September 13, 2005 |
A U.S. regulator said it settled an action brought against Freddie Mac in 2003 related to a multibillion-dollar accounting scandal that required the mortgage finance giant to help in ongoing actions against former executives. The Office of Federal Housing Enterprise Oversight said Freddie also agreed to seek recovery of funds from separated officers after administrative actions against the former chief executive and chief financial officers.
August 16, 2005 |
Proposed federal legislation strengthening oversight of Fannie Mae and Freddie Mac could reduce mortgage costs for 397,000 U.S. homeowners -- including many in California -- by as much as $750 million a year, the California Assn. of Mortgage Brokers said. The bill, which passed the House Financial Services Committee by a 65-5 vote in May, would also cut mortgage rates enough to enable about 245,000 households to buy homes at the median price in their communities, the Folsom, Calif.
June 16, 2005 |
Fannie Mae and Freddie Mac, the biggest buyers of U.S. residential mortgages, reduced the amount of derivatives on their books by about a third last year, their federal regulator said Wednesday. The so-called notional amount of derivatives outstanding at Fannie Mae dropped 33% to $722.9 billion at the end of last year, while Freddie Mac's fell 31% to $756.8 billion, according to the annual report of the Office of Federal Housing Enterprise Oversight.
June 15, 2005 |
Beleaguered mortgage finance giant Freddie Mac said Tuesday that it was probable that the company would have to pay out large legal claims stemming from the shareholder lawsuits and various law enforcement actions probing its multibillion-dollar earnings restatement. "Freddie Mac believes that a loss in connection with the proceedings arising from the restatement is probable," the company said in its much-delayed 2004 annual earnings statement.
May 27, 2005 |
U.S. Treasury Secretary John W. Snow said Thursday that a bill passed by a House panel to stiffen oversight of mortgage giants Fannie Mae and Freddie Mac must be beefed up to bring it in line with White House policy.
May 26, 2005 |
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.
May 20, 2005 |
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.
April 21, 2005 |
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.
April 6, 2005 |
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."
April 1, 2005 |
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.