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Stock Market & Financial Investment News

News Breaks
November 1, 2012
09:16 EDTMTG, FMCCMGIC reaches preliminary settlement of dispute with Freddie Mac
MGIC Investment Corporation (MTG) announced that Freddie Mac (FMCC) has confirmed that its condition that agreement be reached on substantially all terms of a settlement of the pool insurance dispute between MTG's Mortgage Guaranty Insurance Corporation subsidiary and Freddie Mac has been met for purposes of continuing toward resolution. The principal economic terms concerning the amount of payments in settlement of MGIC's obligations under the policies at issue have been agreed upon. The majority of these payments to Freddie Mac will be made over a period of four years after the signing of the definitive agreement, with the remainder to be paid at signing. However, MGIC and Freddie Mac still must agree to certain issues that are significant to final resolution. All terms of the settlement will be included in a definitive settlement agreement, which MGIC, Freddie Mac and FHFA are negotiating. This agreement will be subject to approval by the Boards of Directors of MGIC and Freddie Mac and by FHFA. The communications of the parties to third persons about the pool insurance dispute remain subject to a confidentiality agreement with Freddie Mac. As a result, MTG can make no further comment about the terms of the proposed settlement. If MGIC's and Freddie Mac's Boards of Directors and FHFA approve a final settlement agreement, any definitive settlement agreement would only be signed concurrently with the satisfaction of the other conditions in the Freddie Mac Letter. These are: by December 1, 2012, MTG must contribute $100M to MGIC, and by December 31, 2012, the Office of the Commissioner of Insurance of Wisconsin must provide confirmation to Freddie Mac of the availability of the capital of MGIC Indemnity Corporation, a subsidiary of MGIC, to pay claims on MGIC policies.
News For MTG;FMCC From The Last 14 Days
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August 22, 2014
17:18 EDTFMCCGoldman Sachs announces agreements with FHFA to repurchase $3.15B in RMBS
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August 20, 2014
09:03 EDTFMCCSpread of unrest beyond Ferguson would be positive for GSEs, says Rafferty
Rafferty Capital's Dick Bove indicates that he believes that if the unrest in Ferguson spreads, Congress would increase housing subsidies, benefiting the GSEs, Fannie Mae (FNMA) and Freddie Mac (FMCC).
August 15, 2014
07:44 EDTFMCCAckman sues government over Fannie, Freddie, Reuters reports
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