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  • Countrywide CEO Says Company 'Out' of Subprime Monday, 24 Sep 2007 | 11:20 AM ET
    Angelo Mozilo

    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 CEO: Mortgage Cap Can Be Lifted Temporarily Thursday, 20 Sep 2007 | 5:21 PM ET

    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.

  • Fed, Treasury Are Open to Easing Mortgage Limits Thursday, 20 Sep 2007 | 5:00 PM ET

    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.

  • Treasury Secretary, Henry Paulson

    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, Freddie Mac Subprime Restrictions Ease Wednesday, 19 Sep 2007 | 3:57 PM ET

    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.

  • Bernanke: Make Fannie, Freddie Loan Hikes Temporary Wednesday, 19 Sep 2007 | 3:41 PM ET

    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 CEO Bullish, Asks Government to Do More Wednesday, 19 Sep 2007 | 5:19 AM ET
    Angelo Mozilo

    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.

  • Impac Exits Alt-A Market, Cuts 144 Jobs Tuesday, 18 Sep 2007 | 1:59 PM ET

    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 Sees Mortgage Loss Near $160 Million Monday, 17 Sep 2007 | 11:46 AM ET

    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.

  • Housing Woes May Push U.S. Near Recession: Forecast Wednesday, 12 Sep 2007 | 12:46 PM ET

    Ongoing weakness in the housing market will push the national economy to the brink of recession, but growth in other areas should put the country back on a slow road to recovery by 2009, according to an economic forecast released Wednesday.

  • Take A Load Off, Fannie Monday, 10 Sep 2007 | 10:40 AM ET

    Fannie Mae, a government chartered corporation created to foster lending in the mortgage market, was up mysteriously Friday while the rest of the financials suffered. What's behind this move?

  • U.S. Officials Says Job Fall Won't Stall Economy Friday, 7 Sep 2007 | 2:04 PM ET
    United States Treasury Secretary Henry Paulson

    Bush administration officials Friday sought to ease fears the U.S. was tipping into recession after a government report showed the economy shed jobs for the first time in four years last month.

  • Foreclosure Bailouts? Don't Mail Out Checks Yet Friday, 7 Sep 2007 | 11:14 AM ET

    We reported some pretty nasty numbers from the Mortgage Bankers Association yesterday: A 51% rise in new foreclosures nationwide to the highest rate in the history of the MBA survey. And it’s a big bad number like that that is going to add more fuel to the fire in Washington among all those folks who have been bandying about the idea of some kind of government...

  • Federal Home Loan Bank Mortgage 'Advances' Surge Tuesday, 4 Sep 2007 | 5:29 PM ET

    Mortgage-related loans by the Federal Home Loan Bank system to members surged 17 percent in August as "extraordinary events" upset credit markets, the FHLB's office of finance said on Tuesday.

  • First American Cuts Jobs, NovaStar Survival at Risk Tuesday, 4 Sep 2007 | 12:19 PM ET

    Fallout from the U.S. housing slump on mortgage and real estate companies deepened Tuesday, as title insurer First American and subprime lender NovaStar Financial announced job cuts and NovaStar's auditor expressed doubt that the company will survive.

  • Buffett, BofA, Countrywide: One Person's Opinion Tuesday, 4 Sep 2007 | 12:13 PM ET
    Countrywide

    An excellent source, Janet Tavakoli, who knows more about the credit markets and asset-backed securities than I ever ever want to, sent me the following note over the holiday weekend. I consider it worth sharing, despite its conclusion, with which some may disagree. Not my place to take a side, but I do think, on the blog, opinions, especially from someone of her caliber, are worth sharing...

  • Why Bush Stepped Into Subprime Meltdown Friday, 31 Aug 2007 | 2:53 PM ET

    After watching for weeks as the mortgage meltdown roiled the markets and squeezed homeowners, President Bush inserted himself directly into the matter today. It remain unclear how much his intervention will help investors, lenders or homeowners. But there's no mystery about why he did it.

  • Recession Possiblity Stirring Debate on Wall Street Friday, 24 Aug 2007 | 8:16 AM ET

    The hot topic on the Street is the probability of a recession. Robert Albertson, chief strategist at Sandler O'Neill, and this morning Angelo Mozillo, CEO of Countrywide both voiced fears that a recession was coming. Opinions are sharply divided on this. David Bianco, UBS' Equity Strategist, said earlier this month that the S&P seems to be signaling a "financial sector recession" (i.e. that a recession is expected to mostly affect financial sector profits).

  • Interview Transcript: Angelo Mozilo Thursday, 23 Aug 2007 | 1:43 PM ET

    The unofficial transcript of a CNBC exclusive interview with Countrywide CEO Angelo Mozilo on CNBC's "The Call."

  • Former AOL executive Stephen M. Swad has become the new chief financial officer at mortgage finance giant Fannie Mae, the company said Wednesday. Swad's succession as finance chief, replacing Robert Blakely, had been planned for some time.  Blakely stepped down as its chief financial officer last Friday but remains an executive vice president.