The federal regulator of Fannie Mae and Freddie Mac is arguing that principal reductions for home loans would benefit the banks that hold secondary debt while weakening the mortgage giants' finances.
Mortgage giants Fannie Mae and Freddie Mac are being pushed to reduce borrowers' mortgage balances in order to shield U.S. banks from taking losses on distressed housing debt, the companies' regulator said in a Financial Times interview published on Sunday. If you do principal forgiveness, who is it benefiting? ... Doing principal forgiveness is what would prote...
Analysis by the two government-backed lenders, which have cost taxpayers over $150 billion since their 2008 bailout, shows loan forgiveness would keep hundreds of thousands of Americans in their homes while saving money.
Interest rates on the 30-year, fixed-rate mortgage rose above 4 percent for the first time since October 2011, following increases in bond yields, Freddie Mac reported.
A federal watchdog faulted Fannie Mae and Freddie Mac, the mortgage finance companies propped up with taxpayer funds, for questionable spending on a mortgage industry conference last year, in a report released on Thursday.
U.S. mortgage rates rose with the improving economy, but remained near historic lows in the week ending March 15, Freddie Mac reported Thursday.
The regulator for Fannie Mae and Freddie Mac , responding to political pressure, on Friday slashed salaries for the chief executives of the two firms and ruled out bonuses for many top executives.
Freddie Mac requested $146 million from the U.S. Treasury to meet interest payment obligations on bailout funds, despite swinging to a profit, the troubled mortgage buyer reported Friday.
Freddie Mac requested $146 million from the U.S. Treasury in order help make interest payments on government loans used to keep the mortgage buyer afloat, the company said Friday.
U.S. 15-year fixed-rate mortgage declined to a new record low of 3.13 percent in the week ending March 8, according to Freddie Mac.
A U.S. Justice Department inquiry into the packaging and sale of home loans by the biggest U.S. banks casts a wide net and appears to significantly overlap with other enforcement efforts, according to people who have viewed subpoenas sent to the firms.
There were signs of improvement in U.S. housing data released in February, but warmer weather could have been as much of a factor as strengthening market fundamentals, according to industry experts.
U.S. 30-year fixed rate mortgage rates fell to 3.90 percent in the week ending March 1, down from 3.95 percent in the prior week, according to Freddie Mac.
Like scorned lovers, Bank of America (NYSE:BAC) and Fannie Mae, the government-controlled mortgage giant, are having a very public falling out.
Bank of America Corp appears to be going it alone in not selling mortgage loans to Fannie Mae, a move that, while sending an angry signal to the nation's largest mortgage-buyer, could force the bank to charge less attractive mortgage rates.
Bank of America Corp appears to be going it alone in not selling mortgage loans to Fannie Mae, a move that, while sending an angry signal to the nation's largest mortgage-buyer, could force the bank to charge less attractive mortgage rates.
The Bank of America Thursday said that it would no longer provide new mortgages to Fannie Mae following the escalation of disagreement over who should be bearing the cost for defective mortgages.
U.S. 30-year fixed-rate mortgage rates rose to 3.95 percent in the week ending Feb. 23 from a record low of 3.87 in the previous week, Freddie Mac said.
The Federal Housing Finance Administration (FHFA), overseer of Fannie Mae and Freddie Mac, detailed a plan on Tuesday for the companies' uncertain futures, grappling with the challenges of political hostility, reluctant private investors and a fragile housing market.
A government watchdog on Wednesday said Fannie Mae and Freddie Mac's regulator needs to curtail the rising cost of their legal expenses since there is no end in sight to the widening taxpayer tab keeping the two firms afloat.
The regulator of housing giants Fannie Mae and Freddie Mac on Tuesday outlined a new strategic plan for the two government-controlled firms, stepping into a void left by congressional inaction.
The Dow Jones Industrial Average rose 0.76 percent to 12,884.75 by early afternoon trading, while the Nasdaq rose 1.01 percent to 2,945.17. The S&P 500 rose 0.83 percent to 1,354.37.
