Paulson Denies Rumored 4.5 % Mortgage Rate Plan

Paulson Denies Rumored 4.5 % Mortgage Rate Plan

Backed by Treasury Secretary Henry Paulson, Bank of America. hedge funds helped trigger a big rise in rates on subprime mortgages. In early October, Merrill shocked the markets by predicting the $4.

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Paulson & Co. and Blackstone Group are among investors backing a proposal that Fannie Mae and Freddie Mac be recapitalized and released from U.S. control without legislation. Taxpayers would receive as much as $100 billion, according to the plan, which could also deliver a windfall for shareholders.

In regard to mortgage, Paulson noted that the ongoing mortgage crisis has revealed the need for improved regulation and oversight of the mortgage industry. "The high levels of delinquencies, defaults, and foreclosures among subprime borrowers in 2007 and 2008 have highlighted gaps in the U.S. oversight system for mortgage origination."

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Washington Treasury Secretary Henry M. Paulson, Jr. made the following statement today regarding the Federal Housing Finance Board’s decision to allow the Federal Home Loan Banks to bring temporary relief to the mortgage market. Treasury Secretary Henry M. Paulson, Jr. made the following.

Paulson’s plan asks players in the mortgage industry, ostensibly voluntarily, to reset their rates. More generally, the contract clause only applies to state laws that abridge contracts, not actions taken by the federal government, though it could be possible to make a case for a broader application of the contract clause.

The Freddie Mac weekly survey put the average interest rate for a 30-year fixed-rate mortgage (FRM) at 4.56% with a 0.7 origination point for the week ending July 22, down from 4.57% last week.

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The U.S. Treasury Department secretary henry paulson spoke out Tuesday denying the rumor that he and the Treasury are contemplating a plan to initiate a 4.5 percent mortgage rate for new home loans issued through fannie mae (fnm: 0.66-4.35%) and Freddie Mac (fre: 0.65 -5.80%), according to a MarketWatch bulletin.

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