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Stock Market & Financial Investment News

News Breaks
March 27, 2014
06:44 EDTFMCC, FNMASenior 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
News For FNMA;FMCC From The Last 14 Days
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July 31, 2015
16:10 EDTFMCCFreddie Mac further reduces seriously delinquent loans from portfolio
Freddie Mac announced it sold via auction 3,577 deeply delinquent non-performing loans from its mortgage investment portfolio on July 28th, with an aggregate unpaid principal balance of $591M. The transaction is expected to settle in September, 2015 and the sale is part of Freddie Mac's Standard Pool Offerings. These loans have been delinquent for approximately three 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 28% of the aggregate pool balance.
July 21, 2015
09:07 EDTFNMAEllie Mae, Fannie Mae expand strategic partnership
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July 17, 2015
12:37 EDTFMCCFreddie Mac to expand risk-sharing efforts, Bloomberg reports
Freddie Mac (FMCC) plans to expand its risk-sharing efforts designed to protect taxpayers and potentially prepare the U.S. home loan market for its future, Bloomberg reports, citing a person familiar with the matter. In a planned $300M offering of mortgage-backed securities managed by Credit Suisse (CS), the government-backed company is set to sell $22.5M of junior ranking bonds without guarantees, the report says. Freddie Mac intends to hold a call for investors next week to discuss the transaction, the report adds. Reference Link

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