Like Bad Japanese Monster Movies, Fannie And Freddie Will Live On

Fannie Mae Freddie Mac Likely To Live On Despite Government Criticism

Margaret Chadbourn, Reuters via Huffington Post

In considering how to fix the ailing U.S. housing market, Republicans and Democrats in Washington have found a rare point of agreement: they would prefer life without failed mortgage giants Fannie Mae and Freddie Mac.

But even with agreement that the system is broken, it is unlikely Congress will soon tackle the mammoth task of winding down two entities that have cost taxpayers more than $150 billion since their bailout in September 2008. Fannie and Freddie now support about 60 percent of all new U.S. home loans.

Already, lawmakers have taken tentative steps to scale back Fannie Mae and Freddie Mac’s involvement by reducing the size of loans that they can guarantee. Republicans and Democrats have unified behind preserving affordable homeownership.

But more dramatic actions could be politically treacherous in an election year. Home buyers still rely on the government backstop in nine of 10 new mortgages, and the fragile market must be weaned slowly from its dependence on federal programs providing financial backing.

Changing the present system might prove hard for lawmakers who are wary of risking harm to the housing recovery. Some would fear alienating the deep-pocketed housing lobby and various consumer groups rallying around the issue.

“There’s not a politician out there who is willing to take the risk of proposing something with a short transition period that would potentially be blamed for cratering the housing market,” said Douglas Elliott, a Brookings Institution fellow and former investment banker.

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Secretaries of State to Address Notary Compliance And Liability

LOS ANGELES, Apr 18, 2012 (BUSINESS WIRE) — With the foreclosure ‘robo-signing’ crisis and the National Mortgage Settlement sending shockwaves through America’s mortgage industry, three nationally prominent Secretaries of State will convene a special Keynote Panel at the National Notary Association’s 34th Annual Conference this June to discuss the growing demand for trusted, legal notarizations, and what Notaries need to do to increase public protections and reduce liability risks.

Secretaries of State Elaine Marshall of North Carolina, Beth Chapman of Alabama, and Ken Bennett of Arizona are at the forefront of developments transforming the role of Notaries Public. Their insights will be a highlight of Conference 2012 — especially in light of mounting nationwide concerns over notarial compliance and risk management.

“We are pleased that these three influential Secretaries — all of whom are among the top minds in notarial issues — will join us to address the nation’s Notaries and their employers during this critical time,” said NNA President and Chief Executive Officer Thomas A. Heymann. “The foreclosure crisis put the spotlight squarely on the high value of legal and ethical notarizations. These Secretaries will provide their perspectives on what needs to be done to strengthen the notarial process and avoid these types of financial crises.”

Marshall, recipient of the NNA’s 2006 March Fong Eu Achievement Award, will discuss her state’s strides in Notary standards and technology. First elected Secretary of State in 1996, Marshall quickly emerged as a staunch advocate for the role and professionalism of the Notary office. She is a past president of the National Electronic Commerce Coordinating Council and has held several leadership positions within the National Association of Secretaries of State (NASS).

Chapman, in a second consecutive NNA Conference appearance, will address the reasons she championed the implementation of the highest Notary bond in the country. Since taking office in 2007, Chapman has become an expert in Notary compliance and risk management, twice hosting events in Alabama for Notaries on state law and best practices. She currently serves as president of NASS and has worked tirelessly to promote Notary education and professional standards.

Bennett, appointed in 2009 after serving four terms as a state senator, has overseen his state’s Notaries at a time when they are dealing with the fallout from the real estate and foreclosure crises. He currently is the Western Region Vice President for NASS. He will also offer his perspective on challenges Notaries face when dealing with immigration issues.

The NNA’s 2012 Conference will be held June 3-6 at the Sheraton San Diego Hotel and Marina.

About the National Notary Association

Established in 1957, the National Notary Association (NNA) is the nation’s foremost professional member organization serving the communities of Notaries in every state. The non-profit NNA is dedicated to educating, serving, and advocating for the 4.8 million Notaries in the U.S. by imparting knowledge and understanding, promoting a positive public perception of the office, and bolstering consumer protection through best practices. The Association’s professional programs, services, and model legislation help Notaries advance their careers and serve the American public with the highest level of professionalism and ethics. To learn more, visit us at NationalNotary.org.

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