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Real Estate News: Super Jumbo Mortgages, Housing’s Blank Check

Source: Wall Street Journal

Nov 07, 2009

Summary

Real Estate News compiles a daily wrap-up from each morning’s Wall Street Journal and other news sources.

Even the Rich Treat Their Houses Like Piggy Banks (WSJ): Traditionally, the super-rich didn’t bother with mortgages, but that changed in the boom years — and it is still going on. Recent big-time borrowers include hedge-fund titans and baseball magnates.

Washington Writes Blank Checks for Housing (WSJ): Fannie Mae and Freddie Mac are burning a huge hole in the Treasury’s pocket. But in return, the White House is getting the ability to provide immense support to the housing market with only limited interference from Congress.

Treasury Blocks Fannie Tax Credit Sale (WSJ): The Treasury blocked Fannie Mae’s proposed sale of roughly $3 billion in housing tax credits to Goldman Sachs and Berkshire Hathaway.

Freddie Posts Quarterly Loss But Doesn’t Need Aid (WSJ): Freddie Mac posted a $6.3 billion loss in the third quarter but for the second straight quarter didn’t require a taxpayer subsidy, though it warned the company will probably need injections of capital from

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