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Federal National Mortgage Association

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  • 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...

  • 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...

  • 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.

  • WASHINGTON, March 18- U.S. housing finance companies Fannie Mae and Freddie Mac could require more bailouts from U.S. taxpayers as risks are rising due to shrinking reserves, an internal watchdog for the firms' regulator said on Wednesday. Taxpayers pumped $116.1 billion into Fannie Mae following the U.S. housing market collapse, while Freddie Mac was propped up...

  • House Republicans take aim at Dodd-Frank in budget plan Tuesday, 17 Mar 2015 | 11:20 AM ET

    WASHINGTON, March 17- Republican lawmakers took aim at the Dodd-Frank Wall Street reform law Tuesday, unveiling a plan that would gut regulators' authority to manage the collapse of big banks and give Congress direct control of the U.S. consumer finance bureau's budget. The proposal, led by House Budget Committee Chairman Tom Price, pledges to make "great strides...

  • NEW YORK, March 16- A U.S. housing regulator urged a federal judge on Monday to award it $1.1 billion due to false claims made about "crap" mortgages underlying securities sold by Nomura Holdings Inc to Fannie Mae and Freddie Mac ahead of the 2008 financial crisis. At the start of a trial in Manhattan federal court, a lawyer for the Federal Housing Finance Agency said...

  • NEW YORK, March 13- A U.S. housing regulator is set to take two of the world's biggest banks to trial on Monday to try and recoup more than $1 billion in damages over mortgage bonds sold to government-run mortgage finance companies ahead of the 2008 economic crisis. Lawyers for the regulator will face off with attorneys of Nomura Holdings Inc and Royal Bank of...

  • March 9- Fannie Mae said its Chief Risk Officer John Nichols was taking a leave of absence for health reasons.

  • The Home Affordable Refinance Program, set up in 2009 after the housing bubble burst, allows borrowers with loans backed by mortgage finance firms Fannie Mae and Freddie Mac to refinance at lower interest rates even when homes have lost value. "It's highly unlikely that we would extend the coverage period...," Federal Housing Finance Agency Director Mel Watt, whose...

  • Michael Stegman, the counselor to the Treasury's secretary for housing finance policy, advocated for programmatic sales of non-performing loans at Fannie Mae and Freddie Mac and for a faster reduction in the most illiquid assets held by the two government-sponsored enterprises. Fannie Mae, the nation's largest source of mortgage funds, and its sister firm...

  • WASHINGTON, March 5- The top U.S. housing regulator said on Thursday that the Federal Housing Finance Agency has gathered feedback into its Single Security initiative and will offer more details into the structure of the plan in the second quarter of this year. "While the Single Security remains a multi-year initiative, we believe this update report will be a...

  • WASHINGTON, March 5- A U.S. Treasury official on Thursday pushed for a faster reduction in the most illiquid assets held by Fannie Mae and Freddie Mac, and said the only way to fix the government-controlled mortgage finance firms was through legislative reform. Fannie Mae, the nation's largest source of mortgage funds, and its sister firm Freddie Mac were bailed...

  • WASHINGTON, March 5- A U.S. Treasury official on Thursday pushed for a faster reduction in the most illiquid assets held by Fannie Mae and Freddie Mac, and said the only way to fix the government-controlled mortgage finance firms was through legislative reform. "The closer the GSEs can come to transferring the majority of risk to private market participants, the...