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FMCC.OB

Freddie Mac

5/23/2013, 6:45 PM ET

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Wednesday, May 15, 9:36 AM Don't look now but the hedgies are betting on Fannie FNMA.OB +6.6% and Freddie FMCC.OB +7%. WSJ says Paulson & Co. and Perry Capital (among others) are buying preferred shares on the off-chance Washington has a change of heart and decides to recapitalize the companies and sell taxpayers' stake on the open market. With the White House overwhelmingly in favor of winding down the two entities, anyone betting on profiting from a potential recap is "placing a political bet … that faces unimaginably long odds," former White House adviser Jim Parrott tells the Journal. 8 Comments [Financials]
Wednesday, May 8, 9:26 AM Freddie Mac (FMCC.OB) posts Q1 income of $4.6B, the 2nd largest in company history and up from $4.5B in Q4. The remaining dividend obligation to Treasury as of June will be $7B. The crisis moves further into the rear-view mirror as the post-2008 book of business rises to 67%. Loans originated from 2005-08 are 22% of the book and accounted for 85% of credit losses. Comment! [Financials, Earnings]
Wednesday, May 1, 7:34 AM Congressman Mel Watt of North Carolina looks to be the President's choice to replace Ed DeMarco as head of the FHFA. Getting rid of DeMarco has been a popular idea among many in the Administration as he has consistently blocked plans to implement some sort of principal forgiveness program for underwater homeowners. 9 Comments [Financials, U.S. Economy]
Tuesday, April 30, 8:49 AM Having loaded up on the preferred stock of Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), high-powered investors commence a lobbying blitz to force Congress to abandon liquidation plans and privatize the firms. Sen. Bob Corker calls ownership of the two a "lottery ticket ... I don't give investment advice, but I don't see how these are going to be worth anything down the road." 5 Comments [Financials]
Friday, April 19, 4:53 PM President Obama is close to naming a replacement for acting FHFA Director Edward DeMarco, who has served in the post since 2009. The administrations has been vetting a short list of candidates including Mel Watt, a Democratic congressman from North Carolina, and Mark Zandi, chief economist at Moody’s, among others. Although there's no leading candidate, a nomination could come as soon as background checks are complete. Comment! [U.S. Economy]
Monday, April 15, 9:25 AM Mark Zandi is floated as a leading candidate to replace Ed DeMarco at the FHFA, his main attribute apparently being the relative ease with which he could be confirmed. Given Zandi's poor track record on forecasting the economy in general and housing specifically, a job overseeing Fannie and Freddie would seem a curious choice. Strike that. In D.C., it makes perfect sense. 1 Comment [U.S. Economy]
Monday, April 8, 7:56 AM The preferred stock of Fannie Mae and Freddie Mac is among the hotter issues of the year after doubling thanks to improved results at the firms. The question before the house is whether the government will allow the finance firms to return to private ownership without zeroing out existing investors. As for the common - FNMA.OB and FMCC.OB - "Total casino," says KBW's Bose George. 5 Comments [Financials]
Thursday, March 21, 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). 7 Comments [Financials, On the Move]
Wednesday, March 20, 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. 2 Comments [Financials]
Wednesday, March 20, 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. 11 Comments [Financials]
Monday, March 4, 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." 4 Comments [Financials]
Monday, January 28, 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." 1 Comment [U.S. Economy]
Wednesday, December 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? 40 Comments [U.S. Economy]
Wednesday, December 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. 3 Comments [Financials, U.S. Economy, Global & FX]
Friday, December 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." Comment! [Financials, U.S. Economy]
Monday, December 10, 2012, 10:31 AM Fannie Mae (FNMA.OC) and Freddie Mac (FMCC.OB) seem just a bit top-heavy in an inspector general's report. Roughly 2K employees - one sixth of the workforce - are at the "director" or vice president" level, with salaries to match their titles. "It's absolutely critical that our compensation is competitive in the market," says a Fannie spokeswoman, noting the significant risk being managed. 4 Comments [Financials]

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