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Fannie Mae (FNMA)

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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."
    | 11 Comments
  • 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.
    | 1 Comment
  • 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.
    | 6 Comments
  • 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.
    | 1 Comment
  • 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).
    | 1 Comment
  • 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
  • Mar. 1, 2012, 8:05 AM
    Fannie Mae (FNMA.OB) disputes Bank of America's (BAC) version of events behind the end of their loan-purchase agreement, saying the decision to part ways was not mutual and that it alone chose not to renew the contract after the bank resisted demands to buy back mortgages. "Ultimately the taxpayer pays" if BofA resists, as Fannie prepares to ask the feds for another $4.6B.
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  • Feb. 29, 2012, 11:12 AM
    Fannie Mae (FNMA.OB) will go Oliver Twist like to the government for another $4.6B after making a net loss of $2.4B in Q4 and $16.9B in the whole of 2011. That's up from $14B in 2010, although Fannie estimates that it has now "reserved for the substantial majority of the remaining losses" on its pre-2009 loans. (PR .pdf)
    | 3 Comments
  • Feb. 23, 2012, 5:38 PM
    Bank of America (BAC) says it will stop selling new home loans to Fannie Mae (FNMA.OB) and will deliver only loan modifications and refinancings to the GSE. Commitments allowing the efficient delivery of such loans had expired, BofA says, and "ongoing differences with [Fannie Mae] in other contexts, including repurchase claims" influenced the decision.
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  • Feb. 22, 2012, 6:13 AM
    With no end in sight to Fannie and Freddie's drain on taxpayers, the two mortgage giants need to rein in their rising legal costs, according to a watchdog report (.pdf) released today. At present, Fannie and Freddie are spending tens of millions of dollars defending former execs facing private lawsuits and government investigations.
    | 4 Comments
  • Feb. 21, 2012, 5:15 PM
    The Federal Housing Finance Agency, which oversees Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), releases a new plan to unwind the GSEs and help strengthen the private mortgage market. One possibility: Each could hire an outside investment firm to manage their portfolios, but a BlackRock or Pimco would charge hefty fees that could exceed any savings from laying off staff.
    | 7 Comments
  • Jan. 11, 2012, 7:47 AM
    Fannie Mae (FNMA.OB) yesterday confirmed earlier speculation that CEO Mike Williams will step down, saying he will leave once a successor has been found. (PR)
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  • Jan. 10, 2012, 4:58 PM
    Fannie Mae CEO Mike Williams will resign, according to sources. This follows the year-end resignation of Freddie Mac chief Ed Haldeman. Both had come under pressure for their high pay even as the organizations continued to bleed money at taxpayer expense. The moves may also clear the deck should the Administration want to move forward with its floated new housing proposals.
    | 3 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