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Fannie Mae (FNMA)

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  • Aug. 17, 2012, 7:23 AM
    The Treasury is set to announce as soon as today changes to its backstop of Fannie Mae and Freddie Mac. The new arrangement would have the firms turn over all quarterly profits to the government as dividend payment, with nothing due during periods of losses. Previously, the companies made a 10% dividend payment each quarter - often borrowing from Treasury to pay the Treasury.
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  • Aug. 15, 2012, 3:53 AM
    With Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) increasing their efforts to persuade banks to buy back soured mortgages, five top lenders - BofA (BAC), Wells Fargo (WFC), JPMorgan (JPM), Citigroup (C) and Ally Financial - set aside nearly $3B in H1 to repurchase the loans, Bloomberg calculates. Regional lenders such as SunTrust Banks (STI) put aside an extra $1.3B.
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  • Aug. 8, 2012, 3:21 PM
    Fannie Mae, Freddie Mac, and HUD slashed their inventories of repossessed homes more than 18% last year, partly due to an improving market, partly due to new foreclosure guidelines slowing the process. Freddie Mac also reports the days it takes to sell a foreclosed home has stabilized around 200, and even started to fall last quarter.
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  • Aug. 8, 2012, 10:39 AM
    Fannie Mae (FNMA.OB +11.4%) reports Q2 income of $5.1B, up from $2.7B in Q1. Like Freddie Mac, the agency is benefitting from higher property prices/lower delinquencies. Like Freddie, Fannie is able to make its $2.9B dividend payment to the Treasury without having to draw from the Treasury. (PR)
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  • Aug. 3, 2012, 5:52 AM
    More on BofA (BAC): talks with Fannie Mae (FNMA.OB) over the latter's request that BofA buy back billions of dollars of bad mortgages have become more constructive recently, Reuters reports. In its 10-Q, BofA said that of $10.1B in unresolved claims, $7.3B relate to loans in which borrowers have been paying for over two years. (earlier)
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  • Jul. 31, 2012, 2:30 PM
    FHFA head Edward DeMarco says the benefits of principal writedowns don't outweigh the costs or risks. In an open letter on its website DeMarco states that after extensive analysis of the various programs, the FHFA has concluded principal forgiveness did not clearly improve foreclosure avoidance while reducing costs to taxpayers relative to the agencies current approaches.
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  • Jul. 31, 2012, 4:11 AM
    The FHFA calculates that Fannie Mae and Freddie Mac could save $3.6B by reducing the balances for some homeowners who are in negative equity, the WSJ reports. Until now, the agency has maintained that the firms' existing rescue programs were less expensive. The FHFA is due to soon decide on whether to drop its opposition to Fannie and Freddie taking part in a debt-forgiveness program.
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  • Jul. 24, 2012, 6:16 AM
    The Federal Housing Finance Agency hired PWC in May to formulate contingency plans for putting Fannie Mae and Freddie Mac into receivership, which would involve liquidating the companies. The FHFA says the plan "is routine and does not indicate any condition of the current status of the regulated entities."
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  • Jun. 5, 2012, 5:00 PM
    Fannie Mae names general counsel Timothy Mayopoulos as its next CEO. Mayopoulos has an interesting story - he was fired from BofA on the eve of its takeover of Merrill to make way for Brian Moynihan; he now will have a hand in policy regarding put-backs of punk mortgages to or purchases of new ones from the bank.
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  • May. 25, 2012, 2:36 AM
    Fannie Mae (FNMA.OB) has narrowed its search for a chief executive down to two candidates, sources say, with Fannie's general counsel Timothy Mayopoulos in the lead. To get Mayopoulos, Fannie Mae may have to renege on its promise to cap exec pay at ~$500K. The other candidate is Radian (RDN) CEO S.A. Ibrahim.
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  • May. 9, 2012, 9:38 AM
    Fannie Mae reports a $2.7B profit in Q1. Toss in appreciation of its securities holdings and it rises to $3.1B - more than the $2.8B dividend payment due to Treasury - meaning the GSE doesn't have to draw public funds for the 1st time since 2008. Mortgages acquired by Fannie in Q1 averaged a 763 FICO score and a LTV of 70%. The world has changed.
    | 3 Comments
  • May. 1, 2012, 5:36 AM
    Freddie Mac executive Anthony Renzi is leaving the company this month. Renzi, who oversees Freddie's single-family mortgage business, joins a growing list of industry veterans who have departed over the past year from both Fannie and Freddie, with more departures likely to follow.
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  • Apr. 11, 2012, 5:36 AM
    Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) could save $1.7B by forgiving principal on some problem loans, FHFA Acting Director Edward DeMarco said yesterday. However, the net cost to the taxpayer would be $2.1B, as the savings would come from Treasury incentives via the expanded Home Affordable Modification Program and using TARP funds.
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  • Mar. 19, 2012, 9:38 AM
    The Treasury Department says taxpayers reaped a $25B profit on mortgage bonds purchased at the height of the financial crisis, the Treasury's biggest profit for any program tied to the 2008-09 crisis. The government last week sold the last of the bonds, winding down Treasury's ownership of debt backed by Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB).
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  • Mar. 19, 2012, 5:35 AM
    Paulson, Amherst and other Wall St. investors are considering bidding for pools of repossessed properties being sold by Fannie Mae (FNMA.OB). The bidders would buy to rent rather than to resell, and so help boost the housing sector by reducing the backlog of properties on the market.
    | 1 Comment
  • Mar. 9, 2012, 2:06 PM
    Pay for the top 15 executives at Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) will be cut by 24% this year, led by plans to slash the total annual compensation for new CEOs of the housing finance giants from $6M to $500K, federal regulators say. But the huge CEO pay cuts won't be applied to the current holders of those jobs.
    | 2 Comments
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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