Freddie Mac News
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Fannie Mae is snatching potential profits away from mortgage lenders as it posts record earnings that are fueling industry concern the government-backed company is regaining its swagger even as lawmakers plot its demise.
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JPMorgan Chase & Co. is planning its second sale of U.S. home-loan securities without government backing since the financial crisis the debt helped to trigger.
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Ellington Management Group LLC, the $5.5 billion investment firm founded by Michael Vranos that specializes in mortgage-backed bonds, hired Steven Abreu from GMAC Mortgage to start an origination business.
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Freddie Mac, the government- controlled mortgage financier, said that it’s begun packaging modified home loans into bonds that it guarantees, with $1 billion of securitizations already completed.
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U.S. mortgage rates rose, pushing borrowing costs for a 30-year loan to a two-month high, after a jump in yields for the Treasuries that guide consumer debt.
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Sales of new U.S. homes climbed in April to the second-highest level in almost five years as lower borrowing costs and job gains drew more buyers into the market.
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U.S. house prices rose 7.2 percent in the year through March, the biggest gain since May 2006, the Federal Housing Finance Agency said.
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Yields on Fannie Mae and Freddie Mac mortgage bonds that guide U.S. home-loan rates climbed to the highest in almost a year as Federal Reserve Chairman Ben S. Bernanke told Congress the central bank may cut the pace of bond purchases in the “next few meetings.”
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Sales of previously owned U.S. homes climbed in April to the highest level in more than three years even as the market remained constrained by a lack of inventory and strict borrowing rules.
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As a North Carolina congressman, Mel Watt has tried to arm struggling homeowners with a legal “sledgehammer” against lenders and expand the ranks of people eligible to cut their mortgage principal.
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