Housing Market: Fannie, Freddie, and Foreclosure Abatement
In recent months, the United States financial system has been rocked to its foundation. Bear Stearns, Lehman Brothers and AIG – all major financial institutions that collapsed virtually overnight. On an almost daily basis the Federal Reserve and Treasury Department have desperately struggled to stem the tide, pumping trillions of dollars of liquidity into frozen financial and credit markets. And recently Congress passed a $700 billion bailout package to purchase toxic securities from banks. The pace of changing has been stunning and deeply unsettling. This four part series will provide you a practical guide to the changes in the financial system, from the massive new Congressional bailout to the implosion of the housing sector, to selling toxic assets to the government and new changes in banking regulation.
SEGMENT 4: Housing Market: Fannie, Freddie, and Foreclosure Abatement
- New underwriting standards for conforming loans
- What Fannie and Freddie will buy from banks and will not
- Foreclosure mitigation efforts under the bailout legislation
- New residential loan servicing standards
- New housing goals: The New Fannie and Freddie
Suzanne F. Garwood, Venable, LLP, Washington, D.C. Ms. Garwood’s practice focuses on financial services and consumer credit. She has extensive experience working with mortgage originators and purchasers in the secondary market. She formerly worked at for the National Association of Federal Credit Unions as primary liaison to the National Credit Union Administration.
