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Stock Market & Financial Investment News

News Breaks
February 27, 2014
08:30 EDTFMCCFreddie Mac reports Q4 pre-tax income $9.3B vs. $6.5B in Q3
The increase reflects "higher other non-interest income driven by higher private label securities litigation settlement proceeds, as well as a shift from derivative losses in the third quarter to derivative gains in the fourth quarter. These favorable impacts were partially offset by higher net impairment expense and a lower benefit for credit losses." The company said that based on its December 31, 2013 net worth of $12.8B, the companyís March dividend obligation to the Treasury will be $10.4B. Freddie Mac added, "The level of earnings Freddie Mac has experienced in recent periods is not sustainable over the long term. Freddie Macís recent financial results, particularly the level of loan loss provisioning, have benefited significantly from strong home-price appreciation, which is beginning to moderate. Recent financial results have also included significant benefits related to the release of the deferred tax asset valuation allowance, as well as legal settlements of both PLS litigation and representation and warranty claims. Freddie Macís settlements of representation and warranty claims related to pre-conservatorship loan originations are largely complete while PLS litigation is ongoing and additional settlements are expected in 2014."
News For FMCC From The Last 14 Days
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July 30, 2014
13:44 EDTFMCCBank of America division ordered to pay $1.3B over mortgages, Bloomberg reports
Bank of America's (BAC) Countrywide division has been ordered to pay $1.3B in penalties for defective mortgage loans it sold to Fannie Mae (FNMA) and Freddie Mac (FMCC) during the 2008 financial crisis, Bloomberg reported. The fine is just over half the amount the government had requested, Bloomberg added. Reference Link
July 27, 2014
16:14 EDTFMCCGoldman close to settling FHFA suit on faulty mortgage claims, Bloomberg says
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10:45 EDTFMCCFannie, Freddie prefered, common holders could still be wiped out, Barron's says
Fannie Mae (FNMA) and Freddie Mac's (FMCC) preferred and common shareholders could still get wiped out despite recent gains, Barron's argues in a follow up article. Reference Link

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