June 14, 2006 |
The Bush administration is starting special reviews of the financial operations of mortgage giants Fannie Mae and Freddie Mac. Housing and Urban Development Secretary Alphonso Jackson and Randal Quarles, Treasury undersecretary for domestic finance, disclosed the reviews by their departments in appearances in Washington. Quarles said Treasury staff will review the department's process for approving the massive mortgage-related debt issued by the government-sponsored companies.
May 31, 2006 |
Freddie Mac, the mortgage finance company recovering from $5 billion in accounting mistakes, said Tuesday that profit fell about 27% last year and that its regulator might limit the growth of its portfolio of home loans. Net income was $2.1 billion, or $2.75 a share, compared with $2.9 billion, or $3.94, in 2004, the McLean, Va.-based company said.
April 21, 2006 |
Freddie Mac on Thursday said it agreed to pay $410 million to settle class-action and shareholder lawsuits filed after its accounting problems. The agreement, which is still subject to some conditions, would settle the class-action case filed against the company and some former executives by the Ohio Public Employees Retirement System and others as well as shareholder derivative lawsuits. It would reduce first-quarter 2005 earnings by about $220 million after tax, Freddie Mac said.
April 19, 2006 |
Home loan giant Freddie Mac agreed to pay a $3.8-million fine to settle allegations that it made illegal campaign contributions, the Federal Election Commission said Tuesday. The fine is by far the biggest ever levied by the commission. Because the Federal Home Loan Mortgage Corp., widely known as Freddie Mac, agreed to pay the fine and stop breaking the law, the commission said it would not take action against corporate officials.
April 1, 2006 |
Mortgage finance company Freddie Mac, which is trying to recover from $5 billion in accounting errors, said profit fell about 14% last year as it met a higher capital reserve level set by federal regulators. The government-chartered company said preliminary net income was about $2.5 billion, down from $2.9 billion in 2004. Core capital rose to $36.3 billion from $35 billion the previous year.
November 30, 2005 |
Tens of thousands of prospective California home buyers will benefit from a decision Tuesday by mortgage giants Fannie Mae and Freddie Mac to raise by 16% the ceiling on home loans they will purchase. Borrowers seeking mortgages under the new limit of $417,000 -- up from $359,650 -- will find it easier to qualify and will get a break on interest rates, experts said. The annual increase takes effect Jan. 1.
November 4, 2005 |
Mortgage giant Freddie Mac said the nationwide average for 30-year, fixed-rate mortgages rose this week to 6.31%, up from 6.15% last week. Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing a home mortgage, averaged 5.85%, up from 5.69% last week. One-year adjustable rate mortgages rose to 5.09%, up from 4.91% last week. Rates on five-year hybrid adjustable-rate mortgages averaged 5.76%, up from 5.63% last week.
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.