|By Marketwired .||
|November 9, 2012 02:51 PM EST||
ORLANDO, FL -- (Marketwire) -- 11/09/12 -- Government-sponsored enterprises Fannie Mae and Freddie Mac continue to play a crucial role in the secondary mortgage market and remain focused on supporting the ongoing housing market recovery while laying the groundwork for a better future housing finance system.
Realtors® and attendees at the Regulatory Issues Forum - Housing Finance Today and Tomorrow session today during the 2012 Realtors® Conference and Expo gained insights into today's secondary mortgage market and the future of housing finance in the U.S.
"Fannie Mae has been a leading source of liquidity since the start of the economic crisis and we are working hard to support the ongoing housing market recovery," said Timothy J. Mayopoulos, president and chief executive officer of Fannie Mae. He said Fannie's priorities are to fund the mortgage market, help troubled borrowers, and build a strong book of business to return taxpayers' investment in the company.
Mayopoulos said Fannie is now managed in the overall interest of taxpayers and no longer for the benefit of private shareholders. He said its financial condition has improved significantly; they currently have a strong book of business and have already paid $28 billion in dividends to the Treasury Department.
Mayopoulos said Fannie remains dedicated to ensuring qualified homebuyers have access to affordable mortgage capital and helping troubled borrowers stay in their homes through loan modifications and refinancings and avoid foreclosure; this supports neighborhoods, the housing market and home prices. He said the organization seeks to have servicers intervene earlier and to offer borrowers alternatives to foreclosure that require less documentation and easier implementation. Efforts have also been made to streamline short sale transactions and speed response and approval timelines.
While Fannie and Freddie played a key role during the housing downturn and continue to provide critical market liquidity, Mayopoulos said the extent of the GSEs' participation in housing finance must decrease if the market is to function properly.
"We've taken steps to attract more private capital to the market, but private capital is opportunistic and leans in when things are good and out when things are bad," said Mayopoulos. "There remains little evidence of substantial private capital ready to meet market need, and we continue to be concerned about market capacity."
He said lenders are reluctant to extend credit because of repurchase risks, regulatory concerns and lack of underwriting capacity. The industry must address these issues and Fannie will continue to try to do their part.
Wanda DeLeo, deputy director at the Federal Housing Finance Agency, which has held Fannie and Freddie in conservatorship since 2008, agreed that the GSEs must reduce their footprint in the mortgage market. She said that since being placed into conservatorship, the GSEs have twice raised guarantee fees, which they believe is helping reduce taxpayers' risk from the financial support they provide the GSEs and will move their pricing closer to what it would be if mortgage credit risk was borne solely by private capital. DeLeo said this could also incentivize private capital to increase participation in the mortgage market.
"In the four years since FHFA established conservatorship of Fannie and Freddie, we have made significant strides toward maintaining a housing market recovery, keeping individuals in their homes, and correcting the issues that led to the enterprises being placed into conservatorship," said DeLeo.
FHFA recently released a whitepaper outlining a series of strategies and initiatives that it hopes will improve mortgage processes, encourage greater private market participation, and lay the foundation for a post-conservatorship housing finance market.
DeLeo said the whitepaper sets forth three strategic goals for transitioning to a secondary mortgage market of the future. The first is to build a new infrastructure and common securitization platform for the secondary mortgage market that could be used by multiple issuers and supports the participation of private capital. The plan also gradually shrinks the GSEs' operations and presence in the marketplace, and lastly maintains foreclosure prevention activities and credit availability for both new and refinanced mortgages.
FHFA is seeking input on the proposal from the industry and public until December 3.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the "News, Blogs and Videos" tab on the website.
For further information contact:
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 30, 2016 02:00 PM EDT Reads: 3,058
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 30, 2016 01:30 PM EDT Reads: 1,129
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
May. 30, 2016 12:00 PM EDT Reads: 800
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions. Attendees will: Learn why having a full disaster recovery strategy is more important now than ever before Explore the key drivers of a successful disaster recovery solution Achieve measurable operational and business value from a disaster recovery ...
May. 30, 2016 12:00 PM EDT Reads: 1,494
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
May. 30, 2016 12:00 PM EDT Reads: 4,114
How will your company move to the cloud while ensuring a solid security posture? Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is ...
May. 30, 2016 11:30 AM EDT Reads: 762
SYS-CON Events announced today that Hanu Software will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Leveraging best-in-class people, processes, and technologies, Hanu provides high-quality, high-value software development and business process outsourcing services to independent software vendors (ISVs) and enterprises.
May. 30, 2016 11:30 AM EDT Reads: 1,468
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 30, 2016 11:15 AM EDT Reads: 1,347
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
May. 30, 2016 11:00 AM EDT Reads: 2,577
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
May. 30, 2016 10:45 AM EDT Reads: 2,064
The initial debate is over: Any enterprise with a serious commitment to IT is migrating to the cloud. But things are not so simple. There is a complex mix of on-premises, colocated, and public-cloud deployments. In this power panel at 18th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists will look at the present state of cloud from the C-level view, and how great companies and rock star executives can use cloud computing to meet their most ambitious and disruptive business ...
May. 30, 2016 10:00 AM EDT Reads: 2,301
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 30, 2016 09:15 AM EDT Reads: 2,388
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
May. 30, 2016 09:15 AM EDT Reads: 2,830
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 30, 2016 09:00 AM EDT Reads: 1,451
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
May. 30, 2016 08:00 AM EDT Reads: 2,395