Freddie Mac, the mortgage finance firm controlled by the U.S., will name Christopher S. Lynch to replace John Koskinen as non-executive board chairman, according to four people with direct knowledge of the matter.
EverBank Financial Corp. and JPMorgan Chase & Co. are planning to sell securities backed by $924 million of new U.S. home loans without government backing in deals that would double the number of issuers in the so- called non-agency market since the debt caused a global crisis.
Fannie Mae and Freddie Mac , the housing-finance companies supported by U.S. taxpayers, should take advantage of demand for government-backed mortgage debt and sell their holdings, according to Pacific Investment Management Co.
Daniel Mudd, the former chief executive officer of Fannie Mae, and Richard Syron, ex-CEO of Freddie Mac, were sued by the U.S. Securities and Exchange Commission for understating by hundreds of billions of dollars the subprime loans held by the firms.
The odds of credit rating downgrades on the bonds of Fannie Mae and Freddie Mac rose after lawmakers tapped the government-supported mortgage companies to pay for last month’s extension of a payroll tax cut, according to Bank of America Corp.