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The Government National Mortgage Association (GNMA),or Ginnie Mae,is a government-owned corporation of the United States Federal Government within the Department of Housing and Urban Development (HUD). It was founded in 1968 and works to expand affordable housing by guaranteeing housing loans (mortgages) thereby lowering financing costs such as interest rates for those loans. It does that through guaranteeing to investors the on-time payment of mortgage-backed securities (MBS) even if homeowners default on the underlying mortgages and the homes are foreclosed upon.
The Federal National Mortgage Association (FNMA),commonly known as Fannie Mae,is a United States government-sponsored enterprise (GSE) and,since 1968,a publicly traded company. Founded in 1938 during the Great Depression as part of the New Deal,the corporation's purpose is to expand the secondary mortgage market by securitizing mortgage loans in the form of mortgage-backed securities (MBS),allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally based savings and loan associations. Its brother organization is the Federal Home Loan Mortgage Corporation (FHLMC),better known as Freddie Mac. In 2022,Fannie Mae was ranked number 33 on the Fortune 500 rankings of the largest United States corporations by total revenue.
Franklin Delano Raines also known as Frank Raines is an American business executive. He is the former chairman and chief executive officer of the Federal National Mortgage Association,commonly known as Fannie Mae,who served as White House budget director under President Bill Clinton. His role leading Fannie Mae has come under scrutiny. He has been called one of the "25 People to Blame for the Financial Crisis" according to Time magazine.
The Federal Home Loan Mortgage Corporation (FHLMC),commonly known as Freddie Mac,is a publicly traded,government-sponsored enterprise (GSE),headquartered in Tysons Corner,Virginia. The FHLMC was created in 1970 to expand the secondary market for mortgages in the US. Along with the Federal National Mortgage Association,Freddie Mac buys mortgages,pools them,and sells them as a mortgage-backed security (MBS) to private investors on the open market. This secondary mortgage market increases the supply of money available for mortgage lending and increases the money available for new home purchases. The name "Freddie Mac" is a variant of the FHLMC initialism of the company's full name that was adopted officially for ease of identification.
The Federal Home Loan Banks are 11 U.S. government-sponsored banks that provide liquidity to the members of financial institutions to support housing finance and community investment.
Daniel H. Mudd is the former president and CEO of Fannie Mae,a post he held from 2005 to 2008,and more recently for 2+1⁄2 years,the CEO of Fortress Investment Group.
Steven C. Preston is the president and CEO of Goodwill Industries International. He formerly served as the 14th Secretary of the U.S. Department of Housing and Urban Development from 2008 to 2009 and the 22nd Administrator of the U.S. Small Business Administration from 2006 until his appointment as HUD Secretary. Before entering public service,Preston spent nearly 25 years in financial and operational leadership positions in the private sector.
Enterprise Community Partners,formerly The Enterprise Foundation,is a national nonprofit organized around three central goals:to increase housing supply,advance racial equity and build resilience and upward mobility. Founded in 1982 by developer/philanthropist James W. Rouse and his wife Patty,Enterprise has worked with community-based nonprofit organizations to develop 781,000 homes,investing $44 billion throughout the United States. The organization works in more than 800 communities and in collaboration with thousands of partners in the nonprofit,public and for-profit sectors. Affordable housing advocate and attorney Priscilla Almodovar served as President and Chief Executive Officer of Enterprise from September 2019 to December 2022. Lori Chatman and Drew Warshaw are the current Co-CEOs and Interim Presidents of Enterprise Community Partners. Chatman is also the President of the Capital Division,with Warshaw as the Chief Operating Officer.
Catherine Marie Cortez Masto is an American lawyer and politician serving as the senior United States senator from Nevada,a seat she has held since 2017. A member of the Democratic Party,Cortez Masto served as the 32nd attorney general of Nevada from 2007 to 2015.
Observers and analysts have attributed the reasons for the 2001–2006 housing bubble and its 2007–10 collapse in the United States to "everyone from home buyers to Wall Street,mortgage brokers to Alan Greenspan". Other factors that are named include "Mortgage underwriters,investment banks,rating agencies,and investors","low mortgage interest rates,low short-term interest rates,relaxed standards for mortgage loans,and irrational exuberance" Politicians in both the Democratic and Republican political parties have been cited for "pushing to keep derivatives unregulated" and "with rare exceptions" giving Fannie Mae and Freddie Mac "unwavering support".
The Federal Housing Finance Agency (FHFA) is an independent federal agency in the United States created as the successor regulatory agency of the Federal Housing Finance Board (FHFB),the Office of Federal Housing Enterprise Oversight (OFHEO),and the U.S. Department of Housing and Urban Development government-sponsored enterprise mission team,absorbing the powers and regulatory authority of both entities,with expanded legal and regulatory authority,including the ability to place government sponsored enterprises (GSEs) into receivership or conservatorship.
In September 2008 the Federal Housing Finance Agency (FHFA) announced that it would take over the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Both government-sponsored enterprises,which finance home mortgages in the United States by issuing bonds,had become illiquid as the market for those bonds collapsed in the subprime mortgage crisis. The FHFA established conservatorships in which each enterprise's management works under the FHFA's direction to reduce losses and to develop a new operating structure that will allow a return to self-management.
James B. Lockhart III is an American U.S. Navy officer,business executive,and,since September 2009,Vice Chairman of WL Ross &Co. LLC,which manages $9 billion of private equity investments,a hedge fund and a Mortgage Recovery Fund. It is a subsidiary of Invesco,a Fortune 500 investment management firm. He coordinates WL Ross's investments in financial services firms and mortgages. Lockhart serves co-chairs the Bipartisan Policy Center's Commission on Retirement Security and Personal Savings.
The U.S. subprime mortgage crisis was a set of events and conditions that led to a financial crisis and subsequent recession that began in 2007. It was characterized by a rise in subprime mortgage delinquencies and foreclosures,and the resulting decline of securities backed by said mortgages. Several major financial institutions collapsed in September 2008,with significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession.
Peter J. Wallison is an American lawyer and the Arthur F. Burns Fellow in Financial Policy Studies at the American Enterprise Institute. He specializes in financial markets deregulation. He was White House Counsel during the Tower Commission's inquiry into the Iran Contra Affair. He was a dissenting member of the 2010 Financial Crisis Inquiry Commission,frequent commentator in the mass media on the federal takeover of Fannie Mae and Freddie Mac and the financial crisis of 2007–2008 and wrote Hidden in Plain Sight (2015) about the crisis and its legacy.
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GoodLeap, formerly Loanpal,is a finance technology company that provides financing options for the residential solar energy industry. The company was founded in 2003 as Paramount Equity and was later rebranded to Loanpal. In June 2021,the company rebranded to GoodLeap. As of 2020,the company was responsible for 41% of the solar loan market in the U.S. and is the top solar lender in the country.
Timothy J. Mayopoulos is an American businessman and lawyer who was the president and chief executive officer (CEO) of Fannie Mae from 2016 to 2019. Following the collapse of Silicon Valley Bank in March 2023,he was appointed by the FDIC as CEO of its successor,Silicon Valley Bridge Bank,N.A. Mayopoulos was announced as president and member of the board of directors at Blend in 2019.
Invitation Homes Inc. is a public company traded on the New York Stock Exchange. It is headquartered in the Comerica Bank Tower in Dallas,Texas. Dallas B. Tanner serves as chief executive officer. As of 2017,the company was reportedly the largest owner of single-family rental homes in the United States. As of September 2020,the company owned about 80,000 rental homes in 16 markets.
The National Low Income Housing Coalition (NLIHC) is a non-profit organization dedicated to ending America's affordable housing crisis. It aims to expand and preserve housing for people with extremely low incomes. NLIHC provides current information and data on affordable housing,and formulates policy and increases awareness on housing needs and strategies.
References
- ↑ "Notable Hispanic Leaders & Executives 2021: Priscilla Almodovar". Crain's New York Business. Retrieved 11 March 2022.
- 1 2 Washington Post Live (14 December 2020). "The Future Reset: Closing the Racial Wealth Gap". The Washington Post. Retrieved 11 March 2022.
- ↑ "Fannie Mae Announces Priscilla Almodovar as Chief Executive Officer | Fannie Mae". www.fanniemae.com. Retrieved 2022-09-29.
- ↑ "The 50 Most Powerful Latinas of 2017". www.fortune.com. Retrieved 11 March 2022.
- ↑ Flavelle, Christopher (November 23, 2021). "As Federal Disaster Aid Languishes, Private Lenders Are Filling the Gap". Archived from the original on February 26, 2022. Retrieved March 1, 2022– via NYTimes.com.
- ↑ "Secretary of Energy Jennifer M. Granholm Announces Newly Appointed Members of the Secretary of Energy Advisory Board". Energy.gov.
- ↑ Phillips, Ted (10 December 2010). "JPM Promotes Almodovar". The Bond Buyer. Retrieved 11 March 2022.
- ↑ "Affordable Housing's Influential Women| Housing Finance Magazine". housingfinance.com. Retrieved March 2, 2022.
- ↑ "Almodovar Named CEO of Enterprise Community Partners| Housing Finance Magazine". housingfinance.com. Retrieved March 2, 2022.
- 1 2 3 Fund, United Hospital. "Priscilla Almodovar". United Hospital Fund.
- ↑ Bagli, Charles V. (June 2, 2008). "In New Sale, Starrett City Would Stay Affordable". Archived from the original on November 23, 2020. Retrieved March 1, 2022– via NYTimes.com.
- ↑ Finn, Robin (June 13, 2008). "How to Curb Big Builders' Big Appetites". Archived from the original on January 5, 2018. Retrieved March 1, 2022– via NYTimes.com.
- ↑ Seiler, Casey (4 December 2009). "Priscilla Almodovar resigns". Times Union. Retrieved 11 March 2022.
- ↑ "Priscilla Almodovar - Insider". Business Insider. Archived from the original on January 26, 2020. Retrieved March 1, 2022.