Perfect Home Living supports NYSE allowance of stock trading for Fannie Mae
Released on = January 31, 2006, 9:45 am
Press Release Author = Perfect Home Living
Industry = Real Estate
Press Release Summary = NYSE allows stock trading to continue for Fannie Mae
Press Release Body = West Valley City, UT / Press Release / -- The
36th Annual Meeting of the World Economic
Forum is officially over in Davos Switzerland. Roughly 2,500
economists, investors, academics and executives concluded five days
of talks that addressed issues concerning financial markets and
governments. Of significant concern were remarks regarding the financial
markets and governments downplay of real economic threats.
“What’s occurring right now in markets and policy circles is a dangerous
degree of complacency and from complacency comes the most damage
to markets and economies,” said Morgan Stanley Chief Economist Stephen
Roach.
A study released by the World Economic Forum outlined that the possibility
of a 40 percent drop in the dollar and a surge in the price of oil
to $100 a barrel are among the greatest short-term
threats to the global economy.
But as Perfect Home Living reports the possibility of a greater
short-term threat has already arrived.
Mortgage Fraud.
All across the nation, cases involving mortgage fraud have been
on the rise. The FBI reports for fiscal year 2005, losses stemming
from mortgage fraud reached $1,014,000,000.
\"When criminals and enterprises commit mortgage fraud their reach
is no longer confined merely to the community, city or state where
the act was committed. We are now witnessing the impact all the
way to Wall Street,\" said Sheri Fitzpatrick, REALTOR and CEO of
Perfect Home Living.
This past Friday, the U.S. economy was dealt a blow that could potentially
have a long lasting negative impact on the housing
market. Fannie Mae, the company which finances one in every
five loans has not filed an earnings report since late 2004 when
the government sponsored company admitted it was tangled in an $11
billion dollar accounting scandal.
The New York Stock Exchange could halt the sales of Fannie Mae shares
and delist the stock, but at this time the NYSE has chosen to allow
the stock to continue to be listed but is enforcing that Fannie
Mae become subject to quarterly review by the NYSE.
\"Fannie Mae has and continues to be a vital part of home ownership
in America. Because we live in a liquid society information is available
in seconds, and unfortunately that\'s all the the time it takes
for fraud to occur,\" Fitzpatrick added.
Fannie Mae and Freddie Mac were created by Congress to pump money
back into the estimated $8 trillion dollar home-mortgage
market. The goal or the intent of Fannie Mae and its junior
Freddie Mac would be to buy and guarantee the repayment of billions
of dollars of home loans from lenders and banks, and then bundle
them into securities that would later be resold to investors worldwide.
About Perfect Home Living
Perfect Home Living assists in implementing programs and providing
training to financial institutions regulated by the FDIC and state
and federal crime task force units that address mortgage fraud related
crimes. For more information or to request assistance from Perfect
Home Living please visit us online at: http://www.PerfectHomeLiving.com
Web Site = http://www.perfecthomeliving.com/Fannie%20Mae%20stock.htm
Contact Details = Perfect Home Living
West Valley, UT
Tel: 801.668.3952
Fax: 801.528.3321
Email: Michael@PerfectHomeLiving.com
2008
