With The Fateful History of Fannie Mae, he explains the politics, economics and human frailties behind seven decades of missed opportunities to prevent a financial disaster. Based on his reporting for the Wall Street Journal, personal research and interviews with executives, regulators and congressional leaders, Hagerty charts the course of Fannie Mae. Fannie Mae Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. Hagerty explains this fascinating but little-understood saga. From the New Deal to the administration of President Obama, author James R. Amid a wave of foreclosures, the company's capital began to run out, and the U.S. Then, in 2008, the housing market collapsed. Almost from the beginning, critics repeatedly warned that Fannie was an accident waiting to happen. Over the next seventy years, Fannie Mae evolved into one of the largest financial companies in the world, owned by private shareholders but with its nearly $1 trillion of debt effectively guaranteed by the government. It was a minor detail of the New Deal, barely recorded by the newspapers of the day.
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Servicers are reminded Fannie Mae may select compensatory fees as the appropriate remedy for delays in connection with a completed foreclosure. Intended to make home loans more accessible, the agency was born of the Great Depression and a government desperate to revive housing construction. The new foreclosure time frames are indicated in the Foreclosure Time Frames and Compensatory Fee Allowable Delays Exhibit, posted on Fannie Mae’s website. In 1938, the administration of Franklin Delano Roosevelt created a small agency called Fannie Mae.
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