New User:

-or-
Username:
Password:
Forgot your password?

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
Sign up for a free trial to see the rest of the stories you've been missing.
August 4, 2015
08:32 EDTFMCCFreddie Mac reports Q2 comprehensive income $3.9B vs. $746M last year
Subscribe for More Information
July 31, 2015
16:10 EDTFMCCFreddie Mac further reduces seriously delinquent loans from portfolio
Freddie Mac announced it sold via auction 3,577 deeply delinquent non-performing loans from its mortgage investment portfolio on July 28th, with an aggregate unpaid principal balance of $591M. The transaction is expected to settle in September, 2015 and the sale is part of Freddie Mac's Standard Pool Offerings. These loans have been delinquent for approximately three years, on average. Given the deep delinquency status of the loans, the borrowers have likely been evaluated previously for or are already in various stages of loss mitigation, including modification or other alternatives to foreclosure, or are in foreclosure. Mortgages that were previously modified and subsequently became delinquent comprise approximately 28% of the aggregate pool balance.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use