| the refinancing option to extract home equity direct lending sunset home improvements or other investment purposes now.” “We are forecasting that home equity extraction from the refinancing of prime first mortgage liens will result in an extraction of $204 billion in 2005, up from the $142 billion direct lending sunset to cash in 2004,” noted Nothaft. Freddie Mac expects home sales to hit a new record again in 2005 as low fixed mortgage rates combined with teaser discounts on adjustable-rate mortgages maintain affordability, even as home prices rise. The federal government of the United States created the Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, in 1938 to establish a secondary market for direct lending sunset insured by the Federal Housing Administration (FHA). Fannie Mae buys mortgages on the secondary market, pools them and sells them as mortgage-backed securities to investors on the open market. This secondary mortgage market helps direct lending sunset replenish the supply of lendable money for mortgages and ensures that money continues to be available for new |
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