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Stock Market & Financial Investment News

News Breaks
March 31, 2014
10:50 EDTFMCCAckman increases economic exposure to Freddie Mac to 11.08%
Bill Ackman's Pershing Square Capital confirmed in a regulatory filing that as of March 31 the fund and affiliates beneficially owned an aggregate of 63,575,565 shares of the common stock of Federal Home Loan Mortgage Corporation, or Freddie Mac, representing approximately 9.78% of its outstanding common stock. Pershing also has additional economic exposure to approximately 8,434,958 notional shares of common stock under certain cash-settled total return swaps, bringing total aggregate economic exposure to 72,010,523 shares of common stock, or approximately 11.08% of the outstanding common stock.
News For FMCC From The Last 14 Days
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July 17, 2014
07:13 EDTFMCCWatchdog says Fannie, Freddie making riskier agreements, Reuters says
The Federal Housing Finance Agency Office of Inspector General said in a report that Fannie Mae (FNMA) and Freddie Mac (FMCC) are engaging in riskier agreements as they increasingly buy mortgages from smaller lenders, according to Reuters, citing comments from the watchdog. Reference Link
July 11, 2014
09:09 EDTFMCCOn The Fly: Pre-market Movers
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July 10, 2014
18:44 EDTFMCCGenworth responds to GSE-sponsored PMI eligibility requirements
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17:23 EDTFMCCEssent Group comments on proposed PMI eligibility requirements
Essent Group (ESNT) reported that the Federal Housing Finance Agency released for public input the proposed Private Mortgage Insurer Eligibility Requirements. The PMIERs represent the standards by which private mortgage insurers are eligible to provide mortgage insurance on loans owned or guaranteed by Fannie Mae (FNMA) and Freddie Mac (FMCC). Assuming the PMIERs are enacted as proposed, Essent's mortgage insurance subsidiary, Essent Guaranty would be in compliance with the new capital adequacy requirements in the PMIERs based on financial information as of March 31. “We commend FHFA, Fannie Mae and Freddie Mac for all of their work in revising the PMIERs,” said Mark Casale, Chairman and CEO. “Updating the PMIERs is important to the health of the housing finance system in general, and the mortgage insurance industry in particular. We believe that the proposed risk-based capital adequacy framework in the PMIERs is fundamentally sound. The PMIERs will serve as an important set of national standards that give industry counterparties added confidence in the claims paying capacity of private mortgage insurance companies, including Essent.” “Based in part on Essent’s strong capital levels and the exceptional credit quality of our portfolio,” Casale added, “we believe that Essent is well positioned under the PMIERs to continue to serve the growing demand for private mortgage insurance.”
17:08 EDTFMCCMortgage insurers trading lower after FHFA proposes tighter capital rules
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