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American Federal Mortgage

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Will federal control of Fannie and Freddie ever end?

“If you told us back then that we would have been stuck in this limbo for this long, I think there might have been more of an appetite to tackle Fannie and Freddie" reform, said Jim Parrott, a fellow at the Urban Institute and a former housing adviser to President Obama.

The 10-year limbo has been eventful. With the companies stabilized under the watch of Treasury and the Federal Housing Finance Agency, lawmakers have mounted concerted efforts to pass GSE reform, but all have failed. The FHFA has taken steps at administrative reform. Meanwhile, the chaos of the 2008 crisis have been replaced with debates over the necessity of the conservatorships, how the takeover has affected the GSEs' capital and whether the government should simply let go of the GSEs.

While it is hard to see any end in sight for this "time out," experts have placed bets on a triggering event that could bring more certainty. Predictions that the Democrats could retake the House in November leave some hopeful that congressional leaders will break their stalemate over GSE reform. Others point to the Trump administration soon being able to pick its own FHFA director as a reason for optimism.

American Equity Mortgage enters receivership with $1.2m in debt

“The business of mortgages has changed in so many ways since the internet, and it changed the way people shopped for mortgages,” said bankruptcy lawyer Mike Becker, who is acting as the company’s receiver. “It appears American Equity Mortgage didn’t make the investments needed to adapt to that changing environment.”

According to court documents, American Equity’s creditors included CitiMortgage ($479,954), Dell Financial Services ($129,701), and Double Positive ($78,610), among others.

Earlier in August, CitiMortgage challenged the company’s receivership.

“Receivership has been established as a creditor’s remedy in equity for more than 100 years,” CitiMortgage said in a court filing. “A debtor that wishes to obtain protection from its creditors has a straightforward remedy under federal law: a voluntary petition under Chapter 7 of the federal Bankruptcy Code. That, of course, requires the debtor to make detailed disclosures under oath about its finances.

American Federal Mortgage Corporation?

Does anyone have any experience with the American Federal Mortgage Corporation?


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