Government

According to a report issued Wednesday by two nonprofit organizations, the financial sector invested more than $5 billion in political influence over the past decade, with as many as 3,000 lobbyists winning deregulation and other policy decisions that led directly to the current financial collapse.

On Thursday, Freddie Mac announced the official launch of its new REO Rental Initiative, giving qualified tenants and former owners the option to lease their recently foreclosed properties on a month-to-month basis.

The Treasury Department released guidelines on Wednesday that will enable servicers to begin modifications of eligible mortgages under the administration’s Homeowner Affordability and Stability Plan – announced by President Barack Obama just two weeks ago.

As part of the administration’s Financial Stability Plan, on Tuesday, the Department of the Treasury and the Federal Reserve Board announced the launch of the Term Asset-Backed Securities Loan Facility (TALF).

Washington, D.C.-based Fannie Mae reported a loss of $58.7 billion, or ($24.04) per diluted share for fiscal year 2008. The GSE’s annual deficit is a significant increase from 2007, when the company reported a loss of $2.

From foreclosure moratoriums to targeted community outreach programs, lenders across the country are stepping up their home retention efforts to tackle the foreclosure epidemic that has strangled the U.

According to AmeriDream, a non-profit organization based in Maryland that provides housing-related programs to low and moderate income Americans, last week’s report from the National Association of Realtors (NAR) showing yet another decline in January home sales is strong evidence that Congress must provide proven incentives like downpayment assistance (DPA) in order to stabilize the housing market.

Freddie Mac today announced that its CEO, David Moffett, has resigned from his position of chief executive and as a member of the organization’s board, effective March 13, 2009. The GSE’s board of directors is working with the Federal Housing Finance Agency (FHFA) to appoint a successor to Moffett, and said it plans to name an interim CEO before March 13 to assume chief responsibilities once Moffett leaves.

Eight banking groups led by the Mortgage Bankers Association (MBA) are calling for the government to throw out the new Real Estate Settlement Procedures Act (RESPA), claiming that changes to the regulation are needed to ensure mortgage disclosures truly benefit borrowers.

According to government officials, the economy contracted at an alarming 6.2 percent during the last quarter of 2008 — the worst showing in 26 years. The Commerce Department released the revised gross domestic product (GDP) number on Friday, showing that the national economy deteriorated much faster than the 3.