Former Fannie Mae CEO and two other former executives will pay $31 million under a settlement announced Friday to resolve claims they manipulated earnings to boost their own bonuses.Franklin Raines...
Freddie Mac has agreed to make 90-day commitments to several large banks on the pricing of conforming jumbo loans, according to a report.The government-sponsored home loan lender will offer the d...
Statement of Fed chairman Ben Bernanke before the Joint Economic Committee of the United States Congress.
By Julian D W PhillipsThe oil price is holding high at never before seen levels, not because of a shortage, but because US and foreign nationals and institutions are fleeing from Dollar instruments into hard assets...
U.S. stocks gained on Thursday as declining gold and oil prices eased inflation concerns, while an analyst said more mortgage purchases by Fannie Mae and Freddie Mac will help stabilize the home-loan market causing them to surge for a third day on hopes they will stabilize the housing market.
U.S. stocks opened higher on Wednesday, led by energy and financial companies due to higher crude oil prices and increased optimism about technology spending after reassuring comments from Cisco Systems Inc. Fannie Mae, the largest U.S. source of mortgage financing, climbed after Morgan Stanley said earnings may improve next year, pushing financial shares up.
Freddie Mac, the second-biggest provider of U.S. residential mortgage funding, said on Thursday its loss widened to a record $2.5 billion in the fourth quarter as the housing crisis worsened.
The government on Wednesday lifted limits on the amount the two largest mortgage finance companies can invest in home loans, a move that could unleash billions more dollars to stabilize the housing market and fend off a possible recession
Treasury notes turned slightly lower lower on Wednesday after regulators removed some lending restrictions from Fannie Mae and Freddie Mac, and Federal Reserve Bank Chairman Ben Bernanke indicated a willingness to continue lowering interest rates.
The distressed housing market should benefit from bargain prices but tighter lending will curtail the chance of a boom.
The yen rose against the dollar and euro on Friday as investor moved away from stocks and high yielding currencies.
Plans for sweeping government bailouts and wholesale rewriting of mortgage terms are gaining traction as other efforts fall short.
The panicky rate cuts shows how limited its options are
Freddie Mac expects to see credit losses of $10 billion to $12 billion on the book of mortgages it currently owns, the mortgage finance company's chief executive said on Tuesday. Freddie Mac has already recorded many of those losses from recently failing loans and had previously disclosed its expectation of multi-billion dollar write-offs, an analyst said.
Stocks gained on Thursday as banks, builders and mortgage-related shares rose before a White House announcement about a plan to slow the wave of home foreclosures that has rattled investors.
As Fannie Mae prepares for further drops in housing and credit markets, the company said on Tuesday it will cut its dividends by 30 percent and sell $7 billion of preferred stocks to increase capital.
Shares of Freddie Mac surged on Wednesday as strong demand for a record preferred stock issue signaled the second-biggest provider of U.S. home funding could access capital even in turbulent markets.
U.S stocks declined on Monday after turbulent Monday trading as financial sector woes deflated holiday sentiment entering the post Thanksgiving week. The Dow Jones Industrial Average plunged 237.44 points, or 1.83 percent, to close at 12,743.44, while the tech-heavy Nasdaq Composite Index was down 55.61 points, or 2.14 percent, at 2,540.99.
US stocks were nearly flat in Mid-day trading on Monday, recovering after earlier losses following continued concerns over a weakening credit market and a worsening subprime mortgage situation.
Shares of Freddie Mac fell as much as 9.5 percent on Wednesday after analysts slashed their price targets on the stock, saying an unexpectedly wide third-quarter loss may make it tough for the No. 2 U.S. home funding company to inject the liquidity needed to rescue an ailing housing market.
Freddie Mac, the second-largest U.S. mortgage finance company, on Tuesday posted a wider third-quarter loss and said it may slash its dividend and raise new capital as it works through what it called an extremely difficult year for housing and credit markets.
Freddie Mac, the second-largest U.S. mortgage finance company, on Tuesday posted a wider third-quarter loss and missed analysts' estimates as a jump in failing loans forced it to set aside $1.2 billion. Its shares fell more than 14 percent before the market open after reporting a net loss of $2 billion, or $3.29 a share, compared with a loss of $715 million, or $1.17 a share, in the year-ago period.
