Fannie & Freddie Takeover

  • Freddie Mac

    I came away from the Freddie Mac conference call feeling a little, shall we say nicely, confused. The CEO, Richard Syron, warned of the troubled times in housing, even revised his forecast for home price drops, peak to trough, from 15 percent to 18-20 percent. He said we’re only halfway through the correction.

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    Battered mortgage giant Freddie Mac received $6.1 billion in new funds from the Treasury Department to help offset its mounting liabilities, according to a regulatory filing submitted Wednesday.

  • US Capitol Building

    Congress should allow regulators to do their jobs in supervising banks and it must regulate over-the-counter derivatives to prevent a repeat of the financial crisis, Dick Bove, financial strategist at Rochdale Securities, told CNBC Monday.

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    A housing sector without Fannie Mae spacer and Freddie Mac is a possibility, Edward J. DeMarco, director of Federal Housing Finance Agency (FHFA), told CNBC Thursday.

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    The housing market won’t trend up significantly until it hits bottom, the chairman of the Mortgage Bankers Association, Michael Berman told CNBC Monday, and two changes need to take place before that happens.

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    When North Carolina banking commissioner Joseph Smith's nomination to head the Federal Housing Finance Agency (FHFA) passed out of committee early last week, I thought it was a done deal. Not so much anymore. While his credentials seemed fit for the job, and his support widespread throughout the industry, his timing may be his downfall.

  • Fixing Whats Broken

    House Republican Conference Chairman Jeb Hensarling (R-Texas) will introduce legislation Thursday to wind down Freddie Mac and Fannie Mae in five years, CNBC has learned.

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    One of the more ridiculous complaints about the Federal Housing Finance Agency's lawsuits against 17 banks is that Fannie Mae and Freddie Mac were "sophisticated investors" who knew or should have known about the quality of the mortgages underlying the securities they were buying.

  • Shares of Fannie Mae and Freddie Mac, the largest providers of funding for U.S. home mortgages, plunged to their lowest levels since 1992 on concern the companies need to raise more capital amid larger-than-expected losses.

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    Treasury Secretary Henry Paulson said the government's primary focus is to make sure  Fannie Mae and Freddie Mac remain able carry out their mission.

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    Buyers flocked to Freddie Mac's $3 billion debt sale just hours after the U.S. government pledged support for the nation's top mortgage finance agencies, but the steps failed to stem growing alarm on Wall Street.

  • Henry Paulson

    Treasury Secretary Henry Paulson, calling it critical that the markets have confidence in Fannie Mae and Freddie Mac, said he expects  congressional approval for a proposed rescue plan this week.

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    The U.S. Senate is due to vote finally Saturday to approve a major housing market rescue bill, including federal financial assistance for Fannie Mae and Freddie Mac.

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    Standard & Poor's may cut ratings on Fannie Mae and Freddie Mac, citing concerns that government plans to shore up the mortgage finance companies may subordinate the debt.

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    Fannie Mae posted a much larger-than-expected second-quarter loss and slashed its dividend more than 85 percent to preserve capital as home loan defaults accelerated in the bleakest U.S. housing market since the Great Depression.

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    Heightened expectations of a government bailout of U.S. home-funding giants Fannie Mae and Freddie Mac continued to roil their stocks as investors feared such government action would wipe out shareholders.

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    Fannie Mae and Freddie Mac soared Monday on optimism a government bailout may not be inevitable.  But banks with big holdings in the stocks still tanked.

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    The Treasury is finalizing plans to backstop Fannie Mae and Freddie Mac, the mortgage financing giants that have been struggling with billions of dollars of losses from soured loans, the Wall Street Journal reported.

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    “We see this as a positive for housing, as it ensures that Fannie and Freddie will remain in business,” writes Jaret Seiberg of Guggenheim Partners.