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Friday, May 24, 8:33 AM What's Fannie Mae (FNMA.OB) up to? It's snatching profits away from banks as it increasingly purchases loans directly from lenders, cutting out those used to making good money by packaging mortgages into securities. "We don't play this big of a role because we want to," modestly says CEO Tim Mayopoulos. "(We have) no goal relative to market share, except to reduce it," says another spokesman. The lenders (JPM, WFC) seeing profits vanish aren't so sure. 9 Comments [Financials]
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]
Thursday, May 9, 8:02 AM Fannie Mae (FNMA.OB) pre-tax Q1 income of $8.1B, its largest ever and against $7.6B in Q4, $2.7B a year ago. The company will pay Treasury $59.4B in Q2 after releasing its deferred tax asset to the tune of $50.6B. The release comes about as the company's accountants are convinced Fannie will remain profitable for the foreseeable future. Is Congress really going to shut this machine down? (PR) 4 Comments [Earnings, Financials]
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]
Tuesday, April 2, 8:51 AM Fannie Mae (FNMA.OB) reports Q4 net income of $7.6B, bringing full year income to $17.2B - the largest amount in company history. Higher home prices, declining delinquencies, and the settlement with BofA all contributed. The nice result allowed Fannie to cut $11.6B in checks to the Treasury in 2012, bringing total dividend payments to $31.4B against a draw of $116.1B. 2 Comments [Financials]
Thursday, March 21, 11:11 AM From John Hempton's lips to the market's ears. The "just insane" bidding up of the almost certainly worthless common stock of Fannie and Freddie (FNMA.OB, FMCC.PB) savagely reverses, with both falling more than 50% within minutes. 3 Comments [Financials, On the Move]
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]
Tuesday, March 19, 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. 7 Comments
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, March 4, 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. 3 Comments [U.S. Economy, Financials]

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