Washington (CNN) - Sen. Elizabeth Warren of Massachusetts Tuesday took her crusade for income equality in the United States to the 100th annual convention of the Mortgage Bankers Association.
In remarks at the Washington Convention Center, Warren admonished the rapid growth of sub-prime mortgages as the underlying cause of the housing crisis that has dragged on for the last several years while defending Fannie Mae and Freddie Mac, the government-backed housing finance giants that required a massive bailout in 2008 when their housing investments soured.
Editor's note: Part of the CNN political fact-checking series
(CNN) - Former Massachusetts Gov. Mitt Romney and former House Speaker Newt Gingrich both accused each other of having financial interests in Fannie Mae and Freddie Mac during the Republican debate Thursday night.FULL STORY
Naples, Florida (CNN) – As he moves to undercut Newt Gingrich's momentum in Florida, Mitt Romney has ratcheted up his criticism of the government-backed mortgage finance firms Fannie Mae and Freddie Mac.
The reason: Gingrich's Washington-based consulting company earned $1.6 million advising Freddie Mac before the collapse of the housing market began in 2007.
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New York (CNNMoney) – The one thing Mitt Romney and Newt Gingrich seem to agree on about Freddie Mac is that it played a significant role in the housing bubble - and the subsequent financial meltdown that followed when it burst.
But many experts in the field question that view, saying Freddie Mac and fellow mortgage financer Fannie Mae were relatively small players in the rapid growth of subprime and other risky home loans while the housing bubble inflated - and were relatively late to the game at that.FULL STORY
Carroll, Iowa (CNN) - The barrage of negative ads about Newt Gingrich's ties to Freddie Mac has proven so effective that Gingrich himself is considering fighting back with airtime.
Gingrich told a group of 100 or so people gathered at the Santa Maria Vineyard and Winery Thursday evening he is thinking about putting out an ad to address the claim he lobbied on behalf of Freddie Mac at the time of his lucrative multi-year consulting contract.
Washington (CNN) - The $33 billion bill passed by the Senate on Saturday, which extends the payroll tax reduction and other items by two months, will be offset by an increase in fees that new homeowners with federally-backed mortgages will pay to Fannie Mae, Freddie Mac and the Federal Housing Administration.
Those entities would then turn that money over to the U.S. Treasury.
New YorK (CNNMoney.com) - Mortgage borrowers hurt by the Gulf oil spill may qualify for temporary relief from paying their mortgages, without fear of losing their homes.
Citigroup's CitiMortgage unit announced Wednesday that it would suspend all foreclosure sales and filings for 90 days, through Sept. 17, on its Gulf properties. The policy applies only to first mortgages on homes that are within 25 miles of the coast.
Fannie Mae, the government-supported mortgage company, also touted its own relief policy Wednesday, saying that servicers of Fannie-backed loans may immediately suspend or lower payments on mortgages for borrowers whose income or property were affected by the spill.
"This was a reiteration of special relief policies that Fannie Mae has had for a while," said Janis Smith, a spokeswoman for Fannie.
"Borrowers who hope to obtain relief under this policy should call their servicers right away," Smith said. "They should not sit around waiting for a call."
Under the Fannie Mae program, servicers can offer to postpone or lower payments for up to 90 days, during which the servicer is expected to verify the borrower's income loss or the damage the oil spill may have done to their property.
Freddie Mac, the other government-supported mortgage giant, will grant up to six months forbearance to victims of the oil spill.
New York (CNNMoney.com) – Fannie Mae requested another $8.4 billion from the federal government on Monday, saying that due to trends in the housing and financial markets, the company expects its deficits to continue.
The government-controlled mortgage giant announced Monday that it lost $13.1 billion applicable to common shareholders in the first quarter of 2010.
The request cames just four days after Fannie's twin Freddie Mac also asked for a handout - to the tune of $10.6 billion - after posting an $8 billion quarterly loss.
In using Fannie and Freddie to prop up the mortgage market, the government in December lifted a $200 billion limit on their bailouts, essentially giving the twin housing lenders a blank check. Fannie Mae has already received $76.2 billion from the federal government and Freddie has gotten $50.7 billion.