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Fannie Mae (FNMA)

  • Mar. 21, 2013, 10:11 AM
    Fannie Mae (FNMA.OB +31.5%) and Freddie Mac (FMCC.OB +26.9%) continue a torrid run, now closing in on quadrupling this week. Buy the stocks for a trade, but the idea there is any value at all in the common when it's likely the preferred may even be worthless is "just insane," says John Hempton (an owner of the preferred).
    | Mar. 21, 2013, 10:11 AM | 7 Comments
  • Mar. 20, 2013, 4:07 AM
    Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) could repay the Treasury for their 2008 bailout sooner than initially planned, due to a change in the terms of the rescue, the FHFA says. Previously, the firms had to pay a 10% quarterly dividend even if they lost money, and would even borrow money from the Treasury to do so; now they pay a dividend only if they make a profit. The FHFA's prediction follows news that Fannie could repay up to $61.5B due to an accounting change.
    | Mar. 20, 2013, 4:07 AM | 3 Comments
  • Mar. 20, 2013, 3:56 AM
    Freddie Mac (FMCC.OB) has sued Bank of America (BAC) JPMorgan (JPM), Citigroup (C) and 12 other major banks for losses caused by the manipulation of the Libor rate. Freddie, which invested in mortgage bonds and swaps tied to U.S. dollar Libor, is seeking a whole gamut of damages for what it sees as fraud, antitrust violations and breach of contract. The FHFA has already calculated that Freddie and Fannie Mae lost $3B in total because of the Libor manipulation.
    | Mar. 20, 2013, 3:56 AM | 11 Comments
  • Mar. 19, 2013, 4:28 AM
    Fannie Mae (FNMA.OB) is working on an accounting change that could allow it to repay up to $61.5B of the $88B that it owes to the Treasury. Under the change, Fannie would reclaim tax benefits that were written down after the government took it over in 2008. The return of billions of dollars to the government "could have important repercussions for reform and other housing-finance discussions," says analyst Jim Vogel.
    | Mar. 19, 2013, 4:28 AM | 7 Comments
  • Mar. 4, 2013, 6:27 PM
    The FHA says it is working on a plan to merge some of the operations of Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) in a new venture, separate from the two firms, which would operate a secondary mortgage market infrastructure to be used by Fannie and Freddie. The new firm could either be sold or used "as a foundational element of the mortgage market of the future."
    | Mar. 4, 2013, 6:27 PM | 4 Comments
  • Mar. 4, 2013, 2:56 PM
    The single-family delinquency rate fell to 3.18% in January from 3.29% previously, according to Fannie Mae (FNMA.OB). The serious delinquency rate fell to 3.90, the lowest level since March 2009 and compared to a February 2010 peak of 5.59%. A "normal" delinquency rate is less than 1%, writes Bill McBride.
    | Mar. 4, 2013, 2:56 PM | 3 Comments
  • Feb. 5, 2013, 6:18 PM
    Fannie Mae (FNMA.OB) CFO Susan McFarland will soon be retiring. Her retirement will follow the appointment of a successor, and happen no later than June 30. (8-K)
    | Feb. 5, 2013, 6:18 PM | 1 Comment
  • Jan. 28, 2013, 9:54 AM
    A sweet deal, Fannie and Freddie launch a new program to allow certain underwater homeowners to walk away and face a so-called deed-in-lieu rather than foreclosure. "Extraordinarily generous," says University of MD's Phillip Swagel. "We're giving people an incentive to walk away right when the housing market is starting to right itself."
    | Jan. 28, 2013, 9:54 AM | 1 Comment
  • Jan. 8, 2013, 12:45 PM
    Fannie Mae's (FNMA.OB) major settlement with Bank of America yesterday takes care of about 75% of the GSE's buyback issue, says CEO Tim Mayopoulos. "Many of those resources we were devoting to legacy issues ... can now be put to other uses."
    | Jan. 8, 2013, 12:45 PM | 3 Comments
  • Dec. 26, 2012, 7:10 AM
    The Obama Administration considers expanding its mortgage-refinance program to include those loans not held by the GSE's. Fannie and Freddie back just 50% of the nation's mortgages, leaving a big chunk of the 10.8M underwater mortgage loans not qualified for the HAMP. What happened to weaning the nation off of public mortgage finance?
    | Dec. 26, 2012, 7:10 AM | 40 Comments
  • Dec. 19, 2012, 3:01 PM
    Fannie Mae and Freddie Mac may have lost more than $3B as a result of Libor-rigging (UBS settlement earlier), according to an FHFA report, which urges the GSEs to sue the banks involved. The companies have begun exploring legal options.
    | Dec. 19, 2012, 3:01 PM | 3 Comments
  • Dec. 14, 2012, 11:47 AM
    Talking his book at a Brookings conference, Bank of America (BAC) CEO Moynihan warns against a hasty exit for Frannie from the mortgage market. Private capital would like to get a shot at the business, he says, but it's not there yet. "(Fannie and Freddie) will be critical to the transition."
    | Dec. 14, 2012, 11:47 AM | Comment!
  • Nov. 26, 2012, 4:17 AM
    UBS (UBS) is due to ask an Appeals Court today to dismiss a lawsuit from the FHFA over losses on $6.4B in mortgage bonds sold to Fannie Mae and Freddie Mac. UBS argues that the claims expired in 2010 and so are time-barred by the statute of repose. The stakes are high not just for UBS but also for several other banks that the FHFA has sued for a similar reason, including JPM, Barclays (BCS) and GS.
    | Nov. 26, 2012, 4:17 AM | Comment!
  • Nov. 7, 2012, 9:11 PM
    Fannie Mae (FNMA.OB) reports Q3 net income of $1.8B vs. a $5.1B loss a year ago as an improving housing market allowed a $9B drop in loan loss reserves to $67B. Like with Freddie Mac, more and more of the loan book (63% now) consists of mortgages originated post-bubble - thus making them stellar credits. The company expects to report an annual profit for the first time since 2006. (PR)
    | Nov. 7, 2012, 9:11 PM | Comment!
  • Nov. 7, 2012, 12:48 PM
    Principal write-downs on mortgages could be coming as the President's reelection likely means Ed DeMarco's days as FHFA chief are numbered. Applying the quaint notion the housing agencies are to be stewards of taxpayer money, DeMarco has blocked administration plans for write-downs, arguing they would not just be costly, but ineffective as well. Nice to know you, Mr. DeMarco.
    | Nov. 7, 2012, 12:48 PM | 12 Comments
  • Oct. 31, 2012, 12:41 PM
    The game is changed for mortgage servicers with regards to short sales as new guidelines agreed to by Fannie Mae and its insurers - among them Genworth (GNW) and Radian (RDN) - go into effect. The changes allow the servicers to approve such sales (as well as deeds-in-lieu) without getting approval from the insurers. The servicing business gets better and better. (earlier)
    | Oct. 31, 2012, 12:41 PM | Comment!
Company Description
Fannie Mae is a government-sponsored enterprise that was chartered by Congress in 1938 to support liquidity, stability and affordability in the secondary mortgage market, where existing mortgage-related assets are purchased and sold.
Sector: Financial
Industry: Savings & Loans
Country: United States