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Stock Market & Financial Investment News

News Breaks
March 27, 2014
06:44 EDTFNMA, FMCCSenior Democrat to propose mortgage industry overhaul, NY Times says
The top Democratic member of the House Financial Services Committee, Maxine Waters, later today will propose a bill that would wind down Fannie Mae (FNMA) and Freddie Mac (FMCC), while making the mortgage lending system more like a public utility, according to The New York times. Under the bill, only a co-op of lenders could issue mortgage-backed securities guaranteed by the government, the newspaper stated. Waters' bill would require private investors to take the first 5% of losses, while a separate Senate bill would require private investors to take a 10% hit, the newspaper noted. Reference Link
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July 30, 2014
13:44 EDTFMCC, FNMABank of America division ordered to pay $1.3B over mortgages, Bloomberg reports
Bank of America's (BAC) Countrywide division has been ordered to pay $1.3B in penalties for defective mortgage loans it sold to Fannie Mae (FNMA) and Freddie Mac (FMCC) during the 2008 financial crisis, Bloomberg reported. The fine is just over half the amount the government had requested, Bloomberg added. Reference Link
July 27, 2014
16:14 EDTFMCC, FNMAGoldman close to settling FHFA suit on faulty mortgage claims, Bloomberg says
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10:45 EDTFMCC, FNMAFannie, Freddie prefered, common holders could still be wiped out, Barron's says
Fannie Mae (FNMA) and Freddie Mac's (FMCC) preferred and common shareholders could still get wiped out despite recent gains, Barron's argues in a follow up article. Reference Link

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