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Fannie Mae shares dip following report

Fannie Mae had its biggest two-day decline in 20 years after executives failed to alleviate investor concern following a report that speculated it may have understated its credit losses.

Futures signal rebound heading to weekend

Stock index futures on Friday signaled a bounce-back after recent losses, while investor worries about weakening consumer spending and credit market losses could limit gains.

Fannie Mae to answer questions on accounting

Fannie Mae said it will hold a conference call on Friday to answer accounting questions, after Fortune magazine reported that the U.S. mortgage lender may be camouflaging credit losses.

Wall Street sinks for third day

Stocks fell for a third session on Friday after a disappointing outlook from Qualcomm Inc triggered more weakness in technology shares and helped send the Nasdaq down to its biggest weekly point loss since the September 11, 2001, attacks. The wireless technology developer late Thursday forecast 2008 earnings and revenue below analysts' expectations, a day after Cisco Systems Inc warned about demand from its customers in the banking sector.

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NY subpoenas Fannie and Freddie in mortgage probe

New York Attorney General Andrew Cuomo announced on Wednesday that his office was sending subpoenas to Fannie Mae and Freddie Mac as part of his expanding probe of the home mortgage industry. The subpoenas seek information on the mortgage loans that the two companies purchased from banks, including Washington Mutual, Cuomo said.

Washington Mutual shares tumble after sees loan losses

Washington Mutual Inc, the largest U.S. savings and loan, said on Wednesday the U.S. housing slump will persist through 2008, causing loan losses to mount and mortgage lending to fall to an eight-year low.

NY probes Fannie, Freddie appraisals roles-sources

New York Attorney General Andrew Cuomo is expected to announce on Wednesday he is examining what role Fannie Mae and Freddie Mac might have played in an alleged scheme to inflate appraisals of home values, sources familiar with the investigation said.

Lender Indymac posts loss 5 times larger-than-expected

IndyMac Bancorp, one of the largest independent mortgage lenders, reported a third-quarter loss of $202.7 million due to bad loans, five times bigger than company forecasts in December.

Fed cut seen slim help for housing

A Federal Reserve interest rate cut this week won't be enough to save the reeling housing sector, overwhelmed by unsold homes.

Countrywide posts $1.2 billion loss

Countrywide Financial Corp posted a $1.2 billion third-quarter loss on Friday as the housing market slumped, but its shares soared after the largest U.S. mortgage lender projected a return to profit this quarter as it slashes jobs and regains its footing. Shares of Countrywide rose $2.87, or 22 percent, to $15.94 in pre-market trading. Stock futures also moved higher.

Freddie's mortgage holdings slump, issuance surges

Freddie Mac sharply shrank its holdings of mortgage securities in September and kept the portfolio below a growth limit set by its regulator, the second largest U.S. home funding company said on Wednesday.

Congress calls for mortgage czar

Lawmakers called on Wednesday for a 'mortgage czar' to help cope with an expected wave of foreclosures from the U.S. housing slump but Alan Greenspan said the credit crunch was past the worst. Fallout from a global credit squeeze, sparked by problems in the U.S. subprime mortgage market, have rattled markets in recent weeks, threatening economic growth and bank earnings.

Pending home sales fell 6.5 pct in August

Pending sales of previously owned homes fell by a larger-than-expected 6.5 percent in August as more borrowers seeking home loans were turned away by cautious lenders, a real estate trade group said on Tuesday.

Beyond headlines, outlook on tough housing market

The housing market will stay in a slump until buyers feel more confident about the economy and their own finances, and sellers are ready to accept more realistic prices.

Countrywide sees modifying 25,000 mortgages in '07

Countrywide Financial Corp, the largest U.S. mortgage lender, said on Monday it expects to modify terms on nearly 25,000 home loans this year to help people avoid foreclosures.

Strong greenback in U.S. interest, says Paulson

U.S. Treasury Secretary Henry Paulson said on Friday that a strong U.S. dollar was in American interests and said he was optimistic the U.S. economy would continue to grow this year.

Fed, Treasury open to easing loan constraints

Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson told Congress on Thursday they are open to letting Fannie Mae and Freddie Mac buy more troubled home loans if the companies control risk and agree to tougher oversight. Both had previously resisted letting the two mortgage finance companies expand their presence in the mortgage market

Wall Street flat after mixed earnings reports

Stocks were little changed on Thursday as a weak outlook from economic bellwether FedEx and sharply lower profit from investment bank Bear Stearns helped stall a rally that followed this week's aggressive interest rate cut.

Bernanke cautions on raising Fannie, Freddie loan limits

Federal Reserve Chairman Ben Bernanke warned Congress on Thursday that raising the ceiling on the size of loans that mortgage finance enterprises Fannie Mae and Freddie Mac can buy could undermine market discipline.

Wall Street rallies for second straight day

U.S. Stocks rallied for a second day on Wednesday as investors bet the Federal Reserve's aggressive rate cut would help prevent an economic slowdown. Housing-related stocks such as home builders and mortgage finance companies were among the biggest percentage gainers in the S&P 500, a day after the Fed cut the benchmark interest rates by a half-percentage point.