Statement by HUD Secretary Steve Preston on governmnet sponsored enterprises

U.S. Department of Housing and Urban Development Secretary Steve Preston today issued the following statement regarding the Government Sponsored Enterprises, Fannie Mae and Freddie Mac. "Fannie Mae and Freddie Mac are vital sources of mortgage financing for millions of American families seeking to own or retain a home. Their roles have become even more critical as traditional sources of liquidity have become scarce. We must ensure their safety and soundness and provide stability to our financial markets.

To read the entire statement, please visit: http://www.hud.gov/news/release.cfm?content=pr08-133.cfm

Fannie, Freddie rescue won't end housing woes

The federal government's takeover of Fannie Mae and Freddie Mac may save the battered real estate market from a complete meltdown. But financial experts say the bailout won't lead to a housing recovery just yet. Instead, some on Wall Street said the housing sector is in as tough shape today as it was before Sunday's rescue by the Treasury Department. "This isn't curing the patient. This is preventing the patient from developing a new problem he can't survive," said Barry Ritholtz, CEO and director of equity research, Fusion IQ.

To read the full story, please visit: http://money.cnn.com/2008/09/08/news/economy/fannie_freddie_housing/index.htm?postversion=2008090816

How do you get an FHA Approval?

It has been about a year since FHA became a major part of the mortgage market. Many mortgage companies that do not have FHA Approval are finding it difficult to survive. So what is required to get an FHA License? There are 4 major requirements that must be met. Everything else is just paperwork. These 4 requirements are audited financials, commercial space, 3 years origination experience, and decent credit. Let's explain these items in detail.

To read the entire article, please visit: http://www.americanchronicle.com/articles/74029