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NEWS ABOUT: Freddie Mac

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US Stocks Soar on Fannie/Freddie Takeover

Dow up 300 early as investors bet on broader recovery

(AP) - Stocks surged this morning as investors rushed to lay bets on a broad economic recovery following the weekend announcement that the US government will bail out mortgage lenders Fannie Mae and Freddie Mac. The major indices jumped, with the Dow Jones industrials gaining more than 300 points. Meanwhile, bond prices... More »

Fannie, Freddie Deal May Ease Rates, Cut Foreclosures

Federal takeover may help refresh housing market as dust settles

(Newser) - How will the government’s seizure of Fannie Mae and Freddie Mac affect homeowners and buyers? In the short term, the New York Times says, interest rates may fall some, but probably not enough to stop the slide in home prices. Some facing foreclosure could have a better chance at... More »

Stocks Rally Strong on Fannie, Freddie Takeover

Europe, Japan, US futures see market surge

(Newser) - European and Japanese stocks saw their biggest surge since January and US futures climbed amid news of the Treasury Department’s plan to take charge of Fannie Mae and Freddie Mac, Bloomberg reports. Europe's UBS AG, pounded by subprime losses, and Japan’s Mizuho Financial Group, its biggest bank by... More »

Feds Outline Fannie, Freddie Bailout

Gov't will step in as conservator; Treasury will buy preferred stock

(Newser) - Citing Fannie Mae and Freddie Mac as "critical to turning the corner on housing," Treasury Secretary Henry Paulson this morning announced a bailout of the beleaguered mortgage companies that includes his agency purchasing preferred stock, while the Federal Housing Finance Agency will step in as conservator. Additionally, Treasury... More »

Paulson Tacks Toward Middle on Fannie, Freddie Rescue

Conservatorship would toe line between opposing views

(Newser) - As concerns mount for troubled mortgage giants Fannie Mae and Freddie Mac, two camps have emerged: one, led by free-market analysts, is pushing a temporary government takeover of the companies; the other, led by congressional Democrats, would rather see billions of tax dollars rescue the firms. Treasury secretary Henry Paulson... More »

Juggled Books at Freddie, Fannie Sparked Fed Takeover

Situation more dire than accounting revealed, probers found

(Newser) - Federal advisers pushed for a government takeover of Freddie Mac and Fannie Mae after discovering fuzzy accounting that failed to fully reveal the dire nature of the companies' financial situation, reports the New York Times. The practices, while not illegal, overstated the mortgage giants' capital cushions while attempting to delay... More »

Fannie, Freddie Deal Will 'Stem the Mess'

'There will be no reason to foreclose' after takeover: Cramer

(Newser) - Jim Cramer predicts that a lot of people will whine about the federal takeover of Fannie Mae and Freddie Mac—especially those shorting them—and say it won't help. But they're dead wrong, Cramer writes on TheStreet.com: it's going to turn housing around and bring the rest of the... More »

Feds Plan to Take Over Freddie, Fannie

(Newser) - The White House told ailing mortgage giants Fannie Mae and Freddie Mac today that Washington will effectively take them over, the Wall Street Journal reports. The Treasury move will leave both companies functioning but replace their executives, inject capital, and likely leave shareholders with little or nothing. The move aims... More »

Fannie-Freddie Merger: The Math Adds Up

As both companies plummet, combining them might make sense

(Newser) - With Fannie Mae and Freddie Mac struggling to stay afloat, arguments for a merger are gathering steam. “Sometimes size can be a strength,” writes Andrew Ross Sorkin in the New York Times. The companies spent $1.825 billion in total overhead in the first half of 2008 doing... More »

Fannie, Freddie Employees Watch Assets Plunge

(Newser) - As the stock prices of mortgage giants Fannie Mae and Freddie Mac plunged 80% this year, employees of the companies helplessly watched their fortunes sink with the ship, the New York Times reports. For instance, Fannie Mae’s workers owned $116 million in company stock at the end of 2006;... More »

Top Execs Booted at Fannie Mae

Shake-up aims to boost investor confidence in hemorrhaging firm

(Newser) - Battered mortgage-finance provider Fannie Mae has ousted three top executives in a bid to boost investor confidence, Bloomberg reports. Fannie Mae CEO Daniel Mudd is replacing his chief officers for finance, business and risk management as he struggles to prove that the company has enough capital to ride out the... More »

Stocks Mixed as Oil Surges

Georgian conflict raises supply fears; analysts downgrade financials

(Newser) - Stocks saw mixed results today as the Dow and S&P 500 managed to claw back from early losses due to surging oil and a weak dollar, the Wall Street Journal reports. The Dow closed up 12.78 at 11,430.21; the Nasdaq fell 8.70 to 2,380.... More »

Modest Gains From Mixed Day

Fannie, Freddie continue to bleed out; H-P brightens tech sector

(Newser) - The markets ended up after alternating from gains to losses in today’s session, MarketWatch reports. Fannie Mae and Freddie Mac continue to make traders uneasy about financial firms, but strong results from Hewlett-Packard provided a welcome distraction. The Dow closed up 68.88 at 11,417.42. The Nasdaq... More »

Pressure Mounts for a Freddie, Fannie Bailout

Investors want Treasury to take the lead on mortgage giants sooner rather than later

(Newser) - A federal bailout for Fannie Mae and Freddie Mac looks more likely every day, both the Wall Street Journal and the New York Times report, as the mortgage giants find it increasingly difficult to borrow and their stock continues to take a pounding. Freddie was able to auction $3 billion... More »

Fannie, Freddie Take Another Beating on Bailout Fears

Falling market caps raise investor fears of government action

(Newser) - Share prices of Fannie Mae and Freddie Mac took another precipitous plunge yesterday as investors fear the home mortgage giants will not be able to avoid a government bailout, the Wall Street Journal reports. An article in Barron’s stoked smoldering concerns that the companies will not be able to... More »

Financials Skid, Spark Sell-Off

Financials plummet on the prospect of a GSE bailout

(Newser) - The markets took a tumble today as familiar fears about a government bailout of Fannie Mae and Freddie Mac returned to the fore, MarketWatch reports. Led by its financial components, the Dow fell 180.02 to close at 11,479.88. The Nasdaq shed 35.54, settling at 2,416.... More »

Greenspan: Housing Will Hit Bottom in 2009

Skilled immigrants would help end slump, he says

(Newser) - Alan Greenspan said housing prices could continue to edge lower through 2009, but should “stabilize or touch bottom” in the first six months of the year, reports the Wall Street Journal. And, the former Fed chief says, while a government bailout of Freddie Mac and Fannie May was the... More »

Fannie Misses Estimates, Slashes Dividend

Stock drops 12% in early trading

(Newser) - Fannie Mae reported its fourth straight losing quarter today, Bloomberg reports, coming in $2.3 billion in the red and slashing its dividend. The $2.51-per-share loss far exceeded the 72-cent average predicted by analysts, much as Freddie Mac surprised investors two days ago. “Neither of these companies have... More »

Bad News Spurs Big Sell-Off

Poor results at AIG, nervous retailers, rising oil all contribute to decline

(Newser) - The markets suffered big losses today as investors were confronted by bad news from retail and financial giants, as well as a 6-year-high in weekly unemployment, the Wall Street Journal reports. The Dow fell 224.64to 11,431.43. The Nasdaq lost 22.64 to finish at 2,355.73,... More »

2007 Mortgages Failing at Triple the Rate of 2006

Prime loans made in early 2007 are going bad at triple the rate of 2006 loans

(Newser) - Mortgages procured in 2007 are souring at a rate nearly triple that of 2006, reports the Wall Street Journal, suggesting that the wallop to the financial system from forclosures could be far from over. Analysis done for the paper finds 0.91% of the prime loans issued in the first... More »

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