Fannie Mae Eases Credit To Aid Mortgage Lending. Demographic information on these borrowers is sketchy. But at least one study indicates that 1. In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times.

The federal takeover of Fannie Mae and Freddie Mac was the placing into conservatorship of the government-sponsored enterprises (GSEs) Federal National Mortgage. View M&T's Loan Subsidy Program information in Spanish > Homeownership is important. For that reason, M&T Bank is here to help you navigate the mortgage process and. Fannie Mae at Events Promoting industry dialogue at local and national events.

Here's a comprehensive review of the 3% down Fannie Mae HomeReady mortgage program plus answers to frequently asked questions (FAQs).

But the government- subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1. From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute.

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If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 3. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped. Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market.

By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less- than- stellar credit ratings. Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non- Hispanic whites. Home ownership has, in fact, exploded among minorities during the economic boom of the 1. The number of mortgages extended to Hispanic applicants jumped by 8. Harvard University's Joint Center for Housing Studies.

During that same period the number of African Americans who got mortgages to buy a home increased by 7. Asian Americans by 4. In contrast, the number of non- Hispanic whites who received loans for homes increased by 3. Despite these gains, home ownership rates for minorities continue to lag behind non- Hispanic whites, in part because blacks and Hispanics in particular tend to have on average worse credit ratings. In July, the Department of Housing and Urban Development proposed that by the year 2. Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate- income borrowers. Last year, 4. 4 percent of the loans Fannie Mae purchased were from these groups.

The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit- worthiness of credit applicants. Continue reading the main story.

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