Fannie Mae May Buy Fewer Mortgages to Meet Capital Requirement
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Fannie Mae, the largest US mortgage buyer, may slow purchases of home loans to meet its regulator&#39;s demand to boost capital, hurting earnings prospects.
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WASHINGTON, DC - Investors in Fannie Mae and Freddie Mac are feeling some pain in the wake of Fannie&#39;s recent accounting problems.
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Interest rates on US 30- and 15-year mortgages edged slightly lower in the week, mortgage finance company Freddie Mac said on Thursday.
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The top two U.S. economic policymakers told Congress on Thursday that allowing the biggest home finance companies to buy larger loans could ease mortgage market strains, but should be coupled with tighter regulation of the firms.
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Fannie Mae, the nation&#39;s largest source for home mortgage financing, said Wednesday that is is considering two placements of up to $4 billion in preferred stock to qualified institutional buyers.
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Federal Reserve Chairman Ben Bernanke will tell lawmakers Thursday morning that while he opposes raising the limits on the size of loans Fannie Mae and Freddie Mac may buy, if they're going to do it anyway they should consider the risks and make the increase temporary ... and snappy.
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Fannie Mae said it would sell $5 billion of preferred stock to large institutional investors in a rush to meet its regulator's minimum capital requirements.
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Interest rates on U.S. 30-year mortgages edged slightly lower in the latest week, continuing to offer an enticing rate to prospective home owners, mortgage finance company Freddie Mac said on Wednesday.
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Regulators need not lift investment caps on Fannie Mae  and Freddie Mac  in order to rescue troubled subprime borrowers, but new loan products could help some avoid foreclosure, Federal Reserve Chairman Ben Bernanke said in a letter released on Wednesday.
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U.S. lenders would have to determine that a borrower can afford a mortgage before making the loan under a Federal Reserve staff proposal on new regulations released on Tuesday.
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Investor's Business Daily - Fed Chairman Ben Bernanke wrote Sen. Charles Schumer, D-N.Y., saying he does not think caps on investment limits for Fannie Mae and Freddie Mac need to be lifted. Schumer and other lawmakers had argued that easing lending restrictions to let such government-sponsored enterprises offer more mortgages could help calm markets.
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Business & money: Housing market slows as mortgage approvals fall.
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Fannie Mae, the biggest source of money for US home mortgages, may have to restate earnings by as much as $9 billion after the Securities and Exchange Commission said it broke accounting rules.
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Three years ago, Fannie Mae assured lawmakers that it had the required capital to cope with a broad variety of business setbacks.
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The rate consumers pay on, for example, a 30-year, $200,000 home loan will likely rise 0.2 percentage point -- an extra $9,200 -- as the largest US buyer of mortgages slows growth to meet regulators&#39; request to boost capital, an analyst said Friday.
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Though Fannie Mae and Freddie Mac have been arguing that they should be granted authority to buy more mortgages to help ease a credit crunch, data released by the companies this week show that they haven't been using the authority they already possess.
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U.S. lenders would have to determine  that a borrower can afford a mortgage before making the loan  under a Federal Reserve staff proposal on new regulations  released on Tuesday.