Brad German News
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Fannie Mae’s and Freddie Mac’s charters exempt them from paying real-estate transfer taxes, a federal judge in Greenbelt, Maryland, ruled, dismissing a claim by the state’s Montgomery County.
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Fannie Mae and Freddie Mac may send the Treasury Department enough money in June to extend by a month government operations under the debt ceiling, giving Republicans and Democrats more time to hammer out solutions to the nation’s finances.
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Swedish regulators should consider raising risk weights on mortgage assets above the 15 percent proposed last year to help the industry pad itself against potential losses, Riksbank Governor Stefan Ingves said.
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The European Union’s planned tax on financial transactions should have a “broad base” covering equities, bonds, currencies and derivatives to ensure it can’t be evaded, the finance ministers of France and Germany said.
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Fannie Mae and Freddie Mac are exempt from paying real-estate transfer taxes, a federal judge in Philadelphia said in a ruling that threw out a lawsuit by two Pennsylvania counties.
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Fannie Mae and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money.
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Freddie Mac sued Bank of America Corp., UBS AG, JPMorgan Chase & Co. and a dozen other banks over alleged manipulation of the London interbank offered rate, saying the mortgage financier suffered substantial losses as a result of the companies’ conduct.
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Freddie Mac’s decision to force Bank of America Corp. to repurchase $330 million of mortgages from its securities may result in a profit for the lender while triggering investor losses, according to Credit Suisse Group AG.
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Freddie Mac, the government- supported mortgage company, made it harder for some borrowers with second-lien home equity debt to refinance as it released guidelines for its version of the federal Home Affordable Refinance Program.
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PNC Financial Services Group Inc. was on the brink of selling Jim Durden a foreclosed house in Weed, California, last month when the country’s biggest banks came under public fire for improperly seizing homes. Now, he lives in an EconoLodge .
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