Freddie Mac

Washington Post Reports Freddie Mac Bet Against Homeowners ProPublica’s Jesse Eisinger reported yesterday that Freddie Mac has used a complex derivative transaction to place large bets that rely on millions of American homeowners remaining in overpriced mortgages to pay off. The bets in Freddie’s investment portfolio — which totaled $3.4 billion in 2010 and 2011 — directly contradict the housing giant’s stated mission to provide affordable mortgages to Americans. At the same time Freddie was...Read Full Story

From Townhall.com: I’ve spent a lot of time thinking about Obama’s State of the Union address, and continue to come to the same conclusion:  he either thinks government solves all or he’s on a deliberate path to destroy the American economy.  Now he wants to launch an all out attack on Wall Street.  Notice he didn’t mention going after Franklin Raines and other Fannie Mae and Freddie Mac executives.  Raines, who walked away with a ninety million dollar bonus after destroying his company...Read Full Story

(Reuters) - The Republican candidates for president have some major differences in their policies and their personal lives. But they have one striking thing in common - they all say the federal government is responsible for the financial crisis. Even Newt Gingrich (pilloried for having been a Freddie Mac lobbyist)says: "The fix was put in by the federal government." The notion that the federal government, via the Community Reinvestment Act (CRA) and by pushing housing finance giants Fannie...Read Full Story

This just in from S&P;, which does a--follow up to its earlier U.S. outlook warning, and revises its GSE and FHLB outlook to negative.-- Let's remember that this is happening in an economic (supposed) recovery.Read Full Story

Wed, Dec 7 2011 12:00 IST | 5 Views | Add your comment SHARE: Fannie Mae and Freddie Mac, the two major US mortgage-finance companies, prevented nearly two million foreclosures since the start of conservatorship in 2008, said a report by the US Federal Housing Finance Agency (FHFA). The completed foreclosure prevention activity of the two mortgage giants increased slightly in the third quarter, pushing the total foreclosure prevention actions up to nearly two million since...Read Full Story

From the Los Angeles Times: Rep. Barney Frank and two other House Financial Services Committee Democrats on Monday pressed Edward DeMarco, the regulator of seized housing finance giants Fannie Mae and Freddie Mac , to write-down the principal on mortgages of underwater homes. It’s a great thing that Barney Frank is not running for office again, but he seems determined to leave the country in chaos. Though it sounds like a wonderful “Robin Hood” story if Fannie and Freddie would essentially...Read Full Story

Late last week, Fannie Mae released their Economics and Mortgage Market Analysis  for 2012.  Fannie economists note that the economy appeared to be gathering momentum toward the end of the year, and that consumer confidence appears to be rebounding. Fannie Mae Chief Economist Doug Duncan  commented : “We’re entering 2012 with decent momentum, especially on the employment side, which is fostering positive household and consumer behavior.  Unfortunately, we expect this momentum to slow as we...Read Full Story

Fannie Mae CEO Michael Williams announced today that he would resign from his post with the government-controlled mortgage company. Williams, who took over as president and CEO in 2009, will remain CEO until the corporation’s appoints a successor. Fannie Mae didn’t mention a specific reason for Williams’ departure.  In a prepared statement, Williams merely said he had decided that “the time is right to turn over the reins to a new leader.” Williams leaves behind a company in much...Read Full Story

Fannie Mae and Freddie Mac are being sued by California's attorney general, who is demanding that the companies respond to questions regarding their involvement in 12,000 foreclosed properties in the state where they served as landlords, the Associated Press reports. Attorney General Kamala Harris is also looking to find out what role the companies played in selling or marketing mortgage-backed securities. Fannie Mae and Freddie Mac buy home loans from banks and other lenders, package them...Read Full Story

The Associated Press The Securities and Exchange Commission has charged six former top executives at Fannie Mae and Freddie Mac with civil fraud, saying they misled the government and taxpayers about risky subprime mortgages the mortgage giants held during the housing bust. Those charged include the agencies' two former CEOs, Fannie's Daniel Mudd and Freddie's Richard Syron. They led the companies when the housing bubble burst in late 2006 and 2007. The four other top...Read Full Story