{"id":3352,"date":"2008-07-11T12:53:59","date_gmt":"2008-07-11T19:53:59","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=3352"},"modified":"2008-07-11T12:53:59","modified_gmt":"2008-07-11T19:53:59","slug":"mortgage-market-week-in-review-fannie-and-freddie","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3352\/mortgage-market-week-in-review-fannie-and-freddie\/","title":{"rendered":"Mortgage Market Week in Review – Fannie and Freddie"},"content":{"rendered":"

Okay, here it is Friday afternoon and time to write the “Mortgage Market Week in Review.” You know how some newscasts warn you to tell the kids to go in the other room because what comes on next isn’t going to be pretty? Well, there aren’t any pictures but what’s happening in the financial world is not pretty right now. If you’re squeamish, you might want to wait to read this until after you’ve eaten. So here goes:<\/p>\n

The battle that’s waging right has now settled quite firmly in the “credit crisis” camp. Here’s what’s been happening on that front:
\nIndymac Bank <\/strong>(who?) They have a good sized branch presence in Southern California but did a lot of mortgage lending on the wholesale side. They announced that they are effectively ending their writing of residential mortgages and buying residential mortgages from brokers (with the exception of retail staff at their branches in California). How does the song go, “Another one bites the dust?”
\nLehman<\/strong> – this time it’s not a mortgage company, it’s another investment bank (remember Bear Stearns?). They’ve spent a lot of time this week trying to dispel rumors that they are in trouble and trying to show that they actually have enough capital (aka cash) to make things work. It sounds a lot like what was being said before Bear Stearns almost went under and almost brought the entire financial system down with them.
\nand now for the big issue of the week:<\/p>\n

Fannie and Freddie:<\/strong><\/span> Yep, I put them in bold print and underlined because they are, in my mind, infinitely more important to the housing and mortgage market than what Indymac or Lehman are. So what’s up with Fannie and Freddie? Here’s an overview:
\n1. They are experiencing substantial losses. Somewhere in the neighborhood of $11 Billion (that’s $11,000,000,000) so far this year.
\n2. Many analysts are raising questions about whether they have enough capital to keep functioning the way they are.
\n3. They currently control over $5 Trillion Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Okay, here it is Friday afternoon and time to write the “Mortgage Market Week in Review.” You know how some newscasts warn you to tell the kids to go in the other room because what comes on next isn’t going to be pretty? Well, there aren’t any pictures but what’s happening in the financial world […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[],"class_list":{"0":"post-3352","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","8":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":12901,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/12901\/that-giant-slurping-sound-is-the-mortgage-market-drying-up\/","url_meta":{"origin":3352,"position":0},"title":"That Giant Slurping Sound is the Mortgage Market Drying Up","author":"Brian Brady","date":"August 10, 2010","format":false,"excerpt":"Ken Montville asked the nagging question about the future of the mortgage market: Unfortunately, even Congress \u2014 that bastion of liberalism and home of the bailout \u2014 is tiring of pouring good money after bad into the two mortgage giants that have been sucking up all the mortgages \u2014 good\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10462,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10462\/the-next-step\/","url_meta":{"origin":3352,"position":1},"title":"The Next Step….","author":"Tom Vanderwell","date":"December 1, 2009","format":false,"excerpt":"I've had a lot of people ask me lately, \"Tom, what do you see is coming next?\u00a0\u00a0 What's the next step in this mess?\"A couple of thoughts at this point:Anyone short of Nouriel Roubini, Paul Krugman, Meredith Whitney and maybe a few others who tell you that they KNOW how\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1356,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1356\/subprime-loans-disappeared-learn-how-to-be-a-hard-money-loan-broker\/","url_meta":{"origin":3352,"position":2},"title":"Subprime Loans Disappeared? Learn How to be a Hard Money Loan Broker","author":"Brian Brady","date":"April 27, 2007","format":false,"excerpt":"Loan originators who have based their business on subprime mortgage products have been feeling the pinch in 2007. Private mortgages or hard money lending may be the solution to your problem. Four originators gathered with three hard money lenders in our podcast. The Lenders: Mitch Zeichner (310) 948-2622 Mitch represents\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10089,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10089\/why-i-write-on-straight-talk\/","url_meta":{"origin":3352,"position":3},"title":"Why I write on the Bloodhound Blog\u2026.","author":"Tom Vanderwell","date":"October 15, 2009","format":false,"excerpt":"and on Zillow\u2019s Mortgages Unzipped Blog and on the Straight Talk About Mortgages. I was asked that question the other day and the answer I gave surprised the person who asked it.\u00a0\u00a0 I found that intriguing, so I thought I\u2019d share both the question and the answer. Why do I\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1140,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1140\/subprime-mortgages-turning-really-bitter-lemons-into-lemonade\/","url_meta":{"origin":3352,"position":4},"title":"Subprime Mortgages: Turning Really Bitter Lemons into Lemonade","author":"Cooksquared","date":"March 13, 2007","format":false,"excerpt":"It appears the Wall Street Journal has sniffed out major issues in the sub prime lending market only two weeks after Brian Brady broke the news here first. They focused on one of the strongest lenders, New Century, who is now poised to take the biggest fall because of their\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4418,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4418\/fannie-and-freddie-fall-to-foreclosure-but-still-lenders-lend\/","url_meta":{"origin":3352,"position":5},"title":"Fannie and Freddie fall to foreclosure, but, still, lenders lend","author":"Greg Swann","date":"September 14, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0Fannie and Freddie fall to foreclosure, but, still, lenders lend I write this column at the beginning of the week, and it appears at the end of the week. 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