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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: Freddie Mac

Freddie Mac stories: 120 news summaries

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The Next Mortgage Lender Bailout: The FHA

Critics think fallback agency will need a rescue in next couple of years

Oct 9, 09 8:38 AM CDT
(Newser) - Another mortgage lender specializing in low income borrowers is in trouble: the Federal Housing Administration. The agency which oversees Fannie Mae and Freddie Mac could soon share their fate, as borrowers default on the low-downpayment mortgages it insures, critics told a House subcommittee yesterday. “It appears destined for a... More »

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mortgage • Freddie Mac • Fannie Mae • Federal Housing Administration • mortgage backed securities • mortgage insurance

MARKETS

 Rally Loses Steam; Dow Off 32 

Freddie Mac sees shares rise 122% on earnings

Aug 10, 09 3:26 PM CDT
(Newser) - Stocks wavered on the heels of last week’s rally, closing slightly lower as investors wait for comments from the Fed, the Wall Street Journal reports. Federal Reserve policy makers will conclude a 2-day meeting on Wednesday and perhaps issue a new assessment of the economic recovery. Despite a broad... More »

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Federal Reserve • Dow Jones • Nasdaq • Freddie Mac • Fannie Mae • S&P 500

(Newser) - The White House’s National Economic Council will meet today to discuss a drastic overhaul of beleaguered nationalized mortgage dealers Fannie Mae and Freddie Mac, the Washington Post reports. Among other proposals, officials are contemplating a “good bank, bad bank” split. Fannie and Freddie would dump their troubled... More »

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mortgage • Freddie Mac • Fannie Mae • Treasury Department • financial crisis • bad bank • National Economic Council

UPDATED

Pressure on Freddie
Exec Was 'Relentless'

Colleagues say Kellermann lost weight, barely went home

Apr 23, 09 5:53 AM CDT
(Newser) - The acting chief financial officer at Freddie Mac, who hanged himself yesterday, was working nonstop and had recently asked the company for a security detail, colleagues tell the New York Times. David Kellermann was struggling to balance the contradictory demands of investors, regulators, and lawmakers, and coworkers say he had... More »

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suicide • Freddie Mac • mortgage lender • GSE • recession depression • David Kellermann

(Newser) - Acting Freddie Mac CFO David Kellerman was found dead this morning in what appears to have been a suicide, the Washington Post reports. Kellerman, 41, joined Freddie Mac as an analyst in 1992. He was promoted to CFO when the government took over Freddie last fall, but the company,... More »

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suicide • CFO • Freddie Mac • executives • recession depression

(Newser) - The country’s top lenders are slowly implementing the Obama administration’s plan to help otherwise ineligible borrowers to refinance their mortgages at the current bargain-basement rates, the Wall Street Journal reports. The program is open to those with mortgages owned by Freddie Mac or Fannie Mae who are... More »

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housing market • mortgage • Freddie Mac • Fannie Mae • mortgage rates • refinanced mortgages • Obama administration

(Newser) - Fannie Mae and Freddie Mac expect to pay roughly $210 million in retention bonuses over the next 18 months, reports the Wall Street Journal. Some 7,600 employees are slated to get bonuses, in some cases totaling as much as $1.5 million, in a program that has drawn... More »

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executive compensation • Freddie Mac • Charles Grassley • Fannie Mae • bonuses • Barney Frank • Federal Housing Finance Agency • executive bonuses

(Newser) - Executives at government-owned mortgage giants Fannie Mae and Freddie Mac are scheduled to receive six-figure retention bonuses, but Barney Frank wants the payments canceled, MarketWatch reports. “In this troubled economy, and in this job market, it is difficult to imagine that the companies would not be able to find... More »

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mortgage • Freddie Mac • Fannie Mae • bonuses • Barney Frank • bailout • financial crisis • financial meltdown

Obama Housing Rescue Plan Leaves Many Out in Cold

Criteria keep many who need help from refinancing under the plan

Mar 5, 09 8:40 AM CST
(Newser) - A large swath of Americans will see no help under the Obama administration’s housing rescue plan, the New York Times reports. While designed to prevent 3 million to 4 million foreclosures through loan modifications, the plan doesn't cover those whose loans aren’t backed by Fannie Mae or Freddie... More »

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housing market • foreclosure • Freddie Mac • Fannie Mae • mortgage debt • mortgage lender • underwater • mortgage defaults • Obama administration • financial crisis • President Obama

Freddie Mac's CEO
Moffett Resigns


Mar 2, 09 8:56 AM CST
(Newser) - Freddie Mac CEO David Moffett has notified the company’s board of directors that he will resign both his position and his seat on the board effective March 13, MarketWatch reports. The board is working with the Federal Housing Finance Agency to appoint a successor. "We expect to name... More »

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CEO • resignation • Freddie Mac • David Moffett

Freddie Mac to Let People Stay in Foreclosed Houses

Rental program aims
to stop evictions

Jan 30, 09 2:44 AM CST
(Newser) - Freddie Mac has forged a first-of-its-kind plan to allow homeowners and tenants to remain in foreclosed homes, USA Today reports. Residents will be charged a market rental rate on leases renewable monthly after their homes have been acquired by the lender. Freddie Mac expects the program to save thousands of... More »

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foreclosure • mortgage • rent • Freddie Mac • Fannie Mae • eviction • homeowners

 Mortgage Rates Plunge 
 to Lowest Ever 

But plunging house values make refinancing impossible for many homeowners

Jan 16, 09 2:12 AM CST
(Newser) - The benchmark 30-year mortgage interest rate has fallen below 5% for the first time ever as the collapsing economy continues to force interest rates down. Adjustable-rate mortgages fell to 5.25%, reports MarketWatch. But many homeowners can't take advantage of the new low rates to refinance because the value of... More »

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Federal Reserve • Freddie Mac • Treasury Department • mortgage rates • interest rate • adjustable-rate mortgages • 30-year mortgage • Palm Beach Financial Network

30-Year Mortgage Rates
Fall to Record Low 5.01%

Fed buys $10.2B in agency mortgage bonds

Jan 8, 09 5:08 PM CST
(Newser) - Interest rates on 30-year fixed mortgages fell to a record low 5.01% this week, Bloomberg reports. The drop—the 10th weekly fall in a row—comes as the Federal Reserve purchased $10.2 billion of mortgage-backed securities from Fannie Mae, Freddie Mac, and Ginnie Mae as part of a... More »

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Federal Reserve • Freddie Mac • Fannie Mae • mortgage rates • interest rate • bond market • securities • mortgage backed securities

Glossies

 Don't Blame Fannie for Mess 



Wall Street, banks, and government also at fault

Jan 5, 09 9:11 AM CST
(Newser) - Fannie Mae and Freddie Mac, the "toxic twin" housing financing behemoths blamed for setting the world on fire, were not operating any differently than the entire financial sector, Bethany McLean writes in Vanity Fair. McLean documents Fannie Mae's history starting from conception in FDR's New Deal, when it was... More »

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recession • takeover • Freddie Mac • Fannie Mae • housing crisis • subprime crisis • financial crisis • Federal Housing Finance Agency

 Fannie Mae: Tenants Can Stay 

Fannie Mae won't evict tenants after  foreclosures

Dec 15, 08 4:22 AM CST
(Newser) - Fannie Mae is offering to sign new leases with renters living in properties that have been foreclosed and are now owned by the the government-controlled mortgage company. The move brings relief to thousands of people caught in the mortgage crisis, but it turns the insitution into a huge national landlord... More »

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Bank of America • subprime mortgages • foreclosure • Freddie Mac • Fannie Mae • mortgage defaults • JPMorgan Chase • evictions • tenants • renters • National Community Reinvestment Coalition • Federal Housing Finance Agency

Fannie, Freddie Brushed Off Subprime Warnings

Companies ignored risk experts for years

Dec 9, 08 8:36 AM CST
(Newser) - Fannie Mae and Freddie Mac can’t say they weren’t warned. Internal documents obtained by the Washington Post show that both companies had internal factions who stressed the dangers of subprime mortgages several years ago. At Freddie Mac, the former chief enterprise risk officer wrote that the loans could... More »

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subprime mortgages • Freddie Mac • Fannie Mae • Richard Syron • subprime crisis • House Committee on Oversight and Government Reform • Daniel Mudd

Treasury May Lower
Mortgage Rates to 4.5%

Rates could go as low as 4.5% to curb falling home prices

Dec 3, 08 4:36 PM CST
(Newser) - The Treasury may try to bring new mortgage rates down to 4.5%—a full percentage point lower than current rates—to revitalize the housing market, the Wall Street Journal reports. Under the proposal, which is still in the early stages, the department would use Fannie Mae and Freddie Mac... More »

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housing market • Freddie Mac • home loans • Fannie Mae • Treasury Department • subprime crisis

Fannie, Freddie Will Stop Foreclosures Over Holidays

Some 16K affected by pause

Nov 20, 08 4:38 PM CST
(Newser) - Homeowners facing foreclosure got a morsel of good news today: Fannie Mae and Freddie Mac won’t give them the boot over the holidays. The companies will suspend foreclosures of occupied houses from Nov. 26-Jan. 9 while they work out a loan-reform plan with lenders, MarketWatch reports. The six-week suspension... More »

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foreclosure • Freddie Mac • Fannie Mae • housing crisis • subprime crisis • financial crisis

MARKET Open

 Stocks Sink on 
 Record Retail Plunge 

Host of negative news hurts markets

Nov 14, 08 8:46 AM CST
(Newser) - Stocks tumbled at the open today, after a raft of negative news overshadowed yesterday’s big rally. The Dow fell 128 points, while the Nasdaq and S&P shed 2% and 1.8% respectively. The Dow shot up more than 500 points yesterday, but today brought a dismal quarterly report... More »

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stock market • NASDAQ • Dow Jones • Nokia • Sun Microsystems • Freddie Mac • retail sales • S&P 500

(Newser) - Freddie Mac, the swamped mortgage giant seized by the government two months ago, asked for $13.8 billion from the Treasury today after a record quarterly loss plunged its net worth into the negative, Bloomberg reports. Sister company Fannie Mae, also under government control, said this week it might need... More »

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Freddie Mac • Fannie Mae • credit crisis • mortgage backed securities • subprime crisis • bailout • financial crisis

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