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Latest Breaking News
Six Former Employees Of Fannie and Freddie Facing
Securities Fraud
December 18, 2011

The Securities and Exchange Commission (SEC) has filed lawsuits against six former
employees of Fannie Mae and Freddie Mac. The lawsuits allege that the defendants gave
misleading statements regarding subprime loans. These statements were grossly
exaggerated and lead investors to believe that the loans were good quality investments.

Freddie Mac executives facing charges are former chairman of the board and CEO Richard
F.Syron, former EVP and chief business officer Patricia A. Cook, former EVP for single
family guarantee business, Donald J. Bisenius.

The Fannie Mae former executives are former CEO Daniel H. Mudd, former chief risk officer
Enrico Dallavecchia, and former EVP of single-family mortgage, Thomas A. Lund.

Both Fannie Mae and Freddie Mac agreed to cooperate with the SEC in this litigation
against the former employees.
Bank Of America Outreach Program To Distressed
Homeowners A Success: Will Continue In 2012
December 19, 2011

In 2011 Bank of America held 45 outreach programs across the country. The bank met face
to face with thousands of their customers who were having problems paying their
mortgages. Homeowners who brought all the required documents to the meetings had a
favorable resolution in sixty percent of the time.

In addition to the one on one session with a loss mitigation specialist, the borrower will
receive an educational session on mortgage modifications, short sales and foreclosure
rescue scams.

Although the program was expensive to launch, Bank of America believes that in long term
the benefits will outweigh the downside. The bank focuses on markets where there are high
mortgage delinquencies among its customer base.

If homeowners can not get out to these special events, Bank of America has created
permanent offices in 50 cities where loss mitigation specialists will help distressed
borrowers.
Home Builder Activity Sees Year End Spike
December 20,2011

Home building rocketed in November. This has been the best news in almost 2 years for the
housing market. Housing starts shot up 9.3% from October. Building permits also shot up.
Rising 5.7% from October.

Low mortgage rates helped to bring more buyers into the market. The 30 year fixed rate
slipped below 4.0%, and the 15 year fixed was at a respectable 3.21%.

This information, although upbeat and positive, should be taken with a bit of caution. We
have to wait for the Spring selling season to sees if this activity really pays off.