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Federal Home Loan Mortgage Corp

BUSINESS
May 26, 2005 | From Bloomberg News
A congressional panel approved legislation that would create a stricter regulator for Fannie Mae and Freddie Mac in response to $13 billion in accounting errors at the mortgage finance companies since 2003. The House Financial Services Committee voted 65 to 5 to create a federal overseer with authority to order the companies to cut their combined $1.5-trillion mortgage portfolios, deny new lines of business, alter capital standards and sell the assets of a company in the event of default.
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BUSINESS
May 20, 2005 | From Associated Press
Federal Reserve Chairman Alan Greenspan again pushed for limits on the multibillion-dollar mortgage holdings of Fannie Mae and Freddie Mac, saying such restrictions would not hurt the thriving housing market. Greenspan, who has been pressing Congress to limit the holdings of the two mortgage giants, warned Thursday that their debt poses a risk to U.S. financial markets.
BUSINESS
April 21, 2005 | From Bloomberg News
The chief executives of Fannie Mae and Freddie Mac told a congressional panel that the U.S. housing market would attract less foreign investment if Congress forced the mortgage finance companies to reduce their $1.5-trillion loan portfolios. Foreign investors have bought one-third of the benchmark securities issued by Washington-based Fannie Mae over the last six years, Fannie Mae interim Chief Executive Daniel Mudd said in testimony before the Senate Banking Committee.
BUSINESS
April 6, 2005 | From Reuters
Armando Falcon, director of the federal agency that regulates mortgage finance giants Fannie Mae and Freddie Mac, resigned Tuesday, saying the most critical issues facing the agency had been addressed. In a letter to President Bush, Falcon said he would leave the Office of Federal Housing Enterprise Oversight on May 20, "absent extraordinary circumstances."
BUSINESS
April 1, 2005 | From Bloomberg News
Freddie Mac, the second-biggest U.S. mortgage buyer, said Thursday that 2004 profit fell 42% as the value of financial contracts used to protect against swings in interest rates declined. Net income decreased to $2.8 billion, or $3.78 a share, from $4.9 billion, or $6.79, in 2003, the company said. The current, or fair, market value of the government-chartered company's assets minus liabilities rose 13% to $30.8 billion, including $26.7 billion attributed to common stockholders.
BUSINESS
February 15, 2005 | From Reuters
Freddie Mac plans to add a new suite of mortgage products aimed at boosting the buying power of low- and moderate-income people by eliminating all but $500 from the required down payment on the home loan, the company said. McLean, Va.-based Freddie Mac said it would announce its "Home Possible" mortgage suite Thursday to mortgage sellers and loan servicers.
BUSINESS
February 8, 2005 | From Reuters
The White House on Monday called for a new, stronger regulator for government-sponsored housing enterprises, saying a problem at one of the giant mortgage funders could spread throughout the financial system. The Bush administration, in an analysis of the U.S. economy that accompanied its budget proposal, questioned the value of Fannie Mae, Freddie Mac and the Federal Home Loan Bank system, given the risks their operations pose.
BUSINESS
January 14, 2005 | From Reuters
Perceived U.S. government backing for Fannie Mae and Freddie Mac is worth billions to shareholders but does little to lower mortgage rates for home buyers, Federal Reserve studies said Thursday. The suggestion that the government-sponsored enterprises fall short in their primary task of promoting homeownership comes as Congress considers toughening oversight after accounting scandals at Fannie Mae and Freddie Mac.
BUSINESS
December 1, 2004 | From Reuters
Federal regulators allowed mortgage finance giants Fannie Mae and Freddie Mac to buy larger individual mortgages next year after a jump in home prices, a move that would lower borrowing costs for buyers of more expensive homes. The cap on a mortgage the two government-sponsored enterprises can buy climbed to $359,650 from $333,700 after a report that the average U.S. single-family home price surged in October by 8.5% to $264,540 from $243,756 in the same month a year ago.
BUSINESS
November 23, 2004 | From Bloomberg News
Congress urged the Bush administration to replace the director and deputy director of the regulator for Fannie Mae and Freddie Mac, the largest sources of money for U.S. home mortgages. The Senate and House on Saturday, as part of a $388-billion spending bill, called for the ouster of Armando Falcon and Stephen Blumenthal from the Office of Federal Housing Enterprise Oversight.
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