Fannie Mae sued nine banks accusing them of colluding to manipulate interest rates and seeking more than $800 million of damages.» Read More
New York Attorney General Andrew Cuomo was wrong to file subpoenas against Fannie Mae and Freddie Mac without consulting their federal regulator and may have overreached his authority, the regulator wrote in a letter Thursday.
There's no way to know what's really on the insurer's books, Cramer said. Also, a plea to NY Attorney General Andrew Cuomo to stop his probes before he shuts down the mortgage market.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
On a big down day, it helps to know what - and who - is responsible.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Stocks closed sharply lower as a probe of the home loan industry by New York's attorney general drew in the country's biggest mortgage finance companies and Washington Mutual warned the housing downturn would extend well into next year.
IndyMac Bancorp, one of the largest independent U.S. mortgage lenders, on Tuesday posted a quarterly loss more than five times larger than it had projected, hurt by mounting delinquencies and a collapse in investor demand to buy its home loans.
Countrywide Financial Chief Executive Angelo Mozilo on Friday said the U.S. Securities and Exchange Commission has opened an informal inquiry into his stock sales, confirming previous reports, and that he and the company are cooperating.
U.S. housing prices will continue to decline at least through the end of next year and may not begin creeping upward again until 2010, executives from the biggest mortgage financiers said Monday.
The U.S. Treasury Department wants to expand its power to regulate how Fannie Mae and Freddie Mac access the debt markets in a reform that could stifle growth of the mortgage finance companies' investments, according to a document obtained by Reuters.
The chief executive of Freddie Mac warned that the U.S. economy faces a 40% to 45% risk of recession induced by the housing market downturn, the Financial Times reported on its Web site.
Freddie Mac, the No. 2 U.S. mortgage financing company, does not expect the economy to fall into recession from the housing market downturn and even sees opportunities in the shake-up, its treasurer said on Wednesday.
I was waiting to see who did it first. I figured it was between California and Florida, and I was right. California wins. Last Thursday, Gov. Arnold Schwarzenegger wrote a letter to Congressional leaders asking for a state exception to the GSE conforming loan limit ($417,000).
Countrywide Chief Executive Angelo Mozilo said Tuesday the largest U.S. mortgage lender is "out" of the subprime business, apart from offering home loans eligible for purchase by government-sponsored enterprises.
Freddie Mac’s CEO, Richard Syron, told CNBC that the home-loan provider needs to be able to invest in jumbo loans for about two years in order to help remedy the subprime crisis.
Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson both dropped some of their resistance to expanding the role of Fannie Mae and Freddie Mac and said the companies could help restore funding for the largest home loans, which has dried up.
There's a lot of talk on the Hill today about raising the conforming loan limit for Fannie and Freddie from its current $417,000. Treasury Secretary Henry Paulson said, "There is little question that allowing the GSEs to securitize jumbo mortgages would give a short term lift, which would be helpful to a segment of the housing market that has shown some recent improvement but is not functioning as normal."
Fannie Mae and Freddie Mac, the biggest sources of U.S. housing finance, can buy $20 billion more in subprime mortgages under rules unveiled Wednesday to help revive a market hindered by tighter lending standards.
Federal Reserve Board chairman Ben Bernanke told a key House leader this week that any move to raise the limit on the value of mortgages that Fannie Mae and Freddie Mac can buy should only be temporary.
Countrywide Chairman and CEO Angelo Mozilo delivered a bullish outlook Tuesday for his company as it grapples with the ongoing housing downturn. However, he called on the government to do more to ease the credit crunch and help borrowers in distress avoid foreclosure.
Shares of Impac plunged more than 13% in trading on the New York Stock Exchange on news of layoffs and closing of its Alt-A division.
National City said on Monday it expects a third-quarter mortgage banking loss of around $160 million, the high end of its forecast, hurt by slumping housing demand and tighter capital markets.