Freddie Mac drops some  (well known) knowledge:

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates easing to new all-time record lows for all products covered in the survey … The average for the 30-year fixed mortgage rate has been below 4.00 percent for six consecutive weeks.


30-year fixed-rate mortgage (FRM) averaged 3.89 percent with an average 0.7 point for the week ending January 12, 2012, down from last week when it averaged 3.91 percent. Last year at this time, the 30-year FRM averaged 4.71 percent.

These depressed rates seem to have had a good impact on allowing certain qualified homeowners to refinance and lower their payments, but Government Sponsored Entities (GSE’s) like Freddie and Fannie should lessen the home equity requirements that are facing a segment of borrowers.


According to a Bloomberg report published today, a House subcomittee has moved to block the bonuses that are to be paid out to the  executives at the fun-factory that is Fannie Mae and Freddie Mac.

Money quote:

The committee’s approval comes as lawmakers have leveled criticism at the companies’ bonuses and pay in recent weeks. Edward J. DeMarco, the chief regulator of the two firms, approved packages in 2009 that awarded a total of $17 million over two years to chief executive officers Michael J. Williams of Fannie Mae and Ed Haldeman of Freddie Mac.

Fannie Mae and Freddie Mac have survived on Treasury Department aid since they were seized by the federal government in 2008. Since then, they’ve drawn more than $170 billion in aid as bad loans continue to damage their books. Both companies reported third-quarter losses.