By Andrew R. Johnson
NEW YORK (MarketWatch) — Freddie Mac FMCC +0.32% , the government-controlled mortgage financier, posted a profit of $577 million in the first quarter and will request another helping of government aid to help sustain its operations.
The company’s profit was down from a profit of $676 million a year earlier, it said Thursday. The decline was driven in part by larger derivative losses, which totaled $1.06 billion, up [...]
Newt Gingrich’s consulting firm tonight released a copy of its 2006 contract with Freddie Mac (FMCC), which covers just one year of his multiple years of service and documents only $300,000 of the $1.6 million he received from the mortgage company.
The Republican hopeful’s first contract, spanning 1999 to 2002 and worth between $1 million and $1.2 million, according to two people familiar with the agreement, wasn’t released because officials at [...]
(Reuters) – The regulator for Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) told lawmakers that forcing the two mortgage firms to write down loan principal would require more than $100 billion in fresh taxpayer funds.
In a letter sent on Friday to the Republican and Democratic leaders of a U.S. House of Representatives government oversight panel, the Federal Housing Finance Agency explained why it has long opposed principal reductions for borrowers [...]
Buyers of luxury homes in some localities will find obtaining mortgages a bit more chalenging due to caps on loans.
NEW YORK (CNNMoney) — Starting Saturday, the beleaguered housing market will confront the latest hurdle to its recovery: The size of mortgages that the federal government can back will be drastically reduced in high-priced regions.
When the bubble burst, mortgage banks had virtually stopped lending, except for [...]
By Lorraine Woellert and Clea Benson
The number of homes listed for sale by Fannie Mae, Freddie Mac, and the Federal Housing Administration on Aug. 29, 2011: 89,819
For sale or rent by distressed owner: 248,000 homes. That’s how many residential properties the U.S. government now has in its possession, the result of record numbers of people defaulting on government-backed mortgages. Washington is sitting on nearly [...]
US Fed to widen counterparty list for exit strategy
“The U.S. Federal Reserve is
looking to add another group of big players to round out its
roster of counterparties that will participate in its exit
strategy when it is ready to end its ultra-loose monetary
policy. On Tuesday, the Federal Reserve Bank of New York laid out
the criteria for Fannie Mae (FNMA.OB), Freddie Mac (FMCC.OB)
and other government-sponsored entities, or GSEs, to become
counterparties it could tap [...]
(Reuters) – The U.S. Federal Reserve’s balance sheet expanded to a record size in the latest week, as the central bank continued to purchase bonds, Fed data released on Thursday showed.
The increase came as the central bank bought U.S. Treasuries as a part of its $600 billion program in an effort to help the economy.
The balance sheet — a broad gauge of Fed lending [...]
Mortgage finance giant Freddie Mac (FMCC.OB) on Thursday asked for an additional $500 million in taxpayer aid after reporting its sixth straight quarterly loss.
The second-largest U.S. residential mortgage funds provider reported a loss of $113 million in the fourth quarter, a tiny fraction of the double-digit billions the firm lost in the quarters immediately after the government seized it more than two years ago.
Including the latest request, Freddie Mac [...]
by Sold At The Top, SA
Yesterdayâ€™s NPR â€œOn Pointâ€ program featured a segment titled â€œFannie (FNMA.OB), Freddie (FMCC.OB) and the Sinking Housing Marketâ€ which is well worth a listen if only to witness the hand-wringing that will likely become far more common as the administration moves closer to making real changes in government sponsored housing finance.
Make no mistake, there are many interests that [...]
Add one more pill to the daily Oxycodone consumption by the Chair Central Planner. In what is about to become the latest headache for Bernanke, popular Chinese economist Lu Zhengwei, a senior economist at China’s Industrial Bank Co., has advised that China should promptly sell its GSE holdings on concerns that continued “blank check” writing by Congress to the GSEs will be “almost impossible” [...]
MERS CEO R.K. Arnold Leaving Company
From the WSJ:
The chief executive of the privately-held Mortgage Electronic Registration Systems, or MERS, is planning to leave the company and an announcement could come within days, according to people familiar with the matter.
The company has been under fire by Congress and state officials for its role in the mortgage-document crisis. The firm’s board of directors has [...]