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WEDNESDAY, NOVEMBER 25, 2009
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NEWS ABOUT: Freddie Mac

Freddie Mac stories: 120 news summaries

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Fannie, Freddie to Offer Mass Loan Modifications

Housing giants aim to reduce foreclosures

Nov 11, 08 10:37 AM CST
(Newser) - Fannie Mae and Freddie Mac will roll out a plan today to modify hundreds of thousands of loans in an effort to prevent foreclosures, the Wall Street Journal reports. The mortgage giants, under federal conservatorship, aim to reduce mortgage payments to no more than 38% of household income. Private banks... More »

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

Fannie Mae
Posts Stunning
Losses

Lender bled $29B last quarter, dwarfing total bubble gains

Nov 10, 08 5:00 PM CST
(Newser) - Fannie Mae lost more in the third quarter of this year than it gained from soaring house prices between all of 2002 and 2006, the New York Times reports. The massive $29 billion loss, mainly from asset writedowns, means the company may need more than the $100 billion pledged from... More »

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housing market • mortgage • Freddie Mac • Fannie Mae • writedowns

Private Sector Sparked Subprime Crisis: Fed

Liberal housing policy wasn't at fault—risky betting was

Oct 12, 08 9:12 PM CDT
(Newser) - A talk radio campaign blaming the credit crisis on lower-class Americans is up against new federal data, McClatchy reports. Critics argue that government-backed Fannie Mae and Freddie Mac, pushed by Clinton policies, gave subprime mortgages to minority Americans who could not afford homes. But 84% of mortgages were handed out... More »

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Freddie Mac • Fannie Mae • subprime crisis

ANALYSIS

American Capitalism Is Dead. The Culprit? America


Oct 10, 08 10:35 AM CDT
(Newser) - As Wall Street banks collapse like a house of cards, American capitalism isn’t just failing in practice; the very idea of unregulated, free-functioning markets has received a serious blow, writes Anthony Faiola in the Washington Post. Once the symbols of American economic might, there's a real possibility that many... More »

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capitalism • Freddie Mac • Fannie Mae • AIG • developing countries • emerging markets • bailout • bank failure • banks • financial crisis

O'Reilly Berates Frank in On-Air Shouting Match

Fox host, Mass. Democrat call each other names

Oct 3, 08 1:16 PM CDT
(Newser) - Bill O’Reilly has called for the resignation of House Financial Services Chairman Barney Frank, so it was a predictably tense situation when the Massachusetts Democrat appeared on his show last night. A remarkable shouting match ensued, even by O’Reilly’s standards. The Fox host quickly began screaming at... More »

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Bill O'Reilly • Fox News • Freddie Mac • Fannie Mae • Barney Frank • interview

Candidates Return to
Capital to Back Bailout

McCain, Obama stress urgent need for financial intervention

Oct 1, 08 4:40 PM CDT
(Newser) - The presidential candidates took a break from stumping today to visit Washington, DC, and support the Senate's financial bailout plan, the New York Times reports. Barack Obama repeated his pro-bailout argument on the Senate floor, saying that "the worldwide economy could be plunged into a very, very deep hole.... More »

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Barack Obama • John McCain • Senate • Freddie Mac • Fannie Mae • Election 2008 • bailout • financial crisis

 Freddie Mac Paid Monthly 
 $15K to McCain Aide's Firm 

Payments just ended this month

Sep 24, 08 5:10 AM CDT
(Newser) - A firm owned by John McCain's campaign manager received $15,000 a month from Freddie Mac until the mortgage giant was taken over by the government this month, insiders tell the New York Times. McCain insisted just days ago that it's been years since aide Rick Davis had any contact... More »

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John McCain • lobbyist • Rick Davis • Freddie Mac • financial crisis

(AP) - The FBI is investigating four major US financial institutions whose collapse helped trigger a $700-billion bailout plan by the Bush administration. The agency is looking at potential fraud by mortgage finance giants Fannie Mae and Freddie Mac, insurer AIG and Lehman Brothers. The inquiries will focus on the companies and... More »

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FBI • Lehman Brothers • Freddie Mac • Fannie Mae • AIG • financial crisis

Paulson
Outlines His
'Bold' Bailout

He and Bush say it's urgent to act now to stabilize markets

Sep 19, 08 10:10 AM CDT
(Newser) - Henry Paulson confirmed today that he is working on a "bold" plan to buy bad loans from banks, the Wall Street Journal reports. Such a plan would cost taxpayers “hundreds of billions of dollars,” Paulson said, but he believes it is necessary to stabilize the economy.... More »

MORE ABOUT:
Henry Paulson • financial markets • Freddie Mac • Fannie Mae • credit market • mortgage backed securities • bailout • financial crisis

analysis

How Much More Will Taxpayers Have to Pony Up?

The US has pledged some $320 billion in bailouts for struggling enterprises

Sep 17, 08 1:01 PM CDT
(Newser) - More than $320 billion in taxpayer funding has already been pledged to treat firms sickened by the subprime contagion—more than twice the $124 billion the government spent fixing the savings and loan crisis in the 1980s, reports the Los Angeles Times. The question, writes Michael Hiltzik, is how... More »

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Bear Stearns • Freddie Mac • Fannie Mae • AIG • auto industry • financial crisis

ANALYSIS

Her Golden Parachute Fine With McCain

'No analogy' between Fiorina's $45M from HP, subprime payouts

Sep 16, 08 2:10 PM CDT
(Newser) - John McCain and Sarah Palin made a point yesterday of blasting CEOs who left their companies with multimillion-dollar golden parachutes while workers and shareholders suffered. But McCain’s top economic adviser deployed just such a shiny parachute when Hewlett-Packard ousted her, ABC News reports. Carly Fiorina pocketed $45 million, even... More »

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John McCain • CEO • Bear Stearns • Freddie Mac • Fannie Mae • Countrywide • Carly Fiorina • golden parachutes • Hewlett-Packard

ANALYSIS

 How Market Turmoil 
 Affects Campaign 

Obama, McCain haven't talked much about US economy—now they'll have to

Sep 15, 08 9:50 AM CDT
(Newser) - The crisis on Wall Street will change the shape of the presidential campaign in its final weeks, forcing both sides to adjust their messages and strategies. Mike Allen, in Politico, details four major effects:
  • Neither John McCain nor Barack Obama has talked much, or in detail, about economic plans.
... More »

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Barack Obama • John McCain • Lehman Brothers • US economy • Freddie Mac • Fannie Mae • financial crisis

OPINION

Wall Street Rumbling Means Little on Main Street

Financial meltdown has small effect on 'real economy': Kaletsky

Sep 15, 08 9:29 AM CDT
(Newser) - Fannie and Freddie have been nationalized, Lehman has collapsed, Merrill Lynch has been bought out—an economic disaster, right? Not really, Anatole Kaletsky writes in the Times of London: The US economy is actually showing signs of improvement. More than ever, "there is no contradiction between expecting a recovery,... More »

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Merrill Lynch • financial markets • Lehman Brothers • Freddie Mac • Fannie Mae • credit market • investment banks • real economy

analysis

Credit Crisis at Tipping Point

As troubles mount,
US government's intervention shows signs of strain

Sep 12, 08 9:29 AM CDT
(Newser) - The federal government keeps taking aggressive steps to keep the markets from flying off the rails, and yet here we are again: facing another crisis and wondering how much intervention is necessary, the Wall Street Journal reports. With government intervention showing signs of strain amid entrenched economic problems, the crisis... More »

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Federal Reserve • Lehman Brothers • Freddie Mac • Fannie Mae • Washington Mutual • economy

McCain, Obama Both Have Ties to Loan Giants

Both took cash from leaders; McCain's manager is GSEs' ex-lobbyist

Sep 10, 08 7:01 AM CDT
(Newser) - Barack Obama and John McCain are both railing against the excesses of Fannie Mae and Freddie Mac on the campaign trail, and promising to end the lobbyist culture in Washington that led to their fall. But both candidates and their parties have multiple ties to Fannie and Freddie, the New ... More »

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Barack Obama • John McCain • Freddie Mac • Fannie Mae • subprime crisis • political donations • financial crisis

Mortgage Rates Fall After Fannie, Freddie Bailout

Average 30-year
loan rates drop
nearly half a point

Sep 10, 08 2:44 AM CDT
(Newser) - The federal takeover of Fannie Mae and Freddie Mac sent mortgage rates plummeting today, MSNBC reports. The average 30-year fixed rate mortgage dropped nearly half a percentage point to 5.88%, dipping below 6% for the first time since January. The average rate for a 15-year loan is down to... More »

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Freddie Mac • Fannie Mae • mortgage rates • bailout • financial crisis

Senator: Fire 'Socialist' Paulson

Ky.'s Bunning appears to have problem with Fannie/Freddie move

Sep 9, 08 5:45 PM CDT
(Newser) - Treasury Secretary Henry Paulson saved Fannie Mae and Freddie Mac, but now he may have to worry about saving his own job: One Republican senator called his policies socialist and recommended that he and Fed chief Ben Bernanke resign, Bloomberg reports. “They have taken the free market out of... More »

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Ben Bernanke • Federal Reserve • Henry Paulson • Freddie Mac • Fannie Mae • Treasury Department • Jim Bunning • financial crisis

OPINION

Fannie/Freddie Rescue Not Radical Enough

Feds must return GSEs to original purpose of providing liquidity

Sep 9, 08 11:33 AM CDT
(Newser) - The Treasury’s rescue plan for Fannie Mae and Freddie Mac may be “superbly crafted,” Steven Rattner writes in the Washington Post, but it won’t solve the government-sponsored entities’ problems. Continuing as private-sector enterprises is a setup that “simply doesn’t work.” The GSEs had... More »

MORE ABOUT:
Henry Paulson • Freddie Mac • Fannie Mae • Treasury Department • financial crisis • Steven Rattner

Fannie, Freddie CEOs in Line for Millions in Severance

Mudd, Syron each stand to net at least $6M; critics rip 'pay for failure'

Sep 9, 08 11:12 AM CDT
(Newser) - The CEOs of Freddie Mac and Fannie Mae will receive millions in severance pay, pension payouts, and other benefits after the government’s takeover of the mortgage giants, the Los Angeles Times reports. Fannie’s Daniel Mudd stands to take away $7.3 million, and Freddie’s Richard Syron will... More »

MORE ABOUT:
Barack Obama • CEO • Freddie Mac • Fannie Mae • Richard Syron • bailout • Daniel Mudd • golden parachutes • financial crisis

Bailout Likely
to Sink Some Small Banks

Those with significant Fannie/Freddie stock face capital crunch

Sep 9, 08 10:15 AM CDT
(Newser) - The government’s takeover of Fannie Mae and Freddie Mac, and the resulting crash of the value of the companies’ shares, has started a domino effect that likely will push some smaller banks into failure, the Washington Post reports. Some institutions heavily invested in the seemingly safe stocks will find... More »

MORE ABOUT:
takeover • Freddie Mac • Fannie Mae • bailout • banking industry • financial crisis

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