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August 7, 2014
08:21 EDTFMCCFreddie Mac reports Q2 net income $1.4B vs. $4.0B in Q1
Reports Q2 comprehensive income $1.9B, compared to $4.5B in Q1. Q2 financial results were primarily driven by credit cycle recovery items, including lower income from legal settlements on private-label securities of $0.4B versus $4.5B in Q1 and a shift to credit provision income of $0.6B from credit provision expense of $0.1B in Q1. Delinquency rates remained below industry benchmarks, with a single-family serious delinquency rate of 2.07% compared to 2.79% at June 30, 2013 and a multifamily delinquency rate of 0.02% in Q2.
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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