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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 company’s 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 Mac’s 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 Mac’s 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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September 17, 2014
13:28 EDTFMCCWells Fargo eases lending requirements for buying apartments, Financial Times says
Wells Fargo (WFC) is easing lending requirements for apartment purchases, reports the Financial Times. In an interview, the head of Wells Fargo mortgage production Franklin Codel said, “We’re tweaking our condo approvals to make them more consistent with what Fannie Mae (FNMA) and Freddie Mac (FMCC) allow." Reference Link

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