News on Mortgage Banking and Services

Mortgage rates remain below 5 percent

2010-03-11T08:30:42Z

<div id="subtitle">Rates on 30-year fixed mortgages fall to 4.95 percent, weeks before Fed exit</div><div><p>Mortgage rates held below the 5 percent threshold for the second straight week, a report said Thursday, weeks before a government program that has been keeping rates low is scheduled to expire.</p><p>The average rate on a 30-year fixed rate mortgage was 4.95 percent this week, down from 4.97 percent a week earlier, mortgage finance company UK lender Northern Rock says it returned to profit in second half of 2009</div><div><p>Nationalized mortgage lender Northern Rock said Wednesday that it returned to profit in the second half of 2009 as interest income rose and losses on loans fell.</p><p>Northern Rock said it posted a profit of 466.7 mill...

Shares of bailed out companies surge

2010-03-09T18:45:36Z

<div id="subtitle">Bailed out companies see shares rise on hopes that government rescues could be winding down</div><div><p>Shares of four companies that have received huge infusions of taxpayer cash soared Tuesday after a report that the government would sell its stake in Citigroup Inc. raised hopes that other bailed-out companies would follow.</p><p>Shares of Citi rose 26 cents, or 7.3 percent, to c...

Bailed-out U.S. financial stocks surge

2010-03-09T15:45:17Z

<div><p>NEW YORK (Reuters) - The shares of companies bailed out by the U.S. government during the financial crisis surged on Tuesday, fueled by speculation about money-making asset sales, cheap valuations and a recovery.</p><p>Citigroup Inc <C.N> stock rose as much as 8.4 percent after a prominent fund manager said the bank's shares w...

AIG Subsidiaries Resolve Allegations of Lending Discrimination

2010-03-09T00:15:42Z

<div id="subtitle">Lenders accountable for higher broker fees charged to minority borrowers</div><div><p>Two subsidiaries of American International Group (AIG) Inc. have agreed to pay a minimum of $6.1 million to resolve charges that they engaged in a pattern or practice of discrimination against black borrowers.</p><p>Brought under the federal Fair Housing and Eq...

Treasury restates support for Fannie, Freddie

2010-03-05T14:03:50Z

<div id="subtitle">Gov't restates support for Fannie Freddie after lawmaker's comments rattle investors</div><div><p>The Treasury Department was forced Friday to reiterate its financial support for Fannie Mae and Reuters) - Two AIG units settled federal charges that they discriminated against black home buyers on fees for mortgages and will pay $7.1 million for restitution and education efforts, the U.S. Justice Department said on Thursday.</p><p>The units, Freddie Mac prices $5.5 billion in three-year notes to yield 1.671 percent</div><div><p>Government-owned mortgage finance company Freddie Mac on Wednesday priced $5.5 billion in three-year reference notes.</p><p>The 1.625 percent notes due on April 15, 2013 were priced at 99.86 to yield 1.671 percent.</p><p>The issue will settle on Thursday.</p><img ...

Republicans want hearing on Fannie/Freddie bailout

2010-03-02T11:30:32Z

<div><p>NEW YORK (Reuters) - Two key Republicans are urging the House of Representatives to speed up a public hearing to investigate the administration's bailout of home funding giants Fannie Mae and

Fannie, Freddie losses underscore dire US housing sector

2010-03-01T14:16:01Z

<div><p>The US home mortage sector remains under siege -- as recent huge losses reported by government-run Fannie Mae and Freddie Mac show -- from high unemployment and troubled loans.</p><p>"Fannie Mae and Freddie Mac are being hit by continuous problems. That pressure is going to continue th...

Fannie Mae seeks $15.3B in gov't aid after 4Q loss

2010-02-26T15:30:55Z

<div id="subtitle">Fannie Mae asks for $15.3B in federal aid after posting $16.3 billion loss in fourth quarter</div><div><p>Fannie Mae needs another $15 billion in federal assistance, bringing its total to more than $75 billion. And worse, the mortgage finance company warned its losses will continue this year.</p><p>The rescue of Fannie Mae and sister company Obama administration won't seek to overhaul Fannie Mae, Freddie Mac until 2011</div><div><p>The Obama administration will wait until 2011 to propose an overhaul of mortgage giants Fannie Mae and Freddie Mac,

Summary Box: Freddie Mac's losses continue

2010-02-24T11:15:49Z

<div id="subtitle">Summary Box: Freddie Mac's losses continue, but mortgage giant doesn't need more taxpayer aid</div><div><p>LOSSES CONTINUE: Mortgage finance company Freddie Mac said Wednesday that it lost $7.8 billion, or $2.39 a share, in the fourth quarter of last year. That was down from $23.9 billion, or $7.37 a share, in the same quarter a year ago.</p><p>UNCLE SAM DODGES A BULLET:...

Freddie Mac losses mount, warns of foreclosures

2010-02-24T11:15:41Z

<div id="subtitle">Freddie Mac's losses keep mounting, but mortgage giant avoids requesting more taxpayer aid</div><div><p>Freddie Mac lost almost $26 billion last year, ominous news for taxpayers who are footing the bill to rescue the mortgage finance company and its sibling Fannie Mae.</p><p>Freddie Mac, which has lost a total of almost...

Freddie Mac posts 2009 loss of 21.5 billion dollars

2010-02-24T07:15:52Z

<div><p>Embattled US mortgage finance giant Freddie Mac said Friday it posted a net loss of 6.5 billion dollars in the fourth quarter to cap a whopping full year deficit of 21.55 billion dollars.</p><p>Freddie Mac, which was seized by the government and placed into conservatorship along with rival

UK mortgage loans at 8 1/2 year low in January

2010-02-23T02:30:15Z

<div id="subtitle">UK's major banks say mortgage lending at 8 1/2 year low in January</div><div><p>Mortgage lending in Britain hit the lowest level in 8 1/2 years in January at 8 billion pounds ($12.4 billion), major banks reported Tuesday.</p><p>The British Bankers Association report is in line with last week's re...

Rates on 30-year home loans fall to 4.93 pct

2010-02-22T08:46:01Z

<div id="subtitle">Rates on 30-year mortgages drop to 4.93 pct, second straight weekly decline</div><div><p>Rates for 30-year home loans edged lower for the second straight week, a report said Thursday, but remained above last year's record lows.</p><p>The average rate on a 30-year fixed rate mortgage was 4.93 percent this week, down from 4.97 percent a week earlier, mortgage finance company Freddie Mac said Thursday.</p><p>The average rate on a 30-year fixed mortgage was 4.97 percent this week, down from an average of 5.01...

US Earns Fannie Mae

2010-02-10T22:15:24Z

FILE- In this July 11, 2008 file photo, a sign in front of the Fannie Mae headquarters in Washington is seen. Mortgage financier Fannie Mae reported in late January, 2010, that the rate of borrowers who have a conventional loan on a house and are seriously delinquent was 5.29 percent in November, more than doubling the rate of 2.13 percent in November 2008. (AP Photo/Manuel Balce C...

Fannie, Freddie to start buying back bad loans

2010-02-22T10:18:34Z

<div id="subtitle">Mortgage financiers to buy back soured loans contained in mortgage-backed securities</div><div><p>Government controlled mortgage finance companies Fannie Mae and Freddie Mac said Wednesday they will buy back troubled loans contained in securities they have already sold to investors.</p>...