Table of Contents
- 1 Who regulates Freddie Mac?
- 2 Who is the head of Fannie Mae?
- 3 Does Freddie Mac have an acreage limit?
- 4 Does the government own Fannie Mae and Freddie Mac?
- 5 What is the role of Fannie Mae and Freddie Mac?
- 6 Does Freddie Mac have a minimum square footage?
- 7 Who is the Chief Executive Officer of Freddie Mac?
- 8 Where is Freddie Mac located in the United States?
Who regulates Freddie Mac?
The Federal Housing Finance Agency (FHFA)
The Federal Housing Finance Agency (FHFA) was established by the Housing and Economic Recovery Act of 2008 (HERA) and is responsible for the effective supervision, regulation, and housing mission oversight of Fannie Mae, Freddie Mac (the Enterprises) and the Federal Home Loan Bank System, which includes the 11 Federal …
Is Freddie Mac a government contractor?
A private corporation founded by Congress, the Federal Home Loan Mortgage corporation’s mission is to promote stability and affordability in the housing market by purchasing mortgages from banks and other loan makers.
Who is the head of Fannie Mae?
Hugh R. Frater (Oct 16, 2018–)
Fannie Mae/CEO
Where does Freddie Mac get its money?
Freddie Mac makes money by charging a guarantee fee on its purchased loans that have been bundled, or securitized, into mortgage-backed securities (MBS) that provide investors with interest income.
Does Freddie Mac have an acreage limit?
Freddie Mac does not have site size or acreage limitations. However, when a property consists of a large acreage parcel(s) and is in a location where commercial farms or ranches are typical, the Seller needs to perform additional analysis of the property characteristics to make sure the property is residential.
What was the Freddie Mac scandal?
An accounting scandal erupted at the government-sponsored company in June 2003 when it disclosed that it had misstated earnings by some $5 billion — mostly underreported — for 2000-2002 to smooth quarterly volatility in earnings and meet Wall Street expectations.
Does the government own Fannie Mae and Freddie Mac?
Fannie and Freddie are private corporations that were chartered by Congress—the formal term for this kind of company is a Government Sponsored Enterprise (GSE). Even though Freddie Mac and Fannie Mae are technically shareholder-owned, they have been under government conservatorship since the Great Recession.
How do I know if my mortgage is Freddie Mac or Fannie Mae?
You may contact your servicer (often your bank or lender) to verify that your mortgage loan is owned or guaranteed by Fannie Mae or Freddie Mac, or you may verify it yourself by accessing the Making Home Affordable website.
What is the role of Fannie Mae and Freddie Mac?
Fannie Mae and Freddie Mac were created by Congress. They perform an important role in the nation’s housing finance system – to provide liquidity, stability and affordability to the mortgage market. Lenders use the cash raised by selling mortgages to the Enterprises to engage in further lending.
What is the maximum acreage for a Fannie Mae loan?
Many believe that Fannie Mae has a restriction on properties greater than 10 acres. This is not the case. The acreage alone does not make the property ineligible. The lender/appraiser will look more at what is the intended use of the property and what is typical for the area where the property is located.
Does Freddie Mac have a minimum square footage?
Is there a minimum square footage requirement on manufactured homes? Yes. The manufactured home must be at least 12 feet wide and have a minimum gross of 600 square feet of living area.
Who are Fannie Mae and Freddie Mac and what do they do?
Fannie Mae and Freddie Mac are large companies that guarantee most of the mortgages made in the U.S. Together, they are also known as the government sponsored enterprises (GSEs).
Who is the Chief Executive Officer of Freddie Mac?
Donald Layton. Donald H. Layton joined Freddie Mac as chief executive officer in 2012. A publicly traded company, Freddie Mac is one of the largest sources of mortgage financing in the United States, as well as a leader in building a more efficient and effective American housing finance system.
How does Freddie Mac guarantee interest and principal?
Investors, or purchasers of Freddie Mac MBS, are willing to let Freddie Mac keep this fee in exchange for assuming the credit risk. That is, Freddie Mac guarantees that the principal and interest on the underlying loan will be paid back regardless of whether the borrower actually repays.
Where is Freddie Mac located in the United States?
The Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac, is a public government-sponsored enterprise (GSE), headquartered in Tysons Corner, Virginia. The FHLMC was created in 1970 to expand the secondary market for mortgages in the US.