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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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October 9, 2015
16:07 EDTFMCCFreddie Mac sells $305M of seriously delinquent loans
Freddie Mac (FMCC) announced it sold via auction 1,611 deeply delinquent non-performing loans serviced by JP Morgan Chase Bank (JPM), from its mortgage investment portfolio on October 7, 2015. The transaction is expected to settle in December, 2015, and servicing will be transferred post-settlement. The sale is part of Freddie Mac's Standard Pool Offerings. These loans have been delinquent for approximately two 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 40% of the aggregate pool balance. The aggregate pool is geographically diverse and has a loan-to-value of approximately 91, based on BPO. The loans were offered as two separate pools of mortgage loans, and investors had the flexibility to bid on one or both pools, or bid on the aggregate of both pools. Pool #1 was comprised of loans with CLTV less than and equal to 110. Pool #2 is comprised of loans with CLTV greater than 110.

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