The Mortgage Bankers Association has slashed its estimate of the number of mortgages its members will issue in 2009. One reason: Few refinancings are being done under President Obama's ballyhooed Home Affordable Refinance Program.
Fannie Mae and Freddie Mac, charged with helping lead the nation out of its housing crisis, are facing "critical" financial problems, federal regulators said Monday.
Freddie Mac asked for another $6.1 billion in government aid Tuesday, after reporting a $9.9 billion quarterly loss.
Former Freddie Mac Chief Executive David Moffett, who resigned six weeks ago, is temporarily returning to the mortgage finance giant as an adviser following the death of acting finance chief David Kellermann, the company said Friday.
The acting chief financial officer of mortgage finance giant Freddie Mac, David Kellermann, was found dead Wednesday morning, police said.
While the jury's out on President Obama's decision to sub Fritz Henderson for Rick Wagoner as CEO of GM, the shift doesn't matter because the bailout is suspect. The reason? Of all the models the federal government could have picked for restructuring the automaker, it picked Fannie Mae and Freddie Mac.
Freddie Mac, the government-backed mortgage finance company, said Wednesday it has asked the government for $30.8 billion in additional funding to close a gaping hole on its books.
Freddie Mac's chief executive, installed last year after the government took over the troubled mortgage finance company, is resigning, the company and its regulator said Monday.
Hammered by the ailing housing market, mortgage finance giant Fannie Mae said Thursday it would tap its lifeline from the Treasury Department after reporting $58.7 billion in losses for 2008.
Fannie Mae and Freddie Mac won't be leaving the federal government's nest anytime soon.
The Mortgage Bankers Association has slashed its estimate of the number of mortgages its members will issue in 2009. One reason: Few refinancings are being done under President Obama's ballyhooed Home Affordable Refinance Program.
Fannie Mae and Freddie Mac, charged with helping lead the nation out of its housing crisis, are facing "critical" financial problems, federal regulators said Monday.
Freddie Mac asked for another $6.1 billion in government aid Tuesday, after reporting a $9.9 billion quarterly loss.
Former Freddie Mac Chief Executive David Moffett, who resigned six weeks ago, is temporarily returning to the mortgage finance giant as an adviser following the death of acting finance chief David Kellermann, the company said Friday.
The acting chief financial officer of mortgage finance giant Freddie Mac, David Kellermann, was found dead Wednesday morning, police said.
While the jury's out on President Obama's decision to sub Fritz Henderson for Rick Wagoner as CEO of GM, the shift doesn't matter because the bailout is suspect. The reason? Of all the models the federal government could have picked for restructuring the automaker, it picked Fannie Mae and Freddie Mac.
Freddie Mac, the government-backed mortgage finance company, said Wednesday it has asked the government for $30.8 billion in additional funding to close a gaping hole on its books.
Freddie Mac's chief executive, installed last year after the government took over the troubled mortgage finance company, is resigning, the company and its regulator said Monday.
Hammered by the ailing housing market, mortgage finance giant Fannie Mae said Thursday it would tap its lifeline from the Treasury Department after reporting $58.7 billion in losses for 2008.
Fannie Mae and Freddie Mac won't be leaving the federal government's nest anytime soon.
The White House is using only $50 billion from the $700 billion financial industry bailout package to fund the foreclosure prevention program, a senior administration official clarified Friday.
As required by the federal bailout law, the Federal Reserve will look to prevent foreclosures by modifying the terms on certain delinquent loans, lawmakers said Tuesday.
The federal regulator of Fannie Mae and Freddie Mac will set new rules early next week governing the mortgage finance companies' portfolios, which play a crucial role in the nation's housing market.
Interest rates on 30-year fixed rate mortgages rose after an 11 week streak of declines.
Washington policy makers have taken aim at one of the main contributing causes to the housing crisis: inflated appraisals.
Mortgage giants Fannie Mae and Freddie Mac have extended a moratorium on foreclosure suspensions for another three weeks, directing the mortgage servicers they work with to postpone any foreclosure or eviction proceedings through January 31.
Mortgage rates fell to another all-time low, declining for the tenth consecutive week.
Rates on mortgage loans are the lowest in the 37-year history of the Freddie Mac Primary Mortgage Market Survey, according to a weekly report released Wednesday.
Near record low mortgage rates sent mortgage applications shooting higher last week, especially for refinances, according to an industry report.
Mortgage rates fell this week, with the 30-year fixed mortgage sinking to its lowest rate in 37 years as the Federal Reserve cut interest rates to historic lows.
Mortgage rates fell again this week, following the government's efforts to assist the troubled housing market.
A House committee trying to uncover the roots of the credit crisis on Tuesday grilled several former CEOs of mortgage finance giants Fannie Mae and Freddie Mac.
Stocks tumbled Tuesday morning as a profit warning from FedEx and some buyer's remorse after a two-session rally sent stocks tumbling in the early going.
Loan modifications for homeowners in trouble: there are a lot of proposals out there. But what's the best way to go about reworking your mortgage terms? Here's what you need to know.
Mortgage rates fell this week, reaching levels not seen since January, as the government steps up its efforts to aid the ailing housing market.
The feds are trying once more to resuscitate the mortgage market. But history shows reviving this patient won't be easy.
Freddie Mac reported a $25 billion quarterly loss Friday that forced the mortgage finance giant to tap $100 billion in bailout money set aside by the government.
Mortgage giants Fannie Mae or Freddie Mac may back 30 million mortgages. But that doesn't mean that the new foreclosure prevention program announced this week by the Bush administration will rescue every troubled borrower on their books.
Mortgage rates fell for the second week in a row, finance firm Freddie Mac said Thursday, as the weakening economy resulted in the slowest pace of home purchase applications in nearly eight years.
The federal government's plan to streamline modifications of troubled loans held by Fannie Mae and Freddie Mac won't help the majority of people threatened with foreclosure, experts said.
The Bush administration on Tuesday unveiled a new program to modify mortgages and stabilize the battered real estate market, but the plan stops short of providing direct government financial help to at-risk homeowners.
Mortgage rates fell this week amid a pullback in consumer spending and a weaker job market.
In a time when closures or panicked liquidations of name-brand hedge funds have become commonplace, the opening of a $1 billion fund trading mortgage-backed securities and other types of credit should attract more than a few raised eyebrows.
Federal Reserve Chairman Ben Bernanke said Friday that the federal government will need to continue to play a role in the future of the mortgage financing market.
Falling house prices are still a problem. Could Fannie Mae and Freddie Mac be part of the solution?
The 30-year mortgage rate surged this week, following the Fed's half-point rate cut and the rise in long-term Treasury bonds yields.
The 30-year mortgage rate fell this week after last week's spike, which was its biggest weekly jump since April 1987.
Low mortgage rates, the one bright spot in a devastated housing market, are on a rapid rise.
Rates on 30-year mortgages fell from last week, while loan applications grew slightly in the face of turbulence in the banking and finance sectors.
Rates on 30-year mortgages rose from last week as loan applications slowed in the face of turbulence in the banking and finance sectors.
Congress has balked at the Bush administration's proposed $700 billion bailout of Wall Street. Under this plan, the Treasury would have bought the "troubled assets" of financial institutions in an attempt to avoid economic meltdown.
Many Americans today are asking themselves how the economy got to be in such a bad spot.
The numbers are big. That much is certain.
Far from stabilizing the financial system, the federal bailout barrage appears to have left investors shell-shocked.
Rates on 30-year mortgages dropped, after the U.S. government took control of mortgage financing giants Fannie Mae and Freddie Mac last weekend.
U.S. treasurys rose on Monday after a government bailout of mortgage giants Fannie Mae and Freddie Mac drove down mortgage rates.
When it came to buying influence in Washington, Freddie Mac and Fannie Mae were among Corporate America's biggest spenders.
The following is the statement by James Lockhart, director of the Office of Federal Housing Enterprise Oversight, who will head the Federal Housing Finance Agency being created to oversee mortgage backers Fannie Mae and Freddie Mac:
Rates on 30-year mortgages fell for a third straight week, dropping to the lowest level since mid-July
Mortgage rates declined, easing for the third straight week, according to a report from mortgage finance giant Freddie Mac.
Rates on the 30-year fixed mortgage fell from last week, even as the housing market showed more signs of weakness.
Rallying financial and energy stocks pushed Wall Street higher Wednesday, after a choppy session dictated by fluctuating oil prices and fears that Fannie Mae and Freddie Mac are on the brink of a government takeover.
Stocks tumbled Monday, as Fannie Mae and Freddie Mac plunged, amid renewed concerns about the financial sector and a weaker dollar.
Stock futures lost ground Wednesday after battered mortgage finance giant Freddie Mac reported a wider-than-expected quarterly loss.
Freddie Mac said it swung to a second-quarter loss that was more than three-times larger than Wall Street expected as more homeowners fell behind on their mortgage loans
Stock futures lost ground Wednesday after battered mortgage finance giant Freddie Mac reported a wider-than-expected quarterly loss.
Mortgage rates fell slightly this week according to a weekly report released Wednesday, as lower oil prices briefly ease fears of price inflation.
Congress passed the most significant housing legislation in decades Saturday, offering help to struggling homeowners and seeking to stabilize a troubled housing market
Rates on 30-year mortgages rose for the third consecutive week amid concerns about mounting inflation, the weak housing market and speculation that the Federal Reserve will hike interest rates soon.
Treasury prices fell Tuesday as the president of the Philadelphia Federal Reserve said inflation needs to be corrected "sooner rather than later."
The financial sector tumbled Monday, dragging down the broader market, as the IndyMac bank failure countered relief that the government is helping Fannie Mae and Freddie Mac.
The dollar regained a little lost ground against most foreign currencies Monday as traders cheered the U.S. government's plan to rescue ailing mortgage finance firms Fannie Mae and Freddie Mac.
There was unusually high demand for Freddie Mac bonds Monday, with its routine debt auction oversubscribed; but its shares continued to waffle as investors digested the government's weekend efforts to prop up the troubled company.
Anxiety over a possible government takeover of Fannie Mae and Freddie Mac sent financial stocks into a virtual tailspin Friday.
Stocks tanked Wednesday, with the Dow losing 237 points, as more worries about Freddie Mac and Fannie Mae's ability to raise capital exacerbated credit market and corporate profit jitters.
Rates on 30-year fixed mortgages have surged a tenth of a percentage point to a 9-month high on growing concerns about inflation, mortgage backer Freddie Mac said Thursday.
Rates on 30-year fixed mortgages have surged nearly a quarter percentage point to an 8-month high on growing concerns about inflation, mortgage backer Freddie Mac said Thursday.
Rates on 30-year mortgages were pushed up this week above 6 percent amid growing concerns about inflation, mortgage backer Freddie Mac said Thursday.
Rates on 30-year mortgages eased this week, but remained above 6%, as signs that the overall economy is recovering helped offset ongoing weakness in the housing market, mortgage backer Freddie Mac said Thursday.
Freddie Mac is the latest beneficiary of wishful thinking about the housing market.
Rates on 30-year mortgages edged lower this week but remained above 6% as signs of economic stability overshadowed continued weakness in the housing market.
The percentage of homeowners who refinanced with a Freddie Mac-owned loan in the first quarter of 2008 and received mortgages with loan amounts higher than their original mortgages, fell to the lowest levels since early 2004.
Mortgage rates were mixed this week as the index of leading indicators fell for the fifth straight month, home prices continued their decline and consumer confidence reached a 5-year low, Freddie Mac reported Thursday.
Borrowers looking for fixed-rate mortgages can now find the lowest rates in more than a month. But experts warn the decline may not last for long.
Mortgage rates rose across the board this week as lower home prices and mortgage rates contributed to a more affordable market for homebuyers, Freddie Mac reported Thursday.
Stocks tumbled Wednesday, erasing gains at the end of an otherwise upbeat session, as record oil and gas prices countered an attempt to rally for a second session in a row.
Stocks built on the previous session's tremendous rally Wednesday, as oil prices backed off of all-time records and investors continued to applaud the Federal Reserve's plan to restore calm to the credit markets.
The Federal Reserve on Tuesday announced yet another measure to pump more liquidity into the jittery financial markets.
Stocks tanked and bonds rallied Thursday as investors eyed the latest wave of credit market woes and opted to dump equities and scoop up the relatively safer government debt.
After a series of gloomy readings on the economy, mortgage rates fell this week in the slumping housing market, erasing last week's jump, Freddie Mac reported Thursday.
Following a January surge in refinancing activities, mortgage rates rose this week in the lackluster housing market, but are likely to decline, Freddie Mac reported Thursday.
Adjustable-rate mortgages could become more popular as the difference between long-term fixed rates and adjustable rates increases, Freddie Mac reported Thursday.
Mortgage rates were little changed this week as labor productivity rose higher than forecast and pending existing home sales weakened, Freddie Mac reported Thursday.
Mortgage rates were flat this week, following a disappointing service sector report, Freddie Mac said Thursday.
More than half of borrowers who have missed mortgage payment deadlines are still in the dark about ways to avoid foreclosure, but that percentage is falling, said a survey released Thursday.
Mortgage rates ended their five-week descent following the Fed's decision to cut its federal funds rate by half of a percentage point, Freddie Mac reported Thursday.
Mortgage rates continued to fall this week, with 30-year and 15-year fixed-rate mortgages hitting their lowest levels in nearly four years, Freddie Mac reported Thursday.
We've been hearing how bad the economy is and how a recession is looming. But before you start hiding your money in your mattress, remember there are opportunities in a down market.
Weak retail sales and broader concerns about the economy exerted downward pressure on mortgage rates, Freddie Mac reported Thursday.
The number of adjustable-rate mortgages issued by lenders declined in 2007 as loan delinquencies and economic problems took their toll on interest rate discounts, according to Freddie Mac's annual ARM survey.
Mortgage rates dropped this week on weak economic data, sending refinancing activity higher, Freddie Mac reported Thursday.
Some mortgage rates rose along with bond rates this week as reports of stronger consumer spending in November were tempered by disappointing readings of other economic measures, Freddie Mac reported Thursday.
Strong reads on inflation and retail sales led to a slight lift in mortgage rates this week, Freddie Mac reported Thursday.
Lowered expectations for a recession led to a lift in mortgage rates this week, Freddie Mac reported Thursday.
The CEOs of Freddie Mac and Fannie Mae warned their ailing mortgage-finance companies will suffer further in 2008 due to a weakening housing market and rising home-loan defaults.
Interest rates on fixed-rate home loans fell again this week on weak housing prices and consumer spending, Freddie Mac said Thursday.
National home prices showed their biggest quarterly drop in 25 years during the third quarter of 2007, said a report Tuesday.
Interest rates on fixed-rate mortgages slipped again this week as the glut of available homes exerted downward pressure on prices and construction activity, Freddie Mac reported Thursday.
Mortgage rates continued to fall as the weak housing market remained a drag on the economy, Freddie Mac reported Wednesday.
The Federal Reserve said that the decision to cut a key interest rate last month was a "close call," according to minutes from that meeting released Tuesday.
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