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By BLOOMBERG NEWS | December 31, 1998
WASHINGTON -- Fannie Mae said yesterday that it has learned that the Clinton administration's proposed federal budget would raise at least $500 million a year by slapping new fees on Fannie and its sister mortgage concern, Freddie Mac.Both companies are government-sponsored enterprises, or shareholder-owned entities created by Congress to help ease funding in the housing market. Due to this status, Congress exempted both companies from Securities and Exchange Commission rules that require public companies to register securities and pay fees.
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BUSINESS
By Kenneth R. Harney | March 3, 1996
WASHINGTON -- Fannie Mae -- long known in the home mortgage trade as a softie when borrowers fall behind on payments -- is toughening up its act in 1996. No more Mr. Nice Guy. No more automatic rate cuts for borrowers facing temporary financial problems.But Fannie's chief competitor, Freddie Mac is taking the opposite tack. Traditionally a hardball player on loan delinquencies, the Federal Home Loan Mortgage Corporation wants to boost its number of "loan modifications" -- rate reductions, term extensions and other changes for people in financial distress -- by a hefty 50 percent this year.
BUSINESS
By Kathleen M. Howley and Kathleen M. Howley,BLOOMBERG NEWS | October 12, 2003
More people have bought houses during the past two years than at any other time in history, and two industry groups said last week that they expect similar strength to continue for the rest of this year. Last week, Freddie Mac, the second-largest U.S. mortgage buyer, and the National Association of Realtors raised their forecasts for home sales this year after mortgage rates retreated from a one-year high. Freddie Mac said it expects 7.15 million new and existing homes to be sold, more than last month's forecast of 6.76 million, chief economist Frank Nothaft said in a speech at the National Press Club in Washington.
BUSINESS
By BLOOMBERG NEWS | February 20, 2005
Freddie Mac, the second-biggest provider of financing for U.S. housing, said that it will expand its interest-only payment option to more adjustable-rate home loans to meet demand from borrowers. The 10-year interest-only period will be allowed with hybrid adjustable-rate mortgages that have fixed rates of interest for set terms of three, five, or seven years, Freddie Mac said Thursday. Freddie Mac already allows the 10-year interest only period on hybrid adjustable-rate mortgages with a fixed rate of interest for 10 years.
BUSINESS
By BLOOMBERG NEWS | January 18, 2004
Freddie Mac, the second-largest U.S. mortgage financier, has raised its forecast for home sales and mortgage lending this year, saying borrowing costs that are near record lows will keep fueling demand. Freddie Mac said 6.98 million new and existing houses will sell this year, 1.2 percent more than its forecast last month of 6.90 million. Mortgage lending will fall to $2.2 trillion from a record $3.7 trillion last year, the company said. Earlier, it had forecast $2.1 trillion. Mortgage rates might rise only slightly, which would keep sales higher than previously projected and make for the second-best housing year on record, said Frank Nothaft, Freddie Mac's chief economist.
BUSINESS
By BLOOMBERG NEWS | December 9, 2003
Freddie Mac, the second-largest source of U.S. mortgage financing, which understated earnings by $5 billion for the past three years, has chosen as its next chief executive officer a man who brings political connections and skills in turning companies around. Richard F. Syron, 60, who was named CEO of Freddie Mac on Sunday, is a former head of the American Stock Exchange and deputy assistant Treasury secretary in the Carter administration. He was most recently executive chairman of Thermo Electron Corp.
BUSINESS
By BLOOMBERG NEWS | September 14, 2003
The average rate on a U.S. 30-year, fixed-rate mortgage fell for the first time in four weeks, Freddie Mac said, reflecting a drop in market interest rates. The 30-year rate for the week ending Friday averaged 6.16 percent, down from 6.44 percent the week before. The average rate on a 15-year mortgage fell to 5.46 percent from 5.77 percent. The average one-year adjustable-rate mortgage slipped to 3.87 percent from 3.98 percent. Mortgage rates are typically pegged to long-term securities such as 10-year Treasury notes.
BUSINESS
By BLOOMBERG NEWS | October 26, 2003
The average 30-year fixed mortgage rate held above 6 percent nationally for a second straight week, Freddie Mac said, reflecting the rise in market yields on long-term debt. The 30-year rate for the week ending Friday averaged 6.05 percent, the same as a week earlier, according to Freddie Mac, the No. 2 purchaser of U.S. mortgages. The average rate on a 15-year mortgage rose to 5.39 percent from 5.36 percent, and the average one-year adjustable-rate mortgage slipped to 3.76 percent from 3.79 percent.
BUSINESS
By New York Times | April 29, 1991
WASHINGTON -- Administration officials will recommend a sharp increase this week in the supervision of the government-sponsored companies that help to finance home purchases, higher education and agriculture.Senior White House and Treasury Department officials say they are concerned that the enterprises have grown so large so quickly that their potential liabilities to taxpayers total more than $1 trillion and that the government is unable to exert any control over them.The agencies say there is no immediate threat to the federal budget from these companies, the largest and best known of which are the Federal National Mortgage Association, popularly known as Fannie Mae, and the Federal Home Loan Mortgage Corp.
BUSINESS
By BLOOMBERG NEWS | January 27, 2005
WASHINGTON - U.S. senators introduced a bill yesterday to create a federal regulator with the authority to sell the assets of Fannie Mae and Freddie Mac in the event of default. The legislation also would give a new regulator the power to adjust minimum and risk-based capital standards and to disapprove new lines of business at the two government-chartered mortgage finance companies, said Sen. John E. Sununu, a New Hampshire Republican and co-sponsor of the bill. After accounting errors at Fannie Mae, the Senate Banking Committee will "have more momentum and a greater imperative for passing a bill" than last year, when it approved legislation that stalled in the Senate, Sununu said.
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