Posted To: Pipeline Press

If Freddie Mac and Fannie Mae didn’t exist, would we create them now? Turkey will establish a new mortgage financing firm, Birlesik Ipotek Finansmani AS , similar to U.S.’s Fannie Mae , that will issue and sell mortgage-backed securities to facilitate housing ownership for lower income citizens. F&F certainly serve a purpose in the United States in the both the primary and secondary markets. Do you remember when mortgage companies and banks in the West sold their loans to Eastern investors? I doubt it, as that was about a hundred years ago. How about the Federal government intervening during the Great Depression, resulting in the formation of the Federal Housing Administration, the Federal National Mortgage Association (Fannie), and the Home Owner’s Loan Corporation? VA loans…(read more)

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Source: Mortgage News Daily