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Federal Home Loan Mortgage Corp

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  • May 5- Government-controlled mortgage financier Freddie Mac said on Tuesday it would pay a dividend of $746 million to the U.S. After the payment, Freddie Mac will have returned $92.6 billion in dividends to the Treasury in return for the $71.3 billion in bailout funds it drew. Freddie Mac and its sister company Fannie Mae, which has yet to report first quarter...

  • WASHINGTON, May 5- Government-controlled mortgage finance firm Freddie Mac on Tuesday said it will cut a check to the U.S. Freddie Mac reported a first quarter profit of $524 million, up from $227 million in the fourth quarter. In the meantime, executives at Freddie Mac are testing funding mechanisms that could inform the debate on how to reduce the role of the...

  • WASHINGTON, May 5- Government-controlled mortgage finance firm Freddie Mac on Tuesday said it will cut a check to the U.S. Freddie Mac said its first quarter net income was $524 million, up from $227 million in the fourth quarter. Freddie Mac said the check it will send to the federal government by June will bring cumulative dividend payments to $92.6 billion, well...

  • Freddie Mac to hand $746 million to U.S. Treasury Tuesday, 5 May 2015 | 8:30 AM ET

    WASHINGTON, May 5- Government-controlled mortgage finance firm Freddie Mac said on Tuesday it will give the U.S. Treasury just $746 million in the current quarter, its smallest dividend to taxpayers since 2009.. Freddie Mac said its first quarter net income was $524 million, up from $227 million in the fourth quarter.

  • NEW YORK, April 22- Bank of America Corp on Wednesday asked a federal appeals court to toss a $1.27 billion penalty imposed in a mortgage fraud case, and in a rare move asked that the prominent Manhattan judge who oversaw its trial be replaced if the case were to continue. Bank of America spokesman Lawrence Grayson declined to comment. Rakoff imposed the civil...

  • WASHINGTON, April 17- The regulator of Fannie Mae and Freddie Mac has directed the U.S. housing finance firms to tweak their structure for guarantee fees but said the changes would be "revenue neutral," after launching a review to consider whether to alter the program. The Federal Housing Finance Agency said on Friday that Fannie and Freddie will lower guarantee...

  • Fannie, Freddie to lower fees for riskier borrowers Friday, 17 Apr 2015 | 4:15 PM ET

    WASHINGTON, April 17- The regulator of Fannie Mae and Freddie Mac has directed the U.S. housing finance firms to cut mortgage fees for riskier borrowers, the agency said on Friday.

  • NEW YORK, April 14- Former Freddie Mac Chief Executive Officer Richard Syron and two other executives have agreed to settle a lawsuit by the U.S. Securities and Exchange Commission accusing them of misleading investors ahead of the 2008 financial crisis. Like other regulators, the SEC has been criticized for not holding enough top executives liable for...

  • Ex-Freddie Mac executives settle SEC fraud lawsuit Tuesday, 14 Apr 2015 | 1:30 PM ET

    NEW YORK, April 14- Former Freddie Mac Chief Executive Officer Richard Syron and two other one-time executives have reached a settlement in a lawsuit by the U.S. Securities and Exchange Commission accusing them of misleading investors about the company's exposure to risky mortgage loans. The settlement, disclosed in court papers filed in Manhattan federal...

  • April 14- Wells Fargo& Co, the largest U.S. mortgage lender, reported a drop in quarterly profit for the first time in five years as employee costs rose at a time margins are under pressure from low interest rates. Wells Fargo's shares fell 1.6 percent in early trading on Tuesday. Wells Fargo also set aside $608 million to cover bad loans, an increase of about 87 percent...

  • April 14- Wells Fargo& Co, the largest U.S. mortgage lender, reported a better-than-expected quarterly profit as revenue from mortgage banking rose after four quarters of decline. "Our mortgage business was able to serve more customers by refinancing their mortgage loans with lower rates," Wells Fargo Chief Executive John Stumpf said in a statement on Tuesday.

  • NEW YORK, April 9- A lawyer for Nomura Holdings Inc argued on Thursday that a U.S. regulator relied on "voodoo science" to pursue claims that the bank made false statements in selling $2 billion in mortgage-backed securities to Fannie Mae and Freddie Mac. David Tulchin, Nomura's lawyer, urged a Manhattan federal judge to reject the Federal Housing Finance Agency's...

  • His testimony came as the defense sought to show that any losses Fannie Mae and Freddie Mac suffered on the $2 billion in securities at issue were caused not by any false statements the banks made but by the collapse in the housing market. Mudd, who left Fannie Mae in 2008 following its government takeover, told a lawyer for Nomura that macroeconomic factors,...

  • But a U.S. regulator cited the email as evidence that Nomura Holdings Inc and RBS made false statements about mortgage securities they sold to Fannie Mae and Freddie Mac. The FHFA's case is the first to reach trial out of 18 lawsuits the regulator filed in 2011 over some $200 billion in mortgage-backed securities that various banks sold Fannie Mae and Freddie...

  • NEW YORK, March 26- The New York Federal Reserve officials tasked with prying interest rates off the floor have been meeting with bankers and traders to plot how best to do it, amid deep uncertainty over how much control they will really have over short-term lending markets. With the U.S. central bank expected to raise rates later this year, Simon Potter and his team...

  • UPDATE 5-Google poaches Morgan Stanley's CFO Tuesday, 24 Mar 2015 | 1:11 PM ET

    *Google shares up 2.5 pct. March 24- Google Inc said it hired Ruth Porat, chief financial officer at Morgan Stanley, as its own finance chief, a move signaling that the search engine company may be looking to bear down on fast growing expenses. Porat has helped execute a sweeping cost-cutting strategy across several business lines at Morgan Stanley.

  • UPDATE 4-Google hires Morgan Stanley CFO Porat as CFO Tuesday, 24 Mar 2015 | 11:31 AM ET

    March 24- Morgan Stanley Chief Financial Officer Ruth Porat is leaving the bank to become Google Inc's CFO, the latest Wall Street executive to move to Silicon Valley, where fortunes can be built fast but businesses can also become irrelevant overnight. Porat, a California native, joined Morgan Stanley in 1987, and led Morgan Stanley's investment banking...

  • March 24- Ocwen Financial Corp said it would sell an additional $25 billion of servicing rights on agency loans to a subsidiary of Nationstar Mortgage Holdings Inc, its fourth such deal in two months. The portfolio being sold to Nationstar comprises about 142,000 performing loans owned by government-controlled mortgage finance firms Freddie Mac and Fannie...

  • Lennar Corp, Toll Brothers Inc and KB Home, among the top six builders, together reported an average 19 percent increase in orders in the latest quarter, up from 3.3 percent in the same period last year. Lennar, the No.2 U.S. homebuilder after D.R. Horton Inc, said on Thursday it expected single-family housing starts and permits to rebound "shortly".

  • March 18- Ocwen Financial Corp said it was selling residential mortgage servicing rights worth $9.6 billion to a subsidiary of Walter Investment Management Corp. Ocwen, which delayed filing its full-year results, also said it was reviewing the ability of its affiliate, Home Loan Servicing Solutions Ltd, to meet obligations to fund new servicing advances.