neighborhoods and sign up people for as many mortgages as they possibly can. We all know what happened next, which was the great financial crisis, Lehman Brothers, bear Stearns, and for the first time ever, despite the insistence of Jim Cramer, those companies went under. In the years that followed 2008 and 2009, our leaders were faced with a tough decision. You see, the 2000s saw an economic boom the likes of which we never thought was possible. Now what our leaders decide to metaphorically take the cough syrup, tighten the belt, tell Americans that we're not going to indulge in this continual behavior of deficit spending and debt mounting on future generations, of course not. Barack Hussein Obama won the election in the fall of 2008 was sworn in in 2009 and Ben Bernanke then Federal Reserve chairman, Hank Paulson treasury secretary and Timothy Geithner under treasury treasury secretary three awfully treacherous people if you asked me all decided, hey, let's just keep interest rates low. It's not like we're going to experience long-term inflation. And then we saw a stimulus package passed by Barack Obama, a then 850 to $900 billion stimulus package. It was passed as the national recovery act after that Obama passed ObamaCare, a takeover of the American healthcare industry. Debts and deficits continued to sword, and then a couple years later, I started to get

Freddie Mac Fannie Mae Jim Cramer Bear Stearns D.C. Lehman Brothers Washington Treasury Treasury Barack Obama Hank Paulson Ben Bernanke Timothy Geithner Federal Reserve Treasury
Renting Can Help You Buy a Home

Clark Howard Show

01:51 min | 9 months ago

Renting Can Help You Buy a Home

"I've got some simple advice for you. That i hope will easier worries so we have roughly a third of americans that are renters. The percent that are renters has gone up over the last many years and many of those renters want to remain renters. Others would like to own a home and the problem is showing their credit history. They will help you qualify for a mortgage so it becomes kind of like a trap is you're renting so there's no mortgage payment history there and so how do you prove your ability to pay your bills as you should well. This is something that is being looked at more and more. I've talked about private services that allow you to turn your rent payment into a trackable essentially form of credit and how that is something that is now available in the marketplace and now a big development is that fannie mae one of the two government owned big lending organizations fannie mae freddie mac or the two bigs behind the curtain of most mortgages issued in the united states now has a new lending guideline that allows renner's to potentially qualify for a mortgage based on their history of how they paid their rent. Now it will be up to individual financial institutions whether or not they will adopt the guidelines that fannie mae has issued

Fannie Mae Freddie Mac Fannie Mae Renner United States
Your Rental History Can Finally Help You Qualify for a Fannie Mae Mortgage

How to Money

01:14 min | 9 months ago

Your Rental History Can Finally Help You Qualify for a Fannie Mae Mortgage

"First story this week comes from the wall street journal and pretty soon rent payments are going to play a factor in mortgage underwriting us right. Yeah this is the help for home buyers story that we mentioned exactly and it's kind of absurd really that this is not the case. I feel like the fact that you pay your credit card bill a little late and he just like has a massive impact negative impact on your credit score. But that your biggest bill. Every month wasn't an influence on your credit. Right that's just silly and So yeah fannie. Mae is trying to change. That actually announced that this change it's scheduled to take place on september eighteenth and the best part. Is that this. Change can only help. It cannot hurt your chances to qualify a mortgage and if you have been making irregular payments will fannie may not going to include that history. But i think this is good news for renters because it's going to factor into the underwriting forgetting that mortgage it's gonna be really helpful as a sign that you are good with money. It's going to be a helpful factor getting approved for a mortgage when your lender can see that h- that history of on time payments absolutely. Yeah this is great news for especially to first-time homebuyers who have been consistent. Renters consistent payers of their rent You know say over the past couple of years that kind of

Fannie The Wall Street Journal MAE
Fannie Mae Aims to Make Home Loans More Accessible

WSJ Your Money Briefing

01:20 min | 9 months ago

Fannie Mae Aims to Make Home Loans More Accessible

"Lending companies use all sorts of data from consumers credit reports car payments and credit card bills when considering whether to approve them for a mortgage but that data doesn't include one of their biggest monthly obligations their rent for some perspective homebuyers. That's about to change starting next month. Fannie mae will make it easier to include rent payments as a way to gauge their ability to pay a mortgage wsj. Consumer credit reporter anna. Maria andreatta's has been looking over the details of the program and she joins us now to talk about it. Anna maria. thanks for being on the show creativity speaking with you. So tell me anna maria. How would this actually work. Howard lenders get the rent payments data so fannie maes underwriting tool will help lenders to identify rent payments within people's bank accounts so the idea is basically that there will be an easy way to pinpoint what recurring payments coming. Out of. A person's bank account is the rent payments that the loan applicant has been making so the point here is to basically find a fairly easy. The goal at least is to find a fairly easy way where this crucial data point that would tell wonders whether or not loan applicants have been paying their rent on a monthly basis essentially. Fannie maes making it easier to do that for the lenders

Maria Andreatta Fannie Maes Fannie Mae Anna Maria Anna Howard
What is a Comparable Sale?

Tim Andersen, The Appraiser's Advocate Podcast

02:14 min | 11 months ago

What is a Comparable Sale?

"Now i raise the issue of asking what a comparable sale is simply because there is no clear or practical definition of what a comparable sale is in the appraisal literature. If you go to mark rat. Herman's book he says comparable sales should have the same ori very similar highest and best use as the subject. The fifteenth addition of the appraisal of real estate says essentially the same thing now. These are a tatum sources. But let's face it. They're not highly read nor are they highly consulted when it comes to residential real estate. Interestingly enough us pap itself they use pap. Document does not have a definition of a comparable sale in fact standard rule. One dash four which is as close as us pep gets the sales comparison approach merely tells the appraiser to quote analyzed such comparable sales data as are available again. This is an authoritative source but very few people read us. Pap quite frankly. A fannie mae doesn't have any definition of what a comparable sale is. Either it merely describes what it considers to be the characteristics of a comparable sale for example it says a comparable sale has to have the same or highly similar characteristics as the subject now this refers to the subject site in other words it size frontage depth view exposure location proximity to employment centers downtown recreation facilities etc it refers as well to similarity of room counts that just avoids a lot of unnecessary adjustments similarity of gla for the same thing trying to avoid adjustments similarity of style in other words. You're probably not going to compare a ranch with a victorian and then it requires a similarity of condition

Herman Fannie Mae
Biden to Replace Housing Finance Chief After U.S. Supreme Court Ruling

Bloomberg Businessweek

00:54 sec | 11 months ago

Biden to Replace Housing Finance Chief After U.S. Supreme Court Ruling

"In both Fannie Mae and Freddie Mac today? We're seeing a bit of a sell off. Earlier the Supreme Court throughout the core part of a multi billion dollar lawsuit. It was brought by investors in both Fannie and Freddie and they were challenging the government's collection of more than $100 billion in profits for both. The court rejected the claim that the government's exceeded its authority in distributing this cash now. Interestingly, at the same time, the court gave the president more power and choosing the director of the agency that oversees Fannie and Freddie. And now we are being told President Biden is going to immediately moved to replace the director of the agency. It's the Federal Housing Finance Agency. The director now is Mark Calabria. He is an appointee of President Trump, and he has been an advocate for releasing Fannie and Freddie from government control. So some of that may be reflected in the price section that we're seeing right now. Fannie Mae

Fannie Mae Freddie Mac President Biden Freddie Supreme Court Government Mark Calabria President Trump Federal Housing Finance Agency
How Do We Properly Secure Remote Work

IT Visionaries

01:20 min | 11 months ago

How Do We Properly Secure Remote Work

"Anthony rowe hit. Why don't you introduce yourselves. Let our audience know who you are where you work for and you both see sows. But you're welcome to say which your titles again goal. Awesome all to jump in so many johnson managing partner del risks. We do market research Fortune one thousand companies cyber formula so at fannie mae g treasury engine working so the court bank large stuck world. How would it be here today. Awesome row hit a guys. Thanks for having me. Your becher actually share the stage with anthony. So i'm cranky disease. Oh for collective health. That's why manage our cyber security and privacy program a collective health as a company where benefits platform predator where we basically consolidate all health related services to our self funded employer health winds and in a sense that means we're in a heavily regulated industry with the hippo on bunch of other law center kind of dictating the business structure but also there's a heavy reliance on the partners and vendors that we work with from an ecosystem standpoint. Family was backstage since. Now you know still security. Mostly focused on the core security to begin with and now You know dabble my feet in two zero which is more comprehensive way looking security. I guess that's that's me

Anthony Rowe Del Risks Becher Fannie Mae Johnson Anthony
Fanny Durack: The First Female Olympian To Take Home Gold

Encyclopedia Womannica

01:59 min | 1 year ago

Fanny Durack: The First Female Olympian To Take Home Gold

"Francis durack better known as fanny was born on october. Twenty seventh eighteen eighty nine in sydney australia. She was the third daughter and sixth child in a big irish family. Her father thomas drac managed pub in town while her mother. Mary took care of fanny and her siblings. Fanny was not a natural swimmer. Her when she was nine years old fannies family went on vacation in the beachside town of coochie australia. While in the ocean. Fanny found herself fighting against the waves and struggling to get comfortable in the water instead of retreating and fear or discomfort vani made it her mission to teach yourself how to swim and she did that. Fannie trained in and mastered the breaststroke at the time that was the only style of swimming that had a championship for women when she was seventeen years old. She won her first state title as her abilities progressed. Fanny learned the trojan stroke and the australian crawl with these three styles. In her skill set she dominated the australian swimming seen her main. Competition was me no wiley. Nina beat fanny a few different events including the one hundred yard breaststroke at the australian swimming championships at rose. Bay as the nineteen twelve. Stockholm olympic games approached. There was discussion. About whether fanny and meena should attend the new south wales ladies amateur. Swimming association had a rule that forbade women to compete in arenas where men were present. The association believed it was immodest for a woman to be so scantily clad and the presence of men but fanny and meena's widespread success created enough public pressure. The association overturned the rule. Getting to the games was another hurdle. These were the first olympic games where women were allowed to compete in swimming.

Fanny Francis Durack Thomas Drac Coochie Australia Swimming Vani Sydney Fannie Australia Mary Swimming Association Meena Wiley Nina Olympic Games Stockholm South Wales
US Expands Refinancing Options for Low-Income Homeowners

AP News Radio

00:48 sec | 1 year ago

US Expands Refinancing Options for Low-Income Homeowners

"The federal housing finance agency is launching a new refinance option for certain low income borrowers the FHFA which oversees Fannie Mae and Freddie Mac says many low income families haven't taken advantage of lower mortgage rates that are available so the agency is offering a new option that can save eligible homeowners between one hundred and two hundred fifty dollars a month and it helps with the up front costs like an appraisal that might be an obstacle a borrower's income needs to be at or below eighty percent of the median income for their region it has to be a Freddie Mac or **** Mae backed loan for a single family home that they reside in the new refinance option will be available this summer Jackie Quinn Washington

Federal Housing Finance Agency Freddie Mac Fannie Mae MAE Jackie Quinn Washington
Mortgage Refinancing Initiative to Help Lower-Income Borrowers

BBC World Service

00:26 sec | 1 year ago

Mortgage Refinancing Initiative to Help Lower-Income Borrowers

"Finance Agency has financed a program to help some low income bars take advantage of mortgage interest rates to qualify bars must have an income at or below. 80% of the median income for their area. They must also have a mortgage that's backed by Fannie Mae or Freddie Mac. A new refinance option will be available to eligible borrowers. Beginning this summer.

Finance Agency Fannie Mae Freddie Mac
Renters Rights And the Mortgage Forebearance extension

Clark Howard Show

06:16 min | 1 year ago

Renters Rights And the Mortgage Forebearance extension

"So we have had unprecedented moves over the last year to protect renters and borrowers from facing eviction for renters and foreclosure innovation for borrowers in mortgages and the clock had reached midnight on those programs and there are changes for both borrowers and renner's and there's been so much confusion about this. I want to talk about renters. So as a runner. You don't have automatic protection. You have rights that can prevent innovation but only if you exercise those rights. The rights only extend to people who can demonstrate the have suffered financial harm because of corona virus and. We really have been split as a country. They're tens of millions of people who've suffered extreme hardship with job and the rest and then san tens of millions others of others who actually are in better financial shape almost a year out from the onset of corona virus in the united states than they were before so it is a really story for renters. You have a form you have to fill out that we have a link to it. Clark dot com where you verify the economic hardship you've had you must go to your court dates if your landlord goes after you anyway and the courts are usually doing things by zoom or some other online means. But if you don't appear your landlord even in the midst of eviction moratorium will still be granted relief by the court and you will in fact be evicted. So it's up to you to do the paperwork. Proactively send the paperwork to your land or the landlord pretends to ignore it and files for dispossessed. Ry eviction on you. You must go through the process of protecting yourself in court and also make sure that you keep notes when you notified your landlord the form you provided them. You also provide to the court to assert your rights. The meek do not remain in their apartments. You must stand up for yourself. In the case of homeowners there are more protections because with renner's once the moratorium lifts which is likely this spring that will with at that point. You in theory. You're supposed to pay all your back rent now. That's not realistic right. If you've been unemployed or underemployed for a year but the landlords will be free at that point to move forward with an eviction before moratoriums lift in your financial situation does start to stabilize. I said when not if you want to approach her landlord and see if you can work out a payment plan with them to start working on the back rent otherwise all the eviction moratorium did was buy you time but you still facing ultimate eviction for people that are mortgage borrowers now. That process has split. People who have fha mortgages now have a better blanket of protections then people who have loans that are underwritten behind the curtain by fannie mae or freddie mac. Most people's loans are in fact underwritten by fannie mae or freddie mac the Foreclosure moratorium has been extended ninety more days. Four people with fannie. Mae freddie mac if you are in some kind of forbearance you get ninety days added to that if you need it beyond what was originally a maximum twelve months in the case of fha borrowers you now have protection till early summer till june thirty in order to then work out a new payment arrangement the fha because it is a direct federal agency loan the fha will have fairly standardized procedures. Matt point on what your workout will be how you will eventually make good on the money that you did not pay over the last year in the case of fannie mae and freddie mac there will be a number of different ways that lenders deal with you. They have some Latitude in how they work out. Payment plans with you. The likeliest course that will work for most people is the miss months or full year or so of mortgage payments will be added onto the back of your loan as an additional Months or year or a little more year loan that is for many people going to be the best arrangement but again you cannot be passive. You must be active here and you just don't stop paying and when the moratoriums over you just don't say okay. Everything's gonna be great. You're the one who's got to be active with your lender on coming up with a workout arrangement. What they do in commercial real estate all the time with commercial mortgages are workouts and you will be doing Work out of your mortgage where it works for you and the lender.

Renner Fannie Mae FHA Freddie Mac Confusion Mae Freddie Mac Clark United States Matt
"fannie" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

05:46 min | 1 year ago

"fannie" Discussed on WNYC 93.9 FM

"Just like the civil rights movement. We wanted to make sure that minorities had the same rights as everyone else, that they weren't being targeted or discriminated against. We want to apply that same civil right inside the womb. He draws a parallel between his law and the work of civil rights leader Fannie Lou Hamer, who in the sixties fought for voting rights for black Americans. Is this America? The land of the free and the home of the brain. Alive be threatened daily. Because we want to live if Ethan human beings in American when this bill came up, you talked about Fannie Lou Hamer. Can you walk me through that? Why bring her into the conversation of this bill? Well, because family murder is one of our civil rights activists in Mississippi history, and she actually was the victim of a forced sterilization back in 1961. So what you had back in the sixties were instances where black women when they went to the doctor to receive needful operations or surgeries without being told Many African American women were just paralyzed by the physicians, of course, who were white at the time. And, of course, she spoke out about that, in terms of civil rights, you know that bike women Obviously we would never be treated that way. But African American women in Mississippi were treated that way. What you're talking about with Fannie Lou is really different from abortion. Like what? Happen to Fannie Lou Hamer was horrible. It was a forced sterilization that was done without her consent. What's happening in Mississippi with black women going to get abortions? Is that they are opting to do this surgery that they have. Full agency to make the decision of their bodies. And so it's like two completely different things that you're wrapping into one and I would also say that Fanny is revered because she fought for the right for black people in Mississippi throughout the country to be able to vote. And no. If you think about voting is really about choice. I don't want to put words in to Fannie. Lou Hamer is mouth, but I would say that someone who works as an advocate to give people choice. I find it unlikely that she would be for a bill that was about taking choice away from a black woman. Well, I guess it depends on which black woman you're talking about is that the mother that seeking the abortion is of the black, unborn child that is being aborted. For Michelle. Twisting civil rights history into Joey's law is a part of a wider strategy to broaden the anti abortion movement. So it's inconvenient play because it's never played, But that's like we apologize. Let's have a truth and reckoning. Look at what we did. We are so sorry in what we did to you. It's never that, but instead it is then this rhetoric around abortion, she says. This rhetoric and the laws that inspires have been key in limiting access to abortion. Because the anti abortion movement is one that while we've seen the efforts to do way as a whole, for the most part to play book has been To chip chip chip chip away such that Roe v. Wade doesn't need to be overturned. Instead, there will be the million blows and strikes where the right essentially becomes meaningless for the majority of Americans who don't live in New York or California, or can't get onto a plane to go to Mexico or Canada. Abortion opponents don't just want to chip away at Roe. They hope that is these laws get challenged. One of them will go all the way up to the nation's highest court. So the U. S Supreme Court had a chance to hear a case about this from Indiana. But they let a ruling stand that tossed out the ban on abortion based on race. Do you hope the Supreme Court will have another go with this? I would love that. But we've been arguing for all along There's in the pro life community is that this ought to be a state State decision. We're not claiming that all abortion should be banned out, right? We're just simply saying that the Roe v. Wade put a one size fits all across the whole country, not to be the case. The argument you just made was that this is like, basically states rights, and whenever I hear state's rights, it sets off an alarm bell to me because You know, I mean, at the root of the state right question comes slavery. The idea that, like different states can put different values on different lives, and that with the federal government is supposed to do is maintain a fair balance for everybody. I understand the argument and you're going to continue having that I think until and unless the Supreme Court says, Look back in 1973 we overstepped. This is really an issue better reserved to the state to Maria. Let 50 states determining the territories determined how they want to handle this particular issue of When life begins and to the rights of the mother outweigh the rights of the unborn or vice versa. And it's a very sticky issue, and I certainly don't envy the judges or justices that will be hearing these cases. That's state. Senator Joey filling gain from Mississippi Way also spoke with U C. Irvine law professor Michele Goodwin. Our story was produced by the roly price. This idea of whose rights matter more. The mothers or the fetuses isn't just about abortion, and as courts weigh in on it, there could be big consequences for pregnant people. So we have cases of women.

Fannie Lou Hamer Mississippi Fannie Lou Supreme Court Roe Senator Joey Wade America U. S Supreme Court Michelle murder Ethan federal government Fanny Indiana Michele Goodwin California professor
"fannie" Discussed on Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)

Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)

07:23 min | 1 year ago

"fannie" Discussed on Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)

"Responsible for overseeing the company's technology operations Innovation, data off and strategic execution functions over the past Dozen Years. She's held a variety of executive roles at Fannie Mae including Chief risk officer and chief credit officer in this interview. We discuss her take on the renewed focus on Thursday. Injustice in our society and the role technology can play to help Foster change. We also talked about how the concept of anti-racism is gaining traction as well as some of the group's Kimberly admires that are paying attention this issue. We also discuss how the covid-19 pandemic is brought out more empathy and people the importance of diversifying your slate of mentors and mentees in a variety of other topics before we get to our interview. I wanted to introduce you our sponsor Zoho and the company's president Timothy Cosby prior to taking on his current role. He was a Chief Information officer of a number companies including Reliance Industries Sears and trucks on and the warehouse club. He's now at Zoho a most unusual Enterprise software company and wanted to share some perspectives from it didn't take it away. The whole Finance plus is a unified Finance platform here. We have bundled on a different apps to align Finance processes of most Enterprises starting with invoicing books inventory subscription expense management payroll and check out to collect all your payments wage. Out of the box integration with stripe PayPal wordplay and many others Java books provides end-to-end accounting right from negotiating deals to raising orders to invoicing it handles all the mundane tasks. So you could focus on your business invoice your customers for one time or subscription-based payment plans help your employees do their expense management with single touch from mobile device with multi-agency multi-bank multi-country support learn more ads or Finance. Thanks Timothy. And now on to the interview. I thought we begin with just your own kind of General Reflections on the on the black lives matter movement more generally the current social unrest following the death of George Floyd and other Institute instigating factors. Maybe you should take a moment and just reflect if you would well I have to say it has really been a quite remarkable spring and summer like we're just at a a fascinating time where so many things are are coming together dead. We are experiencing a a social justice movement that the same time that we're really trying to whether a global pandemic that's having very disparate outcome on our communities of color and I think that's been a real eye-opener demonstrates how socioeconomic status can impact access to education employment housing Health Care people are just beginning to realize these things are both connected and related and and the system reinforces the status quo. So I think that's having a lot to the sort of social consciousness of of the country club that one things that that is remarkable to me. Is that why you feel so different like we've seen these types of incidents that that was tragic, but it's certainly not the first time that you've seen a break consisted the victims of police brutality, but a lot of us are you know home I've been on lockdown for months of people are watching the news. They're more in tune to themselves their families. Your values they're thinking about sort of you know, the meaning of life and Community all these things. I think are waiting on people in a different way right now. So I'd say that having a long time to reflect his brought her to look at more empathetic people and I'm really grateful and this hopeful that we have a real opportunity to embrace a change that could be sustained and and we can hope see some lasting evolution in the way that we treat each other. I really liked that. I've not heard anyone put it that way having had this conversation with a number of of friends and colleagues. I am I that's a really poignant point you make about the difference now and the fact that perhaps there's a if there is a silver lining it is that the fact that we're all with our families and have an opportunity to reflect further along with those who we love most perhaps it gives us A Renewed emphasis those of Goodwill perhaps to rethink things and and improve things wherever they can. I think so. I think people are spending a lot of time thinking about the trade-offs we make is the society and what's important to them and for their values lie and what kind of a world we want to live in and how we want to leave this our kids and took a lot of things to ponder Kimberly. I you know, somebody like yourself is no doubt and inspiration to others as you've blazed a path that perhaps them are men and women of color might follow to to rise the role in your case of Chief Operating Officer of Fannie Mae major executive at a major corporation. And and thankfully there there's there are a growing number of people who have who have been able to to to those pads, but I'm curious as you were starting in your professional who are some of the people who were important to you who were some of your personal and professional mentors and I'm curious, you know, how you kind of describe your own thought process went dead. To empowering people of color from that perspective. Yeah. Well, I have to tell you I am very fortunate. I have had a gland number mentors and sponsors and people who have helped me navigate my career. I mean so many I couldn't even begin to name them but I can't tell you that mentoring is really really important. It's important to me as both a recipient and provider of I find that I get the most value out of having, you know, a few trust folks that I can talk to but it's really the breadth of your network that matters having people that connect with us personally and professionally is essential and people who are tuned to your own position and experiences so that they can cater their advice and their counsel to you. But I am having people who are you know, men who are women who younger who are older who are in my field and who are completely outside. It helps me broaden my own perspective and it helps me relate dead. It seems that I might not be seeing through the same lenses. And so I find that is the most helpful thing is to make sure that you really do diversify your sleigh Dementors and when it comes to mentoring, I'm a huge believer in making sure that you you Mentor everyone equally I get lots to your point. I have lots of women and minorities who come and ask me for advice and I try to say yes much as I possibly can but I also make sure that I met lots of men and I meant or lots of people of all Races or nationalities because if if it's white people can't see black people as leaders and go to them for advice and be excited to get their perspective then we're missing out on a huge opportunity. So I think that it's important for minority leaders to to Mentor everybody not just other minorities. That's a great Point. How would you or have you counseled collie dog? Listen and others on your team as to the role they can play and improving opportunities for four people of color employees current and.

Fannie Mae Zoho Kimberly Timothy Cosby executive Chief Information officer Chief risk officer chief credit officer Chief Operating Officer Foster George Floyd Reliance Industries Sears president
"fannie" Discussed on Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)

Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)

07:23 min | 1 year ago

"fannie" Discussed on Technovation with Peter High (CIO, CTO, CDO, CXO Interviews)

"CLL Kimberly's responsible for overseeing the company's technology operations Innovation, data off and strategic execution functions over the past Dozen Years. She's held a variety of executive roles at Fannie Mae including Chief risk officer and chief credit officer in this interview. We discuss her take on the renewed focus on Thursday. Injustice in our society and the role technology can play to help Foster change. We also talked about how the concept of anti-racism is gaining traction as well as some of the group's Kimberly admires that are paying attention this issue. We also discuss how the covid-19 pandemic is brought out more empathy and people the importance of diversifying your slate of mentors and mentees in a variety of other topics before we get to our interview. I wanted to introduce you to our sponsor Zoho and the company's president Timothy Cosby prior to taking on his current role. He was a Chief Information officer of a number of companies including Reliance Industries Sears and trucks on and the warehouse club. He's now at Zoho a most unusual Enterprise software company and wanted to share some perspectives from it didn't take it away. The whole Finance plus is a unified Finance platform here. We have bundled on a different apps to align Finance processes of most Enterprises starting with invoicing books inventory subscription expense management payroll and check out to collect all your payments wage. Out of the box integration with stripe PayPal wordplay and many others Java books provides end-to-end accounting right from negotiating deals to raising orders to invoicing it handles all the mundane tasks. So you could focus on your business invoice your customers for one time or subscription-based payment plans help your employees do their expense management with single touch from mobile device with multi-agency multi-bank multi-country support learn more ads or Finance. Thanks Timothy. And now on to the interview. I thought we begin with just your own kind of General Reflections on the on the black lives matter movement more generally the current social unrest following the death of George Floyd and other Institute instigating factors. Maybe you should take a moment and just reflect if you would well I have to say it has really been a quite a remarkable spring and summer like we're just at a a fascinating time where so many things are are coming together dead. We are experiencing a a social justice movement that the same time that we're really trying to whether a global pandemic that's having very disparate outcome on our communities of color and I think that's been a real eye-opener demonstrates how socioeconomic status can impact access to education employment housing Health Care people are just beginning to realize these things are both connected and related and and the system reinforces the status quo. So I think that's having a lot to the sort of social consciousness of of the country club that one things that that is remarkable to me. Is that why you feel so different like we've seen these types of incidents that that was tragic, but it's certainly not the first time that you've seen a break consisted the victims of police brutality, but a lot of us are you know home I've been on lockdown for months of people are watching the news. They're more in tune to themselves their families. Your values they're thinking about sort of you know, the meaning of life and Community all these things. I think are are waiting on people in a different way right now. So I'd say that having a long time to reflect his brought her to look at more empathetic people and I'm I'm really grateful and and this hopeful that we have a real opportunity to embrace a change that that could be sustained and and we can hope we see some lasting evolution in the way that we treat each other. I really liked that. I've not heard anyone put it that way having had this conversation with a number of of friends and colleagues. I am I that's a really poignant point you make about the difference now and the fact that perhaps there's a if there is a silver lining it is that the fact that we're all with our families and have an opportunity to reflect further along with those who we love most perhaps it gives us A Renewed emphasis those of Goodwill perhaps to rethink things and and and improve things wherever they can. I think so. I think people are spending a lot of time thinking about the trade-offs we make is the society and what's important to them and for their values lie and what kind of a world we want to live in and how we want to leave this to our kids and took a lot of things to ponder Kimberly. I you know, somebody like yourself is no doubt and inspiration to others as you've blazed a path that perhaps them are men and women of color might follow to to rise to the role in your case of Chief Operating Officer of Fannie Mae major executive at a major corporation. And and thankfully there there's there are a growing number of people who have who have been able to to to those pads, but I'm curious as you were starting in your professional who are some of the people who were important to you who were some of your personal and professional mentors and I'm curious, you know, how you kind of describe your own thought process went dead. To empowering people of color from that perspective. Yeah. Well, I have to tell you I am very fortunate. I have had a gland number mentors and sponsors and people who have helped me navigate my career. I mean so many I couldn't even begin to name them but I can't tell you that mentoring is really really important. It's important to me as both a recipient and a provider of I find that I get the most value out of having, you know, a few trust folks that I can talk to but it's really the breadth of your network that matters having people that connect with us personally and professionally is essential and people who are tuned to your own position and experiences so that they can cater their advice and their counsel to you. But I am having people who are you know, men who are women who are younger who are older who are in my field and who are completely outside. It helps me broaden my own perspective and it helps me relate dead. It seems that I might not be seeing through the same lenses. And so I find that that is the most helpful thing is to make sure that you really do diversify your sleigh Dementors and when it comes to mentoring, I'm a huge believer in making sure that you you Mentor everyone equally I get lots to your point. I have lots of women and minorities who come and ask me for advice and I try to say yes much as I possibly can but I also make sure that I I met lots of men and I meant or lots of people of all Races or nationalities because if if it's white people can't see black people as leaders and go to them for advice and and be excited to get their perspective then we're missing out on a huge opportunity. So I think that it's important for minority leaders to to Mentor everybody not just other minorities. That's a great Point. How would you or have you counseled collie dog? Listen and others on your team as to the role they can play and improving opportunities for four people of color employees current and.

Kimberly Fannie Mae Zoho Timothy Cosby executive Chief Information officer Chief risk officer chief credit officer Chief Operating Officer Foster George Floyd Reliance Industries Sears president
A Million Mortgage Borrowers Fall Through Safety Net

WSJ Your Money Briefing

07:33 min | 1 year ago

A Million Mortgage Borrowers Fall Through Safety Net

"Early on in the pandemic Congress set up a program to protect homeowners with mortgages from losing their homes. But about a million borrowers have fallen through the safety net missed payments and late fees or putting them at greater risk, and that's further heightening fears of an eviction and foreclosure crisis with more on why so many borrowers have fallen behind on their mortgages despite this relief program, we're joined by our reporter Andrew Ackerman Andrew. Thanks for joining us. Hi, Charlie. Thanks for having me Andrew. I, tell us how this program known as forbearance works. It's unique to this crisis forbearance in the past has been used very narrowly for hurricanes or very regional Zaslov this time it's being used to keep as many people nationally in their homes as possible who are harmed rather virus and it just means you can skip up to a year of payments on your mortgage. And then make them up later. Somehow there's a little bit of a complication because it it applies to all federally guaranteed loans which are most of the market Fannie Freddie or fha backed loans. There is a market for private loans or loans aren't backed by the federal government, and some of those lenders are offering forbearance and others aren't, but for most of the market people can get this. Okay. So when we talk about one million homeowners falling through the cracks, what exactly does that mean that means is that there are a million people who have for whatever reason stopped paying their mortgage their at least thirty days behind or delinquent, and they are not in a forbearance plan. This includes both borrowers with Fannie and Freddie loan as well as people who have a private loan alone from a portfolio loan with a bank or something you know securitise in the private markets will don't. They know about the forbearance program are they scared to participate what exactly is going on here? That's a good question and I think the data's kind of murky but the from talking to lenders, some consumers, some counselors, the picture that we have is that a lot of people don't understand what forbearance means so they don't. Really know what their options are. The other thing is that early on especially early on and still somewhat today the messaging from the lenders was you can take a forbearance, but you're GONNA have to pay all of your mis- payments in one lump sum at the end of the forbearance, and that's really scared people that the scripts that the mortgage companies go through with people on the phone have changed significantly and there's a lot more outreach and education efforts that some of the lenders are trying the consumer groups in some lenders. Say It doesn't go far enough. They'd like better marketing but those are the two factors. There's uncertainty or it's an unknown thing and there's this fear that people have to pay everything back at once and that's just not feasible for most people. Why don't you describe for us the process of trying to obtain forbearance how hard is it? It shouldn't be that hard. There's no documentation requirements. You Literally Call Your Service and you say you can't pay and you WANNA forbearance and they're supposed to the the law, the a rescue bill from March called Cares Act. It says that people are entitled to up to a year. It's says six months that can be renewed for another six months. You have to ask for it. A lot of the lenders have been offering customers short of six months at a time they've been doing three-month for. That can be extended another three months and then twice more beyond the initial six months. Just kind of depends on the lenders it's supposed to be really easy to get. It's still confusing even the we've talked to people who got the forbearance and they were also getting letters from their lender saying that they were at risk of foreclosure because they've missed all these payments and so you get these contradictory messages from your from your lender those lenders are saying hey. Just ignore these letters these contradictory letters we were required, send them by state or federal law, and just know that you've got a forbearance but we still talk to people who said that kept them up at night. Well, I was wondering, for instance, people were jumping through hoops trying to find information about forbearance on the telephone well that he has also been a significant issue if. You talk to counselors and some of the consumers we talked to they would say that I mean they describe this kind of bureaucratic nightmare to be honest everything has happened kind of quickly if you talk to the lenders, they say they're moving to kind of implement this forbearance plan on a scale that's never been envisioned for forbearance before. So they're hiring people to take calls their. End Result is at least initially, the times were significant. People were waiting a long time to get someone on the phone when they did get people on the phone calls might be dropped or they'd be sent to voicemail at the servicer and then they wouldn't hear back. So you have to kind of call the main number again, unfortunately, a lot of the servicers that the way. They're set up you can't just call one representative at the servicer. So you just of are dealing with somebody different every time they're following a script. So what they can say can be kind of very tightly controlled, and if it's with jargon people who aren't very skater even people who are sophisticated and don't know a lot about the mortgage market, you know it can be. It can be very confusing. These terms are not it's not intuitive. Are there a significant number of borrowers who've been in forbearance but of defaulted? Anyway that's the peculiar thing. There are significant numbers are what I would I think it's fair characterizes significant. There's about two hundred, fifty thousand people who were in forbearance at one point since the pandemic there now, no longer in forbearance and. They. are still past due on their loan and it begs the question. We don't know why that's the case. I haven't been able to find someone situated like that. But that's what the data shows and we we talked to people who had experience during the last crisis in two thousand eight and there were always people who just the lenders couldn't reach out to you know they. Knew, they were behind, they thought they were in trouble, and so they docked there servicer at every turn and it's speculative. But people think that that's that's this population kind of fits into that camp and so there are some efforts to reach out to those people. I would also say that two hundred fifty thousand is relatively small. There's fifty three million mortgages in this country Million people have been on forbearance at some point since the crisis started were down, it's under four million. Now, most of the people who've exited forbearance are either performing on their mortgage or they have paid off their loan. So it's an alarming number. It's relatively small and the whole universe and the whole mortgage universe. But there is also a concern that as people kinda hit the six month period who still need help that the number would increase because they won't know they actually have to request the extension, the additional six months. What are the next steps to watch for in this forbearance program? What's on the horizon forbearance figures overall spiked In April, May I believe June and they've steadily declined since the summer or late summer and what will be interesting to watch whether or not that trend continues or you see more people who need help, and probably if you see that, you'll see more people kind of falling through the cracks here where they don't know how to get help that sort of based on macroeconomic trends. Major companies are laying people off tens of thousands of people, and that's I think the Big Question Mark Wall Street Journal reporter Andrew, Ackerman. Thanks a lot Andrew. Hey. Thanks for your

Andrew Ackerman Andrew Reporter Federal Government Congress Charlie Fannie Freddie Fannie Freddie Representative FHA
FHFA delays refinance fee start date to Dec. 1

Clark Howard Show

02:06 min | 1 year ago

FHFA delays refinance fee start date to Dec. 1

"I had told you. Guess about a week ago. About a new rip-off fee. The was coming to mortgage refi is. Going to cost people refiling during the month of September and beyond. Typically about fifteen hundred dollars in additional junk fees mandatory on. Traditional mortgages that you would do. Those are the ones you do conventional with Fannie Mae Freddie Mac. Which is where most loans end up? And this fee. Had Been Dreamt up on the fly. By the by the feds as a way of covering the possible increase in foreclosures the we may see over the next couple of years because of the economic arm, the country is suffered in. So many of us who suffered from corona virus. So, there was an absolute uproar. By the mortgage lending industry and the real estate industry and their push back was so strong that the federal government is backed down. And delayed this junk fee till. No earlier than December. So people in the process of refining right now, you may have already been told you're going to have to pay. This junk fee that could be it could be substantially more than fifteen hundred, but typically, it would be fifteen hundred more or less. That that is now canceled. Or postponed. So people in the mortgage refi pipeline will be able to get refried without having to worry about it. and. Then another change is that if you're buying an amount less than one, twenty, five, hundred and twenty, five, thousand, you are exempt from the junk fee. So we'll see what happens in December but for now. Don't worry about it.

Fannie Mae Federal Government
US long-term mortgage rates rise; 30-year at 2.96%

AP News Radio

00:46 sec | 1 year ago

US long-term mortgage rates rise; 30-year at 2.96%

"Mortgage rates rose slightly this week but remains at historically low levels below three percent Freddie Mac is reporting that the average rate on the thirty year home loan increased to two point nine six percent that's up about one tenth of a percent from last week but well below last year's rates the fifteen year fixed is two point four six percent home buying demand is one of the economic bright spots despite the pandemic but if you're planning to refinance a mortgage you could face a new fee accounts this week by Freddie Mac and Fannie Mae it's about a half percent of the loan designed to provide a cushion against possible mortgage defaults that fee would be around an extra fourteen hundred dollars and will take affect September first Jackie Quinn Washington

Freddie Mac Fannie Mae Jackie Quinn Washington
Hidden Histories - Rosewood, Tulsa, Chicago

Your Brain on Facts

04:22 min | 2 years ago

Hidden Histories - Rosewood, Tulsa, Chicago

"Halfway between Tampa and Tallahassee, a hundred yards off state route, twenty four and ten miles from the next town stands a handsome Pale Yellow House with decorative white trim on the two story porch. The house was the only survivor of an episode of such extraordinary violence that it boggles the mind how quickly and completely it was swept under the rug. An entire community was burned to the ground in an incident of racist asymmetrical warfare. And most people have never even heard of it. My Name's Moxy and this is your brain on facts. The community had been or technically still is Rosewood, Florida. It was settled by both black and white people twenty years before the civil war, but the Jim. Crow segregation in the Post Bellum decades put a clear divide into the community. The town was incorporated in eighteen seventy after it got a post office on a train stop and was named Rosewood for the Pink Cedars that were also the base of its economy. Residents worked in lumber, yards, mills, and even a pencil factory. Until the cedars had been overharvested, and the factories began to close. Most of the white residents moved to nearby sumner. But one couple John and Mary right who ran the general store? They were kind to their neighbors, and were known to Slip Candy to the black kids who hung out at the store, possibly because their own children had died young. The white flight continued into the nineteen twenties when Rose Woods population of about two hundred was entirely black plus the rights. The little hamlet got by just fine. Until New Year's Day nineteen twenty-three. Over in Sumner, a woman named Fanny Taylor woke her neighbors, saying a black man had broken into her house and attacked her. Rather than alert sheriff, her husband immediately gathered a group of men. Including clansmen who were in the area for a rally and a tracking dog. the, dog, lead them to the railroad tracks, which led to Rosewood. The mob, which would grow to be three hundred strong got it in their head that they were looking for a black man named Jesse Hunter who had escaped from a chain gang. The dog ran through the open door of a house and back out with that of wagon tracks. When the homeowner swore that no one else had been in his house, the mob tied him to the back of a car and dragged him down a dirt road. Then they tracked down the owner of the wagon whose tracks the dog sniffed. When he also claimed ignorance and innocence, the mob mutilated and killed him. The mob came to the House of Sarah carrier the Taylor's laundries. Two dozen people most of them. Children were hiding inside having heard what was going on already driven out of their homes by fear. For whatever reason the mob was sure that carrier was hiding Jesse Hunter. They fired on the House and carrier. Sons returned fire. When it was over both Sarah and her son Sylvester carrier had been fatally shot, though Sylvester had managed to kill two of their assailants. Had, anyone bothered to talk to Sarah carrier about Fannie, Taylor. She would have been able to tell them about Taylor's lover. Her white lover who she had been with before the attack. As, the mob kicked in the front door of the carrier house, the people hiding inside fled out the back door to the relative safety of the nearby. Swampy Woods. Not. All were able to get away though. Carriers, other son James was found by the mob who reportedly made him dig his own grave before killing him. The newspapers of the nearby towns caught wind of what was happening. They ran exaggerated. Retailing's of the siege of the carrier House and blatantly false reports of roving bands of armed black citizens. Seeing that even more white men poured into Rosewood believing that a race war had broken out. Apparently it's only a race war when the race you're targeting fights back. The manhunt and terror campaign wasn't confined to that single night, but stretched on for nearly a week.

Pale Yellow House Rosewood Sarah Carrier Fanny Taylor Jesse Hunter Sylvester Carrier Sumner Pink Cedars Rose Woods Tampa Florida Swampy Woods James Tallahassee JIM
Economic Fallout From COVID-19 Is Hard On Landlords Too

NPR's Business Story of the Day

05:57 min | 2 years ago

Economic Fallout From COVID-19 Is Hard On Landlords Too

"Explored the uncertainty from a lot of different perspectives and nothing can feel more destabilizing. The Not knowing if you're going to be able to make your rent next month we've heard on this show about how much renters who've lost income from the current crisis are struggling today. We're going to hear from the other side of that relationship. The landlord my name is Marilyn. Jim I am a small mom and pop landlord in Seattle with my husband We live in a triplex with our children and our tenants. Our House was built as a single family home in nineteen twelve by an Irish immigrant. Who had eighteen children and so? It's a good sized home sometime. In the past it was divided into a triplex. They both have day jobs but they rely on the rental income they get from several properties around the city. You know my husband will be the guy who's pushing the lawnmower so our tenants know us get to know us very well. They see us. They know that our family lives here. And and You know it's it's very much a personal up close up front relationship but that relationship has taken on a new sense of gravity since the financial crisis triggered by the pandemic all. Her tenants paid late in April and then in. May One of her tenants couldn't come up with the money at all. We came to the table with some ideas of what we could do to help. Meet them in the middle and we've come up with a plan that will take us through the next two months and then we're going to check in again in June and reassess but you know my husband and I have also had the conversation of ultimately. How long is this going to last? How long can we last? They're worried because they don't have a lot of extra money on reserve to float their mortgages if their tenants can't pay. We're not hoarding money here. And so we don't have a large cushion to tap into to get through something like this or mortgage lender is only allowing three months of forbearance and they want full repayment. At the end of free months it's hard for us to think. How are we going to get through if Are Tenants get to the point? Where there are no longer able to pay. Npr correspondent. Chris. Arnold has been looking into the dilemma that Maryland yet and many small landlords find themselves in right now and he joins us. Hey Chris Rachel so what stood out to you in Maryland Story. Will I think a lot of people are in the situation? And th there's all kinds of landlords out there and I think people tend to think about landlords is like big mean faceless corporations or you know as people rubbing their hands together wanting the money but there's just a lot of mom and POPs who were regular people and they wanna keep good tenants and they want to help them but they do depend upon this rental income right because they're not be corporations. They got bills to pay to like their mortgage and Congress mandated help for homeowners and that includes small landlords like Maryland. Were in exactly the situation and so when you play the interview for me. The the big red blinking alarm light that I heard in it was. She said that her lender told her that if she skipped payments she have to pay them all back in just a few months in this giant lump sum doesn't make any sense in this crisis in this kind of big balloon. Payment thing is is absolutely not the way that this is supposed to work. Okay so how is it supposed to work but good question So we should say that this is four home loans that our government back so by Fannie Mae or Freddie Mac and a lot of people don't even realize that their home mortgages backed by the government and somebody but seventy five percent of all homeless in the country are and so as Maryland's I checked and experts at. I've talked to say that for the vast majority of people who were struggling financially in this outbreak for them the rules say that they should make payments again when they're able to and it should be the same monthly payment their payments should not go up no big crazy. Lump sum payments should just get moved to the back and of the loan term. Okay so if it's a thirty year loan now. It's a thirty year loan plus say six months of missed payments on the back end. If these are the rules Chris Wise Maryland hearing something different and can Marilyn just push back yes she absolutely can and I've talked to borrowers who have done that. And sometimes they get a much better answer. And here's what's been going on. And after a lot of initial confusion. The Mortgage Bankers Association says that the companies are dealing with this much. Better this better information out there but the current system has a complicated set of rules and it relies on on lenders. Who've got like call center workers working from home they have to interpret this complicated set of rules properly and borrowers are sort of at the mercy of their lenders getting this right and arguably. It's not really going that well for a lot of people look at what. Maryland's going getting all SPAN INFORMATION. So that's why there are growing calls from Congress to fix this. I talked to Steve. Sharp with the nonprofit National Consumer Law Center. It's so important. We believe for Congress to step in and clearly state through law that for folks who have covid nineteen forbearance the real default should be putting their mortgage payments at the end of the lowe. Okay so just make that. The default make it automatic. So there's confusion the payments. Just go on the back end right and and some members of Congress do WANNA do this. There's a bipartisan group of State Attorneys General who were pushing for this to the CEO of a mortgage company. I talked to likes the idea and I actually called up and talked to Maryland and her husband again and I. Currently they're using their tenants security deposit and the last month's rent to sort of make up some of the difference of the rent that they're not able to pay but that's not going to be able to go on for too much longer and Maryland said look at mean having the certainty of this default option would make them much more comfortable skipping mortgage payments so that they could afford to be more flexible with with their tenants. Yeah because then. We wouldn't even need to be talking about drawing down from the money that they already put on deposit with us you know we could leave that untouched We would definitely have a whole lot more flexibility to to really see you know if if they are drawing from their savings. Maybe they don't need to do

Maryland Congress Marilyn Seattle Mortgage Bankers Association Jim I NPR Chris Wise Chris Rachel Chris CEO Fannie Mae Arnold Lowe National Consumer Law Center Steve Freddie Mac
Here’s what you need to know about paying your rent or mortgage

Dan Proft

05:09 min | 2 years ago

Here’s what you need to know about paying your rent or mortgage

"So we talked a lot about the P. P. P. over the last couple of days the payroll protection program trump suggesting yesterday that he once said two hundred fifty two or fifty billion dollars to that the loan forgiveness program for small businesses what about individuals who are wondering about how they're going to pay their mortgage as they're waiting for the disaster relief checks or for unemployment insurance benefits to kick in for a discussion about the mortgage business we're pleased to be joined by our friend David hopper vice president lending of team Hochberg and home side financial David thanks for joining us appreciate it thank you ram appreciate the opportunity so thinking about people in financial distress or certainly concerned about being in financial distress in the not too distant future depending on how things transpire what are some of the questions you're getting in the recommendations you're making to people yeah well again thanks a lot for the opportunity your listeners are gonna fall into fort Meade a mostly four categories one there you're gonna have a party mac clone they're either going to have Fannie Mae Freddie Mac and will throw three categories trying to be pretty back FHA or VA okay Fannie Mae Freddie Mac allow your listeners and the easiest way to find out guys is to just call the eight hundred number on your mortgage statement and call them up and ask them if you have a female Freddie Mac FHA loan if you have a VA loan you you most likely would not be a long serving in our military or our a surviving spouse what what cleaning may forty mac have have issued rules that their servicers can allow up to twelve months of forbearance here's the biggest challenge though a forbearance is when a borrower can differ mortgage payments without any late fees or down any hits on the credit the challenges it's up to the servicer the person that has your mortgage that you're writing your mortgage thank you to make that determination what they've said is spinning the forty mac and come out and said is if you call them and state that you're having economic hardship economic challenges due to corporate nineteen coronavirus they will put you into a forbearance without any issues here's a challenge with Randy for Fannie Freddie rules state that if they put you to a three month of forbearance for example if you call today you could defer your April may and June payment but come July what your listeners to allow listeners don't realize come July first when the to my mortgage payment is due they want the ninety days of deferred payments as well so that's a major challenge and I called up my servicer who is chasing set what happens if listeners borrowers can't make that hundred twenty days worth of payments obviously they're going to permit into forbearance because we've got challenges he's like well they have to call back again they're not gonna make it easy for you you have to call back and either ask for another forbearance for loan modification at that time but see anybody Freddie Mac rules clearly state in a recent letter that they sent out to all other other servicers that farmers can get up to twelve months worth of errands now on the FHA rules FAQ role is completely different and this is important for your listeners to understand if you have an FHA rule FHA wrote FHA will allow six to twelve months worth of forbearance so they'll give you six blocks at a time but again you have to call your servicer who is the company that you write your checks to and request forbearance now the difference between winning may Freddie Mac and FHA the FHA has stated after the twelve months worth of forbearance they will allow you to allow farmers to add a second loan with zero percent interest on the backs all the missed payment you made for the six or twelve months there will be a subordinate loan added at zero percent interest that no penalty to the borrower that will be paid off when you either refinance or sell your home the T. and there hasn't been any rules released yet for VA loans Ross I would I I would you'd you know share that with you listen it's a constantly moving thing right now and we're trying to stay ahead of it the best we can why are they offering forbearance for six to twelve months is that an indication about how long they think this may last sort of a hedge what will it be pretty macros of Fannie Mae and Freddie Mac is already have forty wrote written rules for their servicers to offer up to twelve months which means you know what they know okay that is it's going to be this is war I'm not trying to freak your listeners out but I I survived nine eleven I survived oh wait and I'm telling you right now eight we had what may be seven to eight hundred thousand people unemployed which was a huge hit to the economy you're you're talking twelve fifteen twenty times that number so what Fannie Mae Freddie Mac FHA are doing is trying to get ahead of it so you don't have bar were standing around the corner at the gymnasium is trying to do loan modifications like they did in a weight which is a complete

P. P.
FDA changes boost alcohol for sanitizer from ethanol makers

AP News Radio

00:36 sec | 2 years ago

FDA changes boost alcohol for sanitizer from ethanol makers

"With NFL the it's FBI's really April team owners hard first handling voted to find Tuesday upon of its to us surveillance it expand but there potentially are the playoffs bills program due by came there this one under could week team be scrutiny millions in each and conference millions after of for of Americans a gallons total the investigation of fourteen of who hand no longer next sanitizer into have season a ties job as coming between they for continue a online paycheck Russia to plan and for the two the made the thousand twenty Associated by twenty sixteen season ethanol Press to trump is begin compiled producers on campaign time some tips it's to the help first inspector the food playoff and general drug expansion the administration Michael first for the league Horowitz thing since to nineteen is do concluded is ninety allowing to reach F. B. out only ethanol I. and agents the notify teams made with had the best a made at facilities mortgage significant record in the lender AFC where fuel errors and student NFC and omissions ethanol loan will get servicer a bye is produced under in the applications new or format utility as to eavesdrop long the provider seven as it seed contains will on play that former the you no two need trump additional seed relief campaign additives the adviser and sixty see what or will Carter they visit chemicals offer page the three in the foreclosures fifth and seed a the broader companies will have be been at audit the fourth can suspended ensure followed seed for a wild for in water the FHA results card games purity suggest mortgages CBS the FBI and proper and NBC errors and those sanitation backed will pick were not up by the extra Fannie limited of their broadcast Mae equipment to or the on cable Russia Freddie and investigation Mac streaming the renewable platforms gas fuels electric it and the association found NFL problems will and have other a says separately in utility already each produced of the providers twenty about telecasts five twenty often facilities surveillance of the games have assistance applications tailored are programs for making a it younger reviewed audience for alcohol cobra that including will air for allows on Nickelodeon hand a lack laid sanitizer off of workers supporting I'm Josh to documentation Rowntree keep even health donating insurance for some factual although there to the is assertions state a large of Nebraska out of Ben pocket Thomas I'm expense Jackie Washington Quinn some states are allowing new enrollments in insurance exchanges to those who have lost their coverage and for those struggling to pay credit cards auto loans and other consumer debt reach out to your lender federal regulators have instructed them to work with borrowers impacted by the virus I'm Jackie Quinn

Josh Nickelodeon NBC FHA Horowitz Jackie Washington Quinn Thomas Nebraska Rowntree NFL MAC Freddie Fannie FBI CBS Carter Michael Russia
"fannie" Discussed on 760 KFMB Radio

760 KFMB Radio

05:59 min | 2 years ago

"fannie" Discussed on 760 KFMB Radio

"Half an hour the big first step being taken to privatize Fannie Mae and Freddie Mac even back to you thanks two thousand nineteen is wrapping up with the bank for many reasons of course but for the real estate industry it marks the debut of one of the biggest events ever any ours twenty twenty real estate forecast summit a gathering of world class economists real towards an industry experts a look ahead an examination of the challenges solutions and trends that could affect everyone involved in buying selling investing and owning real estate as the summit got under way I spoke with any our CEO Bob Goldberg about this brand new hallmark of real estate in America and how it brings together property ownership in all the factors that affect it my question to Bob how is real estate in America doing right now as we approach the new year and a new decade we see a very positive outlook that's going to happen again and house of the biggest challenge we all have been is inventory we need more places for people to be able to call home so there is someone of a shortage of housing and that's always a challenge which is yeah people stay put longer they tend to look at you know is younger generation of millennials which has been a challenge for young folks trying to buy their first home now why is that college debt has settled people left and right affordable housing which to me is the first and foremost thing that we in this country have to address that doesn't mean just lower prices or having housing that hits a certain type of economic range is being able to have enough inventory to be able to accommodate the needs of families weather's young folks retirees that middle part of the demographics that there's opportunities to obtain housing without there being a burial Ferrier financially of Berrier in not knowing if there's going to be enough homes to be able to compare that applies to rental that applies to commercial yeah so giving people lots of choices at affordable pricing ranges is a up most requirement there are challenges as you said affordability the lack of homes for sale there just aren't enough houses for all the buyers out there but at least interest rates are low their historic lows you know when we were growing up our parents or grandparents have rates that we said we will never see it yet and boy how lucky they were and when I bought my first home back in the early eighties I had sixteen percent interest rate and three and a half points which is just incredible and they kept dropping it dropping and dropping you know you find rates well under you know five four to half percent for condos for single family homes for refinancing incredible opportunities so that has generated lots of interesting opportunity but you've got to have the places on the homes in the dwellings to make that happen so I know that in the big economic summit the biggest push of all is the one for solutions how do we solve the problem the Ford ability how do we solve the problem of inventory and how we solve the problem in homeownership gaps in some parts of society that can't afford a home what do you do about that well I think it all comes down to one basic tenet you know what to realtors stand for what does the national association of realtors and our members what's the most important thing we need to focus on and that is fair house because if you make sure that everything is fair and open to everyone which is what we a spouse that's part of our code of ethics we just celebrated a year plus you know the fiftieth anniversary of fair housing we have been a stalwart working within our industry and outside industry groups and multi cultural groups about the importance of what for housing rent so you got to have that as your baseline starting point we talked about affordable housing how do you have enough housing and different some people don't want to buy a home some people want to read because I want to be mobile you've got to be able to accommodate all situations and all places and I think the way you do that is continually put our consumers first in everything that we do that's why we're here we're here as an industry to serve consumers we also have to educate our members we have to educate consumers about what they need to look for how they get involved in their communities how to get involved especially in terms of legislative or regulatory issues that may impact them in their housing in their local communities how that may play up to a state level and certainly any are and all the allies that we work with on the federal level of federal let legislation what's going on with tax policy what's going on with mortgage interest deduction was going in terms of capital gains exclusions all the different as flood insurance yeah we're the voice for consumers when it comes to real estate that's an imperative also you have someone is fighting on behalf of property owners in this country that says we have to make it so that we do de regulate or the bottle neck may be the better work things that impede development of helping for building communities to help our consumers be able to have an opportunity to bring you and raise their families that's the kind of thing that we need to continue to focus on well Bob as we enter a new year and a new decade I thank you for being with us today and the best of luck to you too everyone of our members and to every homeowner and property owner across America in the coming years thank you so much David enjoy the time you very well.

Fannie Mae Freddie Mac
"fannie" Discussed on 77WABC Radio

77WABC Radio

06:26 min | 2 years ago

"fannie" Discussed on 77WABC Radio

"Fannie Mae and Freddie Mac Stephen back to you thanks two thousand nineteen is wrapping up with the bank for many reasons of course but for the real estate industry it marks the debut of one of the biggest events ever any ours twenty twenty real estate forecast summit a gathering of world class economists real Taurus and industry experts a look ahead an examination of the challenges solutions and trends that could affect everyone involved in buying selling investing and owning real estate as the summit got under way I spoke with any our CEO Bob Goldberg about this brand new hallmark of real estate in America and how it brings together property ownership in all the factors that affect it my question to Bob how is real estate in America doing right now as we approach the new year and a new decade we see a very positive outlook that's going to happen again and housing the biggest challenge we all have is inventory we need more places for people to be able to call home so there is someone of a shortage of housing and that's always a challenge which is yeah people stay put longer they tend to look at you know a younger generation of millennials which has been a challenge for young folks trying to buy their first home now why is that college debt his saddle people left and right affordable housing which to me is the first and foremost thing that we in this country have to address that doesn't mean just lower prices or having housing that hits a certain type of economic range is being able to have enough inventory to be able to accommodate the needs of families weather's young focus retirees that middle part of the demographics that there's opportunities to obtain housing without there being a burial Berrier financially of Berrier in not knowing if there's going to be enough homes to be able to compare that applies to rental that applies to commercial yeah so give me people lots of choices at affordable pricing ranges is a up most requirement there are challenges as you said affordability the lack of homes for sale there just aren't enough houses for all the buyers out there but at least interest rates are low yeah their historic close you know when we were growing up our parents or grandparents had rates that we said we will never see it yet and boy how lucky they were and when I bought my first home back in the early eighties I had sixteen percent interest rate and three and a half points which is just incredible and it kept dropping it dropping dropping yeah you find rates well under you know five four to half percent for condos for single family homes for refinancing incredible opportunities so that has generated lots of interesting opportunity but you got to have the places in the homes in the dwellings to make it happen so I know that in the big economic summit the biggest push of all is the one for solutions how do we solve the problem Ford ability how do we solve the problem of inventory and how we solve the problem in homeownership gaps some parts of society that can't afford a home what do you do about that well I think it all comes down to one basic tenet you know what to realtors stand for what does the national association of realtors and our members was the most important thing we need to focus on and that is fair housing because if you make sure that everything is fair and open to everyone which is what we a spouse that's part of our code of ethics we just celebrated a year plus you know the fiftieth anniversary of fair housing we have been a stalwart working within our industry and outside industry groups and multi cultural groups about the importance of what for housing rent so you got to have that as your baseline starting point we talked about affordable housing how do you have enough housing in different some people don't want to buy a home some people want to read because I want to be mobile you've got to be able to accommodate all situations and all places and I think the way you do that is continually put our consumers first in everything that we do that's why we're here we're here as an industry to serve consumers we also have to educate our members we have to educate consumers about what they need to look for how they get involved in their communities how to get involved especially in terms of legislative or regulatory issues that may impact them in their housing in their local communities how that may play up to a state level and certainly in the are in all the allies that we work with on the federal level if federal let legislation what's going on with tax policy was going on with mortgage interest deduction was going in terms of capital gains exclusions all the different as flood insurance yeah we're the voice for consumers when it comes to real estate that's an imperative also you have someone who's fighting on behalf of property owners in this country that says we have to make it so that we do de regulate or the bottle neck may be the better work things that impede development of helping for building communities to help our consumers be able to have an opportune to breed and raise their families that's the kind of thing that we need to continue to focus on well Bob as we enter a new year and a new decade I thank you for being with us today and the best of luck to you too everyone of our members and to every homeowner and property owner across America in the coming years thank you so much they've been enjoyed the time they're very well I just Bob Goldberg the CEO of the national association of realtors I will have much more from any ours twenty twenty real estate forecast some throughout today show coming up on real estate today what's your home sellers expect in the new year the demand is high the supply is low but that still doesn't mean that you can price it out of control let's say based on that people are.

Fannie Mae Freddie Mac Stephen
"fannie" Discussed on Progressive Talk 1350 AM

Progressive Talk 1350 AM

01:41 min | 2 years ago

"fannie" Discussed on Progressive Talk 1350 AM

"The noise their noise what is the health found or something I have found yeah the house sound it also manages the troop in so many horror films where someone goes it's only the way is this case like sh sh trouble not young Betty he's only the cobbler is but a cobbler tinkering away yeah exactly so cobblers can Tinker can takers COBOL bend anyone can cobble the difference is whether you can cobble well I see okay see if you can COBOL well enough to trust trust your shoes afterwards in this case the shoemaker just makes that one appearance cobbler guy does not come back afterwards but the noises do as we said they came back with a vengeance right after the court case was decided in cans favorite stranded this point it's become a bit of a of a local phenomenon has it and the ghost has earned a nickname a rather bulky nickname zero talk about the **** playing ghost no no Gretchen Fannie scratching Fannie okay yes they're both kind of body if we're being honest their body to us yeah I think for them **** lane was just the name of their street no totally but scratching **** right on over there Fannie doesn't mean the same thing as a means of a I was gonna put that out that's absolutely true a lot of your British fans will find the term **** pack hilarious and scratching **** just sounds like something something told me not to you yeah we.

Betty Gretchen Fannie Fannie
"fannie" Discussed on WMAL 630AM

WMAL 630AM

02:08 min | 2 years ago

"fannie" Discussed on WMAL 630AM

"Most recent Fannie Mae home purchase sentiment index revealed that the number of people who say now's a good time to buy a home is falling Fannie Mae chief economist Doug Duncan remains upbeat but he concedes that affordability is not getting any better the main source of the affordability problem is the lack of entry level housing because boomers are not moving Jen answers are not moving and builders typically build for the move up buyer so the biggest affordability should simply lack of supply and Duncan tells CNBC that the Fannie Mae survey also found that first time home buyers are the most conservative in decades in terms of how much of their income they're committing to housing the head of a well known organization that promotes minority home ownership is optimistic Darnell Williams is president of the national association of real estate brokers he says in a new video that he is cautiously encouraged by a census bureau report showing the black homeownership rate rose in the third quarter there is still a thirty percentage point gap between black and non Hispanic white homeownership rates but the reported increase is significant and we are hopeful that our organization's bulls on the grounds effort will continue to yield positive increase the black homeownership rate in America is now forty two point seven percent up two point one percentage points from the second quarter if you have a child in college you know how expensive out of state tuition and room and board can be so business insider reports that some parents are now buying their kids local real estate to save money but wait point real estate investments see Scott Lawler said on fox business I don't know if it's as big a trend as you know the headlines my suggestions are really driving the market percent students tastes preferences and in fact maybe demands have changed dramatically and most existing stock does not comport with current preferences but parents you've gone that route say the so called Kitty condos can not only help their kids get in state tuition can help them build a credit my putting their name on the mortgage coming up a half an hour the housing number that's going up that's good news.

Doug Duncan CNBC Darnell Williams president America Scott Lawler Kitty condos Fannie Mae chief economist Jen fox seven percent
"fannie" Discussed on 760 KFMB Radio

760 KFMB Radio

02:06 min | 2 years ago

"fannie" Discussed on 760 KFMB Radio

"Most recent Fannie Mae home purchase sentiment index revealed that the number of people who say now's a good time to buy a home is falling Fannie Mae chief economist Doug Duncan remains upbeat but he concedes that affordability is not getting any better the main source of the affordability problem is the lack of entry level housing because boomers are not moving get answers are not moving and builders typically build for the move up buyer so the biggest affordability issues simply lack of supply and Duncan tells CNBC that the Fannie Mae survey also found that first time home buyers are the most conservative in decades in terms of how much of their income they're committing to housing the head of a well known organization that promotes minority home ownership is optimistic Darnell Williams is president of the national association of real estate brokers he says in a new video but he is cautiously encouraged by a census bureau report showing the black homeownership rate rose in the third quarter there is still a thirty percentage point gap between black and non Hispanic white homeownership rates but the reported increase is significant and we are hopeful that our organization's bulls on the grounds effort will continue to yield positive increase the black homeownership rate in America is now forty two point seven percent up two point one percentage points from the second quarter if you have a child in college you know how expensive out of state tuition and room and board can be so business insider reports that some parents are now buying their kids local real estate to save money but wait point real estate investments see Scott Lawler said on fox business I don't know if it's as big a trend as you know the headlines might suggest is not really driving the market percent students tastes preferences and in fact maybe demands have changed dramatically and most existing stock does not comport with color preferences but parents you've gone that route say the so called Kitty condos can not only help their kids get in state tuition can help them build a credit by putting their name on the mortgage coming up I'm half an hour the housing numbers.

Doug Duncan CNBC Darnell Williams president America Scott Lawler Kitty condos Fannie Mae chief economist fox seven percent
"fannie" Discussed on News 96.5 WDBO

News 96.5 WDBO

01:46 min | 2 years ago

"fannie" Discussed on News 96.5 WDBO

"A. V. et al. something that I do as well a lot of condominiums in central Florida I don't meet Fannie Mae Freddie Mac or hud guidelines well I'm gonna give you some really good news it's been very challenging up until now to get into a condominium that does not meet district criteria for Fannie and Freddie so it doesn't matter how well qualified you are if the condominium complex doesn't meet certain requirements you can't buy there unless you put down like twenty or twenty five percent and that's ridiculous who wants to buy a hundred and sixty to two hundred twenty five thousand our condo and put down that much money a lot of you don't have the money to do that so I have what's called a speech a condo review department so what we'll do is we'll take that condominium even though it's not on the Fannie Mae approve lest we get the condo association to complete about a hundred questionnaire we get a copy of their master insurance policy I get you approved it in the way in this little is three to five percent down on an owner occupied condo they did not qualify if your real estate agent and you've got condos listed and you're putting on the MLS cash for conventional only call me I'll show you how to increase the amount of coverage that you get an increase your buyer pool so they don't have to put down twenty or twenty five percent now here's another great thing HUD has announced that on. October the fifteenth they're gonna start doing what's called spot loans on not approve condominiums so if it's not on the condo list for FHA right now you can't get an FHA loan phone on a condo that's going to change in October provided the condominium meet certain requirements we can do an individual transaction on an individual unit for you so if you're thinking about buying a condo it's a great opportunity so guidelines are loosening up a little bit for them.

Fannie Mae Freddie Mac Fannie Mae FHA Fannie Freddie HUD Florida A. V. twenty five percent five percent
"fannie" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:43 min | 2 years ago

"fannie" Discussed on Bloomberg Radio New York

"Of Fannie Mae and Freddie Mac are up more than sixty percent in the past month on hopes the mortgage companies will exit government conservatorship Bloomberg's Vonnie Quinn spoke with a key voice in the process mark Calabria director of the federal housing finance agency so what we're working on more than a month as you mentioned a letter agreement you may remember the current later agreement caps their capital at three billion in the really new part is a much higher number than three billion so it will still be limited but we're looking to come up with a number that will get us through the next year and a half two years in the in the interim after that we will reach agreement on changes to the underlying share agreement that allow us to chart a path through Fannie Freddie out of conservatorship. processor than an old calendar driven but for example do you anticipate that within a year honey and Freddy will be out of government control. it really depends on how quickly they raise capital so what we want to be able to do is actually to some extent put their destiny back in their hands they're going to be responsible for building capital they're going to be responsible for hating goal posts so what really what we're gonna be doing particularly in the amendments to the share agreement is setting up a bunch of mile markers for feeding frenzy to hit but the the day they're the ones I've got a drive down the road. how much. will this letter agreement authorizes the GSEs to retain director. probably about an offer that will get him through a year and a half two years but this is really the point in negotiations right now the secretary and I have not settled on the final number but we're in the neighborhood were close and and I'm very hopeful that that will get done by the end of the month use talked about reducing Fannie and Freddie's footprint are there areas other products that you wouldn't want them to be an jumbo loans for example or you know other types of loans. this is really going to be focused on D. risking in so again if they're going to go to market how do you look at products that they don't have a higher return keeping in mind again that Fannie Mae for instances leverage a thousand one so it's a safety and soundness regulator I really need to be able to make sure that the risk that they're taking is commensurate with the capital that they hold that's currently not the case so I think some very modest reductions in risk the major footprint will look the same it will just looks a little bit safer and I think it's appropriate particularly given where we are in the house in cycle and given my leverage these entities have. senator brown about you know how you expect investors to get involved with these companies if every extra step you take actually reduces their profitability what what do you say to that director. well first of all whatever size it was a financial arms like regulator the the the the responsibility to raise capital to convince investors his on the company's not me I think I can help make this a safe and sound system were feed somebody does invest in these companies you can be sure that they don't fail again because I think with the current situation is their leverage they have today no fail during the next crisis so how do we build them up in a way that I think of a sustainable I think a number of the higher risk products that they do don't have really good returns on equity in the house so we can reduce some of that risk and of course it's worth keeping in mind that the smaller they aren't the west capital after is to get out. respond to some criticism that this is old is going to be money in the pockets of some hedge funds who owns Fannie Freddie. well it's not necessarily a concern of mine iron I'm tasked with getting them to a safe inside condition that's my responsible on that's my focus if shareholders benefit our show is a benefit that's incidental to me building up the capital again I'll remind you Fannie Mae is leverage a thousand one I have to help them build capital or they would not system sustain the next downturn how long before the funny and Freddie raises outside capital and how do you anticipate that I'm going what will be the rows for the house and I PO. so it could be even though the first thing I think we need to do is start to retain capital and I think we'll have to have a number of months to retain earnings so six months to a year retainer ensure that track record in the boat that question before they can go to market so again emphasizing process driven not calendar driven I think the earliest you could see going to market would be the last fourth quarter twenty twenty twenty twenty one is more likely the case but I really do want to emphasize a lot of things need to be done before you get to that point the government in your preferred shares how they being repaid are these potentially one of the bargaining chips you're using it's certainly one of the one of the one of the parameters you know my view is fundamentally that the government's investment is being managed by treasury and while I'm not offer my thoughts of the secretary it's fundamentally his decision to make up my my focus is on getting Fannie Freddie in a safe and sound condition you know you talk about competition but a new competitor would have three tens of billions of dollars of capital and be on the national stage and you know I have a rate of return that would get investor is to be attracted to is do you anticipate that happening how long would it be before something like that would happen in the country so it I really whatever size for me to be able to issue new charters resolve call for is going to require an act of Congress so well we all know that doesn't happen quickly I think the important Kathy on here is you've got a bit of a chicken and egg if I don't have the usual ability to issue new charters are bring a competitor student no one's gonna try to compete so I would at least like the opportunity to be able to issue charters bring some competition into this you know and more importantly reduce the reliance on feeding and Freddie if we have five or six of these entities then no one of them is necessarily too big to fail so to me the competition aspect is as much about trying to bring financial stability of the system to the mortgage market is it is anything else that was FHFA director Marc Cooper yeah and coming up Howard marks oaktree capital group.

Fannie Mae Freddie Mac Bloomberg Vonnie Quinn director mark Calabria two years sixty percent six months
"fannie" Discussed on Adventures in Finance: A Real Vision Podcast

Adventures in Finance: A Real Vision Podcast

09:50 min | 2 years ago

"fannie" Discussed on Adventures in Finance: A Real Vision Podcast

"All my monthly investor letters and looked at my portfolio where I'd made lost money and I realized that I had owned owned some of the greatest stocks of all time I own apple back when it had a three billion dollar market right I owned net flicks in two thousand eleven eleven and twelve at a three billion dollar market cap. That's been about a fifty bagger apple spent three hundred bagger. I owned Ross stores at a buck seventy. That's been a seventy seventy bagger the only one that I really identified equality business and just hung with it was Berkshire hathaway which owns from day one two year eighteen when I closed my fund. I owned it consistently but the rest you know I bought them. I owned McDonald's back when it got really cheap in two thousand and two early two thousand three. Are you got down to twelve dollars a share. What's it at two hundred today. I own home depot. You name it yet. I had sort of own them at the right time. When great companies had encountered what turned out to be temporary difficulties. Their stocks got cheap. I bought them that part. I did quite well. The problem is the stocks then went up fifty percent and they didn't appear as cheap anymore. I saw them and it was. I realized realized my probably my single biggest mistake. Over twenty years is is that I probably paid. There's always there are two main things you're looking at right which is price or valuation and business quality and I was smart enough to understand they were both important but when I look back and I look back at my decision decision making and where I was screening for stocks I was probably seventy five percent focus on statistically cheap stocks low oh price to earnings price to book cash flow whatever traditional valuation multiples and I was only twenty five percent focus on business quality so when I went out to look for businesses I would screen for statistical cheapness and then I'd come up with. Let's say one hundred companies and then I would look for the better businesses among them. What I should have done is the exact opposite. which is I should have said? Let me go out and find the hundred greatest businesses the grace the planet earth and that have the biggest moats that have the brightest futures that have the most long term potential and then. Let's look there for an for the ones that are being temporarily miss price when I can get in at a good price but then once I'm lucky enough to get into good price. I'm going to ride him until until the story changes you know stories sometimes change valiant was a twenty bagger before the story changed and it went down by ninety seven percent so I'm not selling. I'm not saying my mistake was you never should've sold anything. If you make a mistake the story changes or if the valuation Russian truly gets extreme you need to get out of a position or at least trim it obviously part of a critical part of portfolio management is position sizing and managing a high class problem which is you put on a five percent position in a stock and then it doubles and doubles again in doubles again. It's a high class problem but figuring out you know win. Let your winners run how much and win it. CETERA is a is a key part of that so that was a that was a big mistake. so I'm now I still consider myself a value investor but I sort of say I'm not a value investor or a growth invest make money investor. I'm much more or open today to paying up a for a stock that that may not look sheep on a current year's earnings multiple or something like that but where you know I can think okay five years from now. What is where do I think this company is likely to be and what can it be earning meal five years from now whereas historically I was only willing to you know look at sort of current year earnings or maybe what they were earning next year. I wasn't willing to look at out any further than that. So I missed a lot of the great moon shots and other stock by the way back in one thousand nine hundred nine was Amazon Sakes. Thanks right. We should talk about that because I thought I think that it was Doug Casts I saw on your site who talking about Amazon the first thing that came to mind when you were telling that story was the European banking sector because we've been talking about European back. Actually I spoke to an investor last week or the the week before last and he said in his fun he has no European Bank stocks yet when you look at them on price to book Valuation Deutchebanks Bank for instance. It's trading at twenty percent of book thirty percent of book. Yeah I mean that's a cheap star when you look at from the paradigm that you're talking about now. How do you look look at the banking sector as an example financing gentlemen well generally banks particularly investment banks which big derivative books because I think thank you have to differentiate between you know just your standard retail banking franchises versus investment banks like Deutsche Bank generally speaking speaking they make me nervous insurance companies. I'd throw in there as well in that. There's just there's Black Swan risk out there because there's leverage and because they have big a big either derivative books or loan books where it's very difficult often. There's sort of black boxes. You know what's in there so you just have to have a lot of confidence in management generally which is why you know. Berkshire hathaway certainly something I felt comfortable owning just because I've steadied Buffett and Munger longer so closely and understand their fundamental conservatism but there aren't very many other financials I mean the financial sector the history of financials just is littered with boom and boss and management teams that are out there trying to deliver steady earnings growth in a sector that often doesn't lend itself to that general view of the European financial sector as after the great financial crisis no eight. Oh nine the US did a very good job of forcing the entire financial sector clean up to realize their losses to run off their bad banks and cleanup underwriting standards etc but mostly to take their medicine and recap and recapitalize etc and that didn't really happen in Europe. You know I host an invest in conference in Italy every summer and so I'm talking to my Italian value investor friends over there and you know the bunkum wanted. The oldest bank in the world dozen years later is still on death's door and has had to do multiple rounds of of capital raising because they sort of had a bad loan book but didn't or couldn't take their medicine so oh. I'm you know they're. They're a lot of things I'd say. The vast majority of what I look at generally just goes into the too hard bucket doors have been interesting because because a an and by comparison I think that when we were talking I thought it was interesting you know when you do the twenty five seventy five twenty five percent cheap deep seventy-five percent good business it brings us immediately to the GPS's yeah so when you talk about financials the juxtaposition in between the black box of the investment bank versus what I would consider a dominant position of GS's is very interesting and that's. That's a very interesting political story that you have a lot of knowledge about. Tell me a little bit about what's going on there yeah well. It's interesting since I started my investment newsletter later in April of this year I'd say at least half of them half dozen or so recommendations. We've made so far we put out one. I have have a free daily. Letter goes out to thirty five thousand people or so every day but we once a month we put together a ten to fifteen page report on our single best investment in that goes to our paid subscribers so once a month since March. We've had a half dozen ideas. The majority of them have been ideas is from back in my hedge fund as companies that I've known for a long time and one of the more interesting speculations that was in my hedge fund was Fannie and Freddie government-sponsored services the mortgage giants the Jesse's which in many ways were what happened to them is exactly what happened with. Aig for example uh-huh it was deemed they were correctly both AIG and the Essy's were deemed systemically important the US government came in gave them an unlimited line of credit to to make sure they could get through the crisis all took eighty percent of their stocks and that's what happened in no way within a couple of weeks of each other to both gs's aig what what happened differently with the GPS's though is well. Let me what happened with AIG. Let's start there tell you what happened differently at the in in the case of Aig the company recovered as the economy and financial system recovered AIG sold off assets returned earned a profitability they paid back the government loans with interest and then the government still owned eighty percent of the stock which the government over the course of a number of equity woody offerings exited the position. The government made a fortune edgy. AIG is now an independent privatized and very carefully regulated a major financial institution today. That's exactly what should have happened to the. GSEE's the problem is in two thousand twelve just as the GS's were about to return to massive profitability their.

Aig Berkshire hathaway US apple Ross McDonald GSEE Valuation Deutchebanks Bank European Bank Black Swan Deutsche Bank Italy Fannie Europe Doug Amazon
"fannie" Discussed on Realty Speak

Realty Speak

04:49 min | 2 years ago

"fannie" Discussed on Realty Speak

"Thirty year fixed and fully amortizing debt today day in the mid four is pretty amazing. That's one of the reasons i'm on your show. Part of our mission has a company in getting that message out there. There is and more competitive debt than what everybody has been getting for all these years. You are a small multi-family family investor. You've got a property. That's worth a million two million three million dollars good for you. You're an entrepreneur. You run a small business. You are the pulse pulse of our nation and you deserve to know what's available to you and you should be able to use that leverage to grow to compete heat with the guys that are out there that have one hundred units five hundred units thousand units. You should be able to take that money. Take that leverage and reinvest it into other property property reinvested into your own property short. You're on the quantity remove. The personal guarantees that you've given the banks because there's nobody that owns two hundred three hundred five hundred thousand unit portfolios at signing personal guarantees and if they are a there's a long story behind. It wasn't even aware of all that that's what i'm here for. The message here is that small multifamily fifty family developers and operators even middle market ones that there's more out there than you know and like keeping your head in the sand you just doing the same thing you've always done. You're going to get the same results you've always got and maybe they're good but maybe there's a path of lesser resistance <music> a path of greater growth for less risk and you've got to start interacting with the market whether it's online or through an advisor or through another lender capital markets have changed and they're going to continue new to evolve and technology has allowed for big lenders to make really powerful products available to small oh borrowers it wasn't so long ago and it didn't make sense to originate a million dollar loan because it takes the same amount of time to originate a million dollar loan as it does a ten million dollar loan so it made no sense allocate time capital to these small loans but now because of technologies because because of fishing sees it's possible to do very high volume of these small balanced loans and mary his social impact associated with it. You're doing good as a lender as a broker. If you're out there bringing these fancy new york capital markets financial instruments to a small town in minnesota. You're doing something good and you're making money and the guy in minnesota. It's barring the money well now. He's a better universe to and he's able to better provide for all the people that are living in this property. I get a little excited when i talk about it but i i did want to articulate. It and i'm sorry if i got a little out of hand. They're not at all blake matter of fact they appreciate your passion about it and it just shows does that you should be doing what you're doing because you're doing the right thing and it's great that you're sharing with all our listeners today that these other options exist west and while we've been talking about this we heard the word costs. We've heard the word pricing. You have a real case scenario that you can share with us today. Regarding the different closing costs upfront costs and post closing costs that a other than prepayment penalties that borrower will deal with during the lending process. Here's to cost to talk about. There's the upfront costs also and there's the cost at the closing table. I do have a couple of closing statements handy that i could run through that demonstrate two very different scenarios scenarios but i wanna talk about upfront. Cost spurs different lenders have different upfront costs. Let's talk about fannie and freddie so finding pretty small balance you could expect to pay out of pocket eight twelve thousand dollars an expense deposit that money is generally allocated towards a phase one environmental report a comprehensive appraisal. Oh conducted by an m._a. I certified appraiser a c._n._a. That's a project capital needs assessment. That's quotable oh to a property inspection but it's very in depth and they will look for things like life..

minnesota advisor fannie freddie blake million dollar million two million three mill eight twelve thousand dollars ten million dollar Thirty year
"fannie" Discussed on Realty Speak

Realty Speak

02:04 min | 2 years ago

"fannie" Discussed on Realty Speak

"These guys that aren't monsters like portland or related we have access to the same kind of debt but those guys do and fannie and freddie have both built really excellent small balance platforms to address loans from a million to seven seven million with fanny. You can generally go lower seven hundred and fifty thousand depending on the lender. It's really lender's discretion but i want to explain a couple of differences differences. Freddie mac has a great product. They're calling it opt to go now and the credit box is kind of narrow but if you have a loan that fits in their credit fox's multifamily on that fits in their credit box and you're in a large market think l. a. new york miami portland austin market like this you will get the most competitively priced non-recourse low cost leverage in debt that anybody can get. They both very special product. You can get up to ten years fixed on a thirty around the nation. I believe now they had terms up to twenty years where there's uncast active ten years but feeny may as a really special small balanced product also and that product is most powerful in either secondary and tertiary markets where you still want to achieve full leverage and get competitive the pricing because freddie mac is less competitive in smaller markets that are leveraged comes down the rates go up their credit really moves based on market market size first and then my ridge and that sort of this coverage ratios and so on and so forth any is really almost market agnostic unless they've had some bad experiences in a market with foreclosures in which case it can become pre review but something else that fannie mae has that you don't see that most folks don't know.

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"fannie" Discussed on Realty Speak

Realty Speak

03:37 min | 2 years ago

"fannie" Discussed on Realty Speak

"Whatever since two thousand eight people are less inclined to sign personal guarantees since we saw a lot of personal guarantees get triggered and a lot of very successful people go from one hundred zero very quickly and we being among them not as successful as most accessible but certainly from one hundred zero so the way non-recourse debt works is generally speaking. It's subject standard. Carve outs were bad boy carve outs and use carve out say that that there is no personal recourse to the key principles that if the lender has to take back the property that the lender will take back the property and be be responsible for operating selling and making themselves whole except for in the case of <hes> material misrepresentation on behalf of the key principles fraud not paying taxes act of being a bad boy. You were a bad girl. Which is where the expression badboy pouts come from now something that's really prevalent today and that's evolved very much. The the last few years is that when a borrower principles take out a non recourse loan with certain carve outs that they run into a situation where the lenders council courtesy of under instruction generally slips in carve <music> outs or addenda to the carve outs that really make non-recourse loan full recourse so they may any slipping language that allows for carve outs to be triggered for none carve out where the events like if you you send your annual p._n._l.'s late or something to that effect so it's really important that when you're borrowing money from a non-recourse on recourse lender most specifically c._b._s. Wonder the borrower has retained the council. That's experienced in negotiating associating carve outs in similar non-recourse an intial instruments so unlike the closing table at a residential mortgage for want four family home where the borrower just pretty much comes in and signs the papers the way they were prepared by the lenders attorney in commercial lending you do have the ability to retain counsel to look over the paperwork and actually negotiate change is is if they don't meet the expectations that you had when you originally looking at entering into this particular loan contract you don't have the right you have the responsibility as a borrower the canoe share responsibility to your investors and the responsibility to yourself to make sure the loan documents coincide the term sheet or the commitment that you signed. There's a lot less of this with fannie and freddie debt a lot of it's very standardized but again in the c._b._s. Market there's definitely some cowboy esque activity now i this is not a criticism of c._b._s. C._b._s. product is unbelievable. There is nothing nothing better for particularly small balance commercial debt loans between two and.

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"fannie" Discussed on 600 WREC

600 WREC

04:32 min | 3 years ago

"fannie" Discussed on 600 WREC

"You're paying for the costs of it all the time to help defray those expenses a lot of people who buy second homes would love the idea of renting it out whether or not you were allowed to rent the home out Fannie Mae has now issued a new clarification to the situation and Fannie Mae is now clarifying that owners who have Fannie Mae loans. Can yes can rent out the second home the previous rule on this was issued back in two thousand one. It was interpreted as prohibiting rentals. Fannie Mae says no the rentals were never prohibited. But the language was ambiguous unclear and drove people crazy. The new language says the following you can't. Yeah. That's why you live there. Other way. Have you been invited to a wedding bankrate dot com did a survey of folks and found that of those who have been invited to a wedding twenty percent declined to attend the reason they can't afford to attend thirty percent of those who declined say their relationship. The couple was negatively impacted think about this. When we talk about personal finance, very often a lot of folks think about it in the context of bad things happening. I need to buy insurance in case. I get into a car accident. I need to have health insurance in case. I get sick. I need to have a rainy day fund in case, the roof leaks or the car breaks down or some. Unexpected expense comes up say, maybe I lose my job or something bad happens. That's why I need savings. Well, that's true. Those are valid reasons to build rainy-day funds and cash reserves and savings, but those aren't the only reasons it's because good things happen as well. And you know, what good things can often cost just as much money as bad things. If your best friend from college announces that they're getting married guess what you're going to run a tux or buy dress. You're going to buy gifts for several hundred dollars. You might have to buy air ticket to fly to whatever city. The weddings going to be held at your might gonna have to participate in the bachelor party or the bachelorette party, which may involve flying somewhere driving somewhere, buying more gifts, etc. Etc. For a happy occasion to fail to have the financial ability to partic-. Debate in one of life's most joyous events is a real shame. Wedding experts say it's okay to decline for financial reasons, but you should still send a gift and the closer your relationship. The more important. This person is to you the more you're supposed to spend. Or by the way, if you're the one having the wedding. You're the one getting married. Were than half of Americans say destination weddings are in poor taste. So if you hold a destination wedding, don't expect friends and family to attend, and please if your friend or family member declines to attend your wedding because they can't afford it. Please. Have empathy and commiserate and don't allow that to destroy the relationship, by the way. Maybe you're in that marriage. Maybe the one who got married is a possible that you're experiencing financial abuse here five warning signs. You don't know what the mayor lasts are your spouse gives you an This. allowance, and that's all the money. You have you have to account for every dime. You spend. You're not allowed to work. We are spouse steals money, if any of those are happening, you might be a victim of financial abuse in your marriage. And by the way, on the flip side, if you're divorcing and you have a dog who gets the dog, you know, pets are considered property in just about every state, and that's why you should consider a prenup for your pet. Yeah. Treating pet custody is a big deal now for courts judges. Consider the pet's well being in happiness, and so might want to consider a pre-nup for your pet. These are some of the kinds of issues in the.

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"fannie" Discussed on KTRH

KTRH

03:33 min | 3 years ago

"fannie" Discussed on KTRH

"And because it's your second home. It's them t- most of the time, and yet you're paying for the costs of it all the time to help defray those expenses a lot of people who buy second homes would love the idea of renting it out this way, you can generate some income when you're not using it use the income to defray the cost of ownership. It's a very common tactic very common strategy. However, if you obtained a mortgage in order to buy that second home, and if you obtained that mortgage from Fannie Mae there was debate as to whether or not you were allowed to rent the home out Fannie Mae has now issued a new clarification to the situation and Fannie Mae is now clarifying that owners. Who have Fannie Mae loans? Can yes can rent out the second home the previous rule on this was issued back in two thousand one. It was interpreted as prohibiting rentals. Fannie Mae says no the rentals were never prohibited. But the language was ambiguous unclear and drove people crazy. The new language says the following you can rent out your second home after you've owned it for one year Fenway. In other words is saying they wanna make sure you can truly afford own this home on your own without any rental income, and if you can own the home for one year with no rental income, they will then allow you to rent the home out as you wish they also will allow you to do short term renting during that first year under certain conditions. So this is really good news. You should talk to your mortgage lender. If you own a second home to make sure you understand what kind of alone. It is you have who is the originator of that loan meaning was at Fannie Mae in the first place and evaluate your options. If you are planning to rent out, your second home talk with your financial advice. I there are implications. There are issues such as the fact that renters tend to trash properties. Right. I mean, when's the last time you washed a rental car? No what I'm saying. You wanna make sure that the property has proper insurance protection on it. You wanna make sure you were recognizing the amount of revenue you're going to receive on the property, and that it is worthwhile recognize that anytime you rent the property is a period of time. You can't use it. So there are implications. But if you are interested in renting out your second home, Fannie Mae just made it easier for a lot of folks, by the way, where is that? Second home is it in an urban area or a rural area. And in fact, let's broaden that not just your second home, but your primary home where do you live? Do you live in a city? Do you live in the suburbs? Do you live in the boonies? And who by the way is doing better with their personal finances. Those who live in urban areas or those who. Live in rural areas lending tree just released a study, and they looked at Americans living in both cities and in the country, and they looked at them with the average depth. They have their credit scores their mortgage balances their credit card debt their auto loan debt and their student loan debt. And you know, what they discovered in just about every category. Those living in the country are in better financial condition..

Fannie Mae Fenway one year
"fannie" Discussed on KGO 810

KGO 810

07:02 min | 3 years ago

"fannie" Discussed on KGO 810

"The housing market index will be released on Thursday and existing. We'll both be released on Thursday. And we'll also get the fed minutes from January thirtieth. So fed is the one that determines the interest rates. There are going to have a meeting and release their minutes at least from the meeting on Thursday. Mortgage rates have hit the lowest. They've been in probably twelve months at four point three seven percent. Now, this is from Fannie, Freddie, MAC and Fannie Mae. They released this. It is important. And now that does sound like a beautiful interest rate four point seven five percent. Usually when they quote, they say quote with a couple of points. So when you go to your lender, the talk about interest rates, it's not actually going to be that low. But the fact is overall it is as low as it has been in twelve months, so if you're out there, and they're looking to refinance or thinking about taking cash out this week in particular would be a really good one. So I've got a question for you really quickly when it comes to rates now, there's a term that flies around. Sometimes people might not understand it. But when you said that the rate isn't as low as we just talked about or might not be we can't tell them exactly what the rates going to be right? No. We can't credit interest rates going to be turned by so many different things. One is going to be your credit. A lot of these that are priced online that you read. I mean, I go to quicken in particular, and they have the lowest interest rates, but then you go to the fine print, and it's going to say, well it costs you two points. Does that mean if it's five hundred thousand dollar loan size that interest rate that's lower than anyone is gonna cost you ten grand? So they are the lowest. But the ones that are usually out there that you see upfront. They're gonna be teaser rates usually is going to require the best absolute best credit score. It's gonna require forty percent down. And a lotta times they're going to require points. So what if you went there and you wanted to get that lower rate? They have a term called the by down rate so quickly. Tell me how you can buy your rate down. So by down. It's got a lot of different names. It's called discount points. It's called by down essentially as you're buying down your interest rates, and when I say cost two points appoint is just a percentage point. So again, if you have five hundred thousand dollar loan size and the by down rate is one percent. It's gonna cost you five thousand dollars to get that interest rate. Now is it worth it? It depends. You really have to do the math. Typically, we say we like to say that if you can recoup your money within four years, then it's a good investment. Just pay the points. Anything more than that probably doesn't make sense. And the reason why is in California. In particular, people only stay in their loans at the houses, just the loans for an average of five years for a variety of reasons. People take cash out of their home people try to take cash out for home improvements. I'll do it for school people. Refinance people try to get rid of mortgage insurance specifically here in California. People will move. So so many different reasons why people only on average and California state five years. So if you're within that four year period, and yeah, it could make sense to pay your points down some fascinating information. And so let's real quick going to the construction report brought to you by your body construction company. They're great people, by the way, I love to lie to their great. They are highly involved in building the bay area. But one of the projects that has recently been proposed to Burlingame by developer Hanover company is proposing one hundred and fifty homes just two miles from where Facebook has pre-leased their office space Burlingame point. So I mean, it's definitely a strategic and smart move to be that close to Facebook, of course, who wants a commute man, but it's a six story project at one zero nine five Rawlins road, which would consist of thirty five studio apartments, seventy four one bedroom units and forty one two bedroom unit. It's along with almost two hundred parking spaces. And then so yeah, that's a big project that has recently been pitched to Burlingame. I think that's that's really really really big in the news right now, Amazon they were gonna build in New York City. Shutdown or they'd be rejected it or whatever else something like that. The complaints were. They were getting so many tax incentives to come over a billion dollars. It was it was pretty high and one of the counter arguments or one of the arguments for that was while they're going to bring a ton of jobs were promising hundreds of thousands of jobs in the area. Not only from just those jobs, but the jobs around it, you know, there's cafes jobs, there's all housing. So real estate was really for it. So when we talk about this Burlingame one that is a really awesome thing the burlingame's getting because essentially Facebook is right there, and that's going to bring more housing opportunities. More jobs more small businesses for the area. So that seems like a really good place to park money. It is and it looks like what they're proposing is geared towards the millennial type one bedroom units two bedroom units. So it's a good opportunity for people that want to have a space, but not too big of a space. You know, the funny thing is I was talking to my girl last night before we went out, and she's like, I would love to sell my house. But I just don't I can't move anywhere. Mike, we're we're watching that guy. I loved her listed or some sort of TV show. And and we're looking he's big houses. And she's like, I don't want a bigger house. I would rather have a smaller unit. It's funny. How our generation has liked that our our parents generation was kind of more like bigger is better. Right. Who's biggest house on the block? Now. It's like if I can live in it and survive in it. I'm good with it 'cause I can lock my door and keep moving in with life. Yeah. The mindset just changes. Well, and I think partly that's because there's so many things to do outside of your home nowadays, you know, prime example, is all of these outdoor shopping malls, all of these festivals feeds grab fees. There's all these things that people are don't really nice this really need to spend as much time in their house anymore. I think for me one of my favorite things is leaving downtown. I like it because our generation younger generation seems to want to walk places. Yeah. Seems to want to have a convenience factor. And I don't mind a condo. Where I think my parents would get the oh I walked downtown ever all the time in walnut creek. It takes me seven to nine minutes to walk to downtown from my house, by the way, it's way better and faster than driving down. Yeah. It is. But this is brought to you again by Audie construction company. They've been developing the bay area for over one hundred years do grading paving, excavating and all kinds of groundwork. Give them a coffee. You have any questions about any commercial? Development type of work. So we will be right back with a little bit more about down payment. This is real estate radio talk make sure and give us a call eight hundred nine nine eight zero eight.

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