Fannie Mae News
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Updated 2 hours, 11 minutes ago
Investors in companies buying mortgage bonds are discovering that coming late to the party can still leave them with the biggest hangover.
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U.S. home-loan bonds without government backing are failing to trade at investor auctions at the fastest pace this year as prices tumble after a rally.
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Shellpoint Partners LLC, the home lender backed by mortgage-bond pioneer Lewis Ranieri, is planning a $251 million transaction in its first deal in the reviving market for securities without government backing.
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Wall Street is ramping up financing to private-equity firms buying homes to rent, helping them accelerate purchases as competition increases and prices jump.
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Deepak Narula rose to fame as manager of the best-performing hedge fund last year by navigating the government’s stimulus efforts. He’s having a harder time as the Federal Reserve moves closer to an exit.
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Fannie Mae and Freddie Mac shareholders sued the U.S., alleging that the 2008 takeover of the housing lending giants was illegal and cost investors billions of dollars.
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The U.S. budget deficit widened in May from a year earlier on a 10 percent increase in spending, the Treasury Department said.
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The Bank of England’s executive director for financial stability, Andrew Haldane, said the biggest global risk is a jump in bond yields that might happen for reasons beyond the unwinding of central-bank policy.
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The $1.2 trillion of mortgage-backed securities the Federal Reserve has amassed to stoke economic growth is creating a potential firewall that dealers say is shielding the bond market from a rapid decline as policy makers debate scaling back debt purchases.
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Bank of America Corp., the second- biggest U.S. lender by assets, is regaining market share in home loans after shrinking the business, according to Chief Financial Officer Bruce Thompson.
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