Wednesday, August 6, 2008
What the Fed Giveth, Fannie Taketh Away
Fannie Mae to Lift Mortgage Fees, Raising Loan Costs
Fannie Mae, the largest U.S. mortgage- finance company, will raise a fee it charges lenders to buy their mortgages or guarantee home-loan securities, a move that may increase costs for borrowers. Fannie Mae's ``adverse market delivery charge,'' introduced earlier this year for all mortgages that the company helps finance, will rise to 0.50 percentage point on Oct. 1, from 0.25 percentage point, according to a letter to lenders posted on the Washington-based company's Web site.
Posted by renting2 @ 10:23 AM (498 views)
2 thoughts on “What the Fed Giveth, Fannie Taketh Away”
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tyrellcorporation says:
Saw this one yesterday. On a side note, anyone know what’s happened to LIBOR over the last month?
jack c says:
Citywire today
Wednesday Closing Market: Wall Street buckles on Freddie Mac losses
By Chris Marshall | 16:46:43 | 06 August 2008
Losses announced by US housing finance giant Freddie Mac ensured Wall Street opened lower on Wednesday.
The S&P 500 was down 0.65% at 16:04 UK time to 1,276, while the Dow Jones was off 0.6% to 11,544.
Coupled with Fannie Mae, Freddie Mac holds or backs nearly half of all US mortgage debt. Its second quarter losses were much worse than Wall Street had anticipated.
The losses Stateside had not dragged UK stocks into negative territory at the close of the day in London, as the FTSE 100 finished 0.6% up at 5,486 and the mid-cap index ended the day at 9,131, also a 0.6% rise.