Record Mortgage Deal at Fannie Mae

By LaGesse, David | American Banker, February 7, 1984 | Go to article overview

Record Mortgage Deal at Fannie Mae


LaGesse, David, American Banker


NEW YORK -- Dade Savings & Loan Association of Miami, Fla., currently reorganizing under new ownership, recently sold its residential mortgage portfolio to the Federal National Mortgage Association.

Officials of Fannie Mae call the $794 million deal the largest cash transaction in the secondary mortgage market.

"At least we've never heard of a larger single cash transaction," said Rick Betchley, a Fannie Mae senior vice president. Some swap transactions, where a lender exchanges its loans for mortgage-backed securities, have exceeded $1 billion.

The Westport Co., a Connecticut-based real estate investment firm, last October bought Dade Savings and set out to restructure the thrift's operations.

"Their first major project was to almost completely liquidate our mortgage portfolio," said Joel Ware, Dade Savings vice chairman.

The thrift's new owners see great potential in Florida's growing housing markets, but more of the thrift's assets were tied up in 30-year, fixed-rate mortgages. The new owners sought to convert those loans into cash that can be lent again as adjustable-rate mortgages, he said.

For that process, the new owners imported Walter Blass and named him president of Dade Mortgage Corp., a subsidiary of Dade Savings. With an extensive background in mortgage finance, including a stint at Fannie Mae, Mr. Blass negotiated the sale with several bidders before settling on his former employer, Mr. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Record Mortgage Deal at Fannie Mae
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.