BUSINESS
August 6, 2009 | Zachary A. Goldfarb and David Cho, Goldfarb and Cho write for the Washington Post.
The Obama administration is considering an overhaul of Fannie Mae and Freddie Mac that would strip the mortgage finance giants of hundreds of billions of dollars in troubled loans and create a new structure to support the home loan market, government officials said. The bad debts the firms own would be placed in new government financial institutions -- so-called bad banks -- that would take responsibility for collecting as much of the outstanding balance as possible.
BUSINESS
April 23, 2009 | Jim Puzzanghera
Troubled mortgage financing giant Freddie Mac and its employees were dealt another blow Wednesday when one of the company's top executives was found dead in his Virginia home, an apparent suicide. The death of David Kellermann, 41, the acting chief financial officer, adds more turmoil at Freddie Mac.
NATIONAL
March 26, 2009 | Bob Secter and Andrew Zajac
Before its portfolio of bad loans helped trigger the housing crisis, mortgage giant Freddie Mac was the focus of a major accounting scandal that led to a management shake-up, huge fines and scalding condemnation of passive directors. One of those board members was Rahm Emanuel, now chief of staff to President Obama. Emanuel earned at least $320,000 for his 14-month stint at Freddie Mac.
BUSINESS
January 31, 2009 | Peter Y. Hong
Freddie Mac, the government-sponsored mortgage finance institution, said Friday that it would allow some borrowers whose houses are in foreclosure to remain in their homes as renters. The new policy's direct effect will be modest. Freddie Mac has only about 8,500 properties in foreclosure, and many are vacant. Nationwide, various estimates place the number of homes in foreclosure at more than 2 million.
BUSINESS
January 28, 2009 | Bloomberg News
Fannie Mae and Freddie Mac, the mortgage-finance companies under U.S. control, must cut their portfolios to $250 billion each under proposed rules that would make permanent an emergency agreement last year. The largest U.S. sources of home-loan money also would have to reduce their holdings by 10% a year starting at the end of 2010, the Federal Housing Finance Agency said on its website Tuesday.
BUSINESS
January 24, 2009 | Associated Press
Mortgage finance company Freddie Mac said Friday that it would need an additional $30 billion to $35 billion in government aid as it copes with losses on loans the company backed during the housing bubble. The company disclosed in a Securities and Exchange Commission filing late Friday that it was expecting its government regulator, the Federal Housing Finance Agency, to make the request from the Treasury Department. That comes on top of the $13.