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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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December 17, 2014
10:50 EDTFMCCAckman says added 'meaningfully' to Freddie, Fannie positions in last week
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December 8, 2014
12:31 EDTFMCCFannie Mae, Freddie Mac to back mortgages with 3% down payments, LA Times says
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