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Tag Archives: Freddie Mac

Treasury Releases Guest List for Next Week’s Housing Finance Forum

Undoubtedly, the model of home financing is in for a change. And the structural bastions of the nation's mortgage system - Fannie Mae and Freddie Mac - are at the very center of the debate. Ideas range from completely eliminating the two GSEs to turning them into official government agencies. Next week, Treasury will host a conference in Washington, D.C. on the subject, to gather input and suggestions from industry stakeholders. On Thursday, the administration released its guest list for the event.

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Mortgage Rates Again Drop to New Record-Lows

Just how low can mortgage interest rates go? Lately it seems like there's no bottom in site. For months now, rates have been falling to new record-lows week after week, and this week, they headed even lower. Freddie Mac reported Thursday that interest rates for 30-year fixed mortgages are now averaging 4.44 percent, and 15-year fixed-rate home loans are at 3.92 percent. Bankrate's weekly survey puts the average rate for 30-year mortgages at 4.57 percent, and 15-year mortgages at 4.06 percent.

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Record-Low Rates Do Little to Increase Mortgage Demand

Mortgage interest rates have been hovering at their lowest levels in decades, but that's done little to sway consumers to buy a home or refinance their mortgage to take advantage of the interest savings. The economists at Freddie Mac point to several reasons for the ""missing"" originations, which they trace back to deteriorating home values. Many borrowers' home equity is so badly eroded that they don't qualify for a refinance, and potential buyers remain nervous about investing in a home absent big incentives.

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Freddie Mac Asks for $1.8B More from Taxpayers after Q2 Loss

Freddie Mac reported Monday that it lost $4.7 billion during the second quarter. The GSE is asking the Treasury for another $1.8 billion of taxpayer dollars. Freddie has drawn $64 billion from its line of credit with the Treasury since the government took control of the mortgage giant in September 2008. Despite a continuous string of losses - this was the 11th in the last 12 quarters - Freddie Mac's latest earnings report actually marks an improvement. For the previous three-month period, the GSE posted a $6.7 billion loss.

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Lawmakers to Explore Ways to Recoup Money from GSEs

Leaders of the House Financial Services Committee say they are looking for ways to recoup the billions of dollars the federal government has sunk into the GSEs over the past two years. Taxpayer support to shore up Fannie Mae and Freddie Mac stands at $145 billion so far, and the tab keeps rising. Rep. Paul Kanjorski says, ""Twenty years ago, we found a way for industry to pay back the sizable U.S. Treasury payments for resolving the savings-and-loan crisis. We can do it again.""

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Bear Stearns Portfolio Puts New York Fed in Foreclosure Quandary

The U.S. Federal Reserve is in the same boat as the banks now, dealing with a mortgage portfolio that's riddled with deficiencies and delinquencies. The central bank's New York branch has been saddled with a heap of souring loans from the assets it picked up to support the 2008 bailout of Bear Stearns. And now, as more and more of these loans - both residential and commercial - fall into default, the New York Fed is faced with a dilemma: to foreclose or not to foreclose.

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Mortgage Rates Slide Down Even Further, Hit New Record Lows

Mortgage rates seem to be hitting new record lows on a weekly basis. And this week wasn't any exception, as reports released Thursday by Freddie Mac and Bankrate showed yet another decline in rates for the week ending August 4, 2010. According to Freddie Mac, 30-year fixed-rate mortgages averaged 4.49 percent, and 15-year fixed-rate mortgages fell to a record low of 3.95 percent. Bankrate reported the same trend of ever-declining rates. The tracking company said 30-year fixed-rate mortgages came in at 4.66 percent, and 15-year fixed-rate mortgages averaged 4.11 percent.

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GSEs Scale Back Housing Forecasts

The nation's two largest mortgage companies have published forecasts lowering their projections for home sales and mortgage production, industry-wide. The economists at Fannie Mae are tempering public expectations for the housing market with a candid warning: the headwinds in housing have picked up. Freddie Mac's economic team slimmed down its projected numbers, but said the market has gained enough momentum to carry through the occasional setbacks.

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American Capital Taps Freddie Mac Exec as SVP of Mortgage Investments

Christopher Kuehl was recently named SVP of mortgage investments at Bethesda, Maryland-based American Capital Agency Management, LLC, the external manager of American Capital Agency Corp. (AGNC), a REIT that invests in agency pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by a U.S. government agency. Kuehl joined American Capital from Freddie Mac, where he most recently served as VP, head of agency and nonagency mortgage investments.

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Freddie Mac Appoints Chief Administrative Officer

Freddie Mac announced Monday that it has appointed Jerry Weiss to the newly created position of chief administrative officer. In this new position, Weiss will manage external relations and human resources for Freddie Mac. In addition, he will continue to serve as the company's chief compliance officer and oversee the compliance, economics and strategy, regulatory affairs, and mission divisions.

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