Archive: Fannie Mae

Morning Brief: Stimulus to Fund Local Projects

Metro and Maryland have detailed how they will use some of their share of the stimulus package money. The Transportation Planning Board of the Metropolitan Washington Council of Governments approved $230 million in projects for Metro on Wednesday, including $40 million to replace its oldest buses and crumbling rail station...

By Alejandro Lazo | February 19, 2009; 10:20 AM ET | Comments (0)

Morning Brief: Fannie Mae Looks to Treasury for Cash

Mortgage giant Fannie Mae is looking to tap government rescue money. Fannie said Monday that it expects to request up to $16 billion from the Treasury Department, marking the first time the federally run mortgage giant will hit the government's largesse. Rival Freddie Mac has already received $13.8 billion from...

By Alejandro Lazo | January 27, 2009; 09:25 AM ET | Comments (0)

Morning Brief: Paulson Sees End To Fannie, Freddie

Treasury Secretary Henry M. Paulson, Jr. on Wednesday laid out a vision in which the two local mortgage giants Fannie Mae and Freddie Mac would no longer exist. In his final speech scheduled as Treasury secretary, Paulson proposed replacing mortgage-finance companies with highly regulated utilities that would play a...

By Alejandro Lazo | January 8, 2009; 09:01 AM ET | Comments (2)

Morning Brief: Washington Area May Slow In 2009

The Washington region has held up despite the recession this year. Next year might not be so easy. The Washington region is expected to end the year with as many as 36,000 more jobs than last year, but analysts are forecasting a much dimmer outlook for next year, saying...

By Alejandro Lazo | December 15, 2008; 11:00 AM ET | Comments (0)

Morning Brief: Mortgage Giants Take Hill Grilling

Federal mortgage giants Fannie Mae and Freddie Mac took a grilling Tuesday on Capitol Hill. A congressional panel told former Fannie chief executive Franklin D. Raines that he and his colleagues acted irresponsibly in making decisions that led to the housing crisis. Raines, in turn, blamed the federal regulator...

By Alejandro Lazo | December 10, 2008; 08:46 AM ET | Comments (1)

Morning Brief: Fannie, Freddie Knew Of Risks

We begin today with more news from the mortgage giants Fannie Mae and Freddie Mac. Staff writer Zachary Goldfarb reports that internal Freddie documents show senior executives at the company were warned years ago they were offering mortgages that could pose dangers to the firm. At Fannie, top executives were...

By Alejandro Lazo | December 9, 2008; 08:08 AM ET | Comments (2)

Morning Brief: Policy Wins At Fannie, Freddie

In this week's Washington Business section, we take a deeper look at how Fannie Mae and Freddie Mac are doing under conservatorship. Staff writer Zachary Goldfarb examines how the companies are handling their sometimes contradictory missions of making money and serving the public good. "Fannie and Freddie have always...

By Alejandro Lazo | December 8, 2008; 07:17 AM ET | Comments (0)

Morning Brief: Lay-Offs Hit Washington Families

The Washington area is well known for its economic resilience. Nevertheless, several large employers have announced lay-offs and staff writer Brigid Schulte takes a look at the experiences of middle class families that have lost a wage earner today. Each of the families learned how fast the slide to the...

By Alejandro Lazo | November 25, 2008; 08:04 AM ET | Comments (0)

Morning Brief: The Voice Behind Video Games

It is Monday morning, and time to take a look at the latest local business news. First meet Craig Sechler of Northwest Washington. He is the voice behind dozens of characters in interactive video games, an intriguing, sometimes eerie, always challenging subculture that is as invisible to many people...

By Alejandro Lazo | November 24, 2008; 08:23 AM ET | Comments (0)

Morning Brief: Freddie, Fannie Halt Foreclosures

Mortgage giants Fannie Mae and Freddie Mac will suspend foreclosures and evictions for the holidays. The two companies, which were seized by the government in September, said they want to keep people from losing their homes. They said they are taking the step so they can include more people...

By Alejandro Lazo | November 21, 2008; 08:06 AM ET | Comments (0)

Morning Brief: Fannie May Be Dropped BY NYSE

Fannie Mae it is at risk of being dropped from the New York Stock Exchange. The disclosure on Tuesday illustrates how far the giant has fallen. The company was once the largest public company in the Washington area and a bedrock of the U.S. financial industry. The announcement came...

By Alejandro Lazo | November 19, 2008; 08:32 AM ET | Comments (0)

Morning Brief: Fannie, Freddie Costs Could Climb

There are lots of big local news stories today. First off, the seizure of Fannie Mae and Freddie Mac, is poised to get more expensive and some are cautioning that the takeover might cost the government more than suggested, reports staff writer Zachary A. Goldfarb. The turmoil in the financial...

By Alejandro Lazo | November 14, 2008; 08:05 AM ET | Comments (0)

Morning Brief: Fannie, Freddie Attack Foreclosures

Fannie Mae and Freddie Mac are at the forefront of the national economic story again. The two mortgage giants are an integral part of a government plan unveiled on Tuesday to help delinquent borrowers out of foreclosure. The new program ushers in a more simplified process for determining who is...

By Alejandro Lazo | November 12, 2008; 08:06 AM ET | Comments (0)

Early Briefing: Fannie's Disappearing Capital

By Alejandro Lazo So it turns out that nearly half of the capital mortgage giant Fannie Mae was sitting on in the months before being taken over by the government is now worthless. That's the news this morning from staff writer Zachary A. Goldfarb. He reports that District-based Fannie has...

By Alejandro Lazo | October 30, 2008; 07:58 AM ET | Comments (0)

Were They Or Weren't They?

Staff writer Zachary A. Goldfarb reports on the interesting contortions federal regulators went through to describe the capital condition of mortgage finance giants Fannie Mae and Freddie Mac just before they were taken over by the government. Here's his full story; you decide if there aren't some contradictions here: By...

By Dan Beyers | October 10, 2008; 08:51 AM ET | Comments (0)

New Chairmen For Fannie, Freddie

By Zachary A. Goldfarb The government Tuesday appointed the former chief executive of one of the nation's largest accounting firms to chair the board of Fannie Mae and a turnaround specialist and former deputy mayor of the District to chair the board of Freddie Mac. The government removed the chief...

By Dan Beyers | September 16, 2008; 12:12 PM ET | Comments (3)

Freddie's CEO Shuffle And New Details On Pay

Sunday night we shared with you memos from the outgoing and incoming chief executives at Fannie Mae. Today, staff writer Zachary A. Goldfarb has collected memos from the top executives at Freddie Mac. First up is former CEO Richard Syron's goodbye to Freddie employees. Then you can read incoming David...

By Dan Beyers | September 8, 2008; 05:11 PM ET | Comments (1)

Former Regulator: Move On Freddie, Fannie Now

By David S. Hilzenrath The federal government has the power to put Fannie Mae and Freddie Mac into receivership now and should do so without delay to prevent the mortgage funding giants from digging taxpayers into a deeper hole. That's the assessment of Armando Falcon Jr., who from 1999 to...

By Dan Beyers | September 5, 2008; 05:20 PM ET | Comments (16)

Management Shake-Up at Fannie Mae

From staff and wire reports Fannie Mae says three top executives are leaving as the mortgage finance company aims to cope with mounting losses from the mortgage crisis. Chief Financial Officer Stephen Swad is leaving to "pursue other opportunities" in the private-equity business. He is being replaced by David C....

By Terri Rupar | August 27, 2008; 04:58 PM ET | Comments (3)

Freddie Mac, Fannie Mae Keep Date With Six Flags

By David S. Hilzenrath Freddie Mac and Fannie Mae are getting ready to go on another roller-coaster ride. The two companies have rented the Six Flags amusement park in Largo for separate employee appreciation events next month. "The purpose is to reward employees for their hard work, and we felt...

By Dan Beyers | August 14, 2008; 02:48 PM ET | Comments (4)

Raines, Federal Regulators Reach Settlement

By David S. Hilzenrath Former Fannie Mae chairman and chief executive Franklin D. Raines has agreed to a multimillion settlement with a federal regulator over his alleged responsibility for improper accounting at the mortgage finance giant. The regulator, the Office of Federal Housing Enterprise Oversight, said Raines had agreed to...

By Dan Beyers | April 18, 2008; 01:04 PM ET | Comments (0)

Fannie Posts $3.6 Billion Loss; Gov't Eases Portfolio Cap

Here's an update to our earlier report: By David S. Hilzenrath Fannie Mae, the mortgage funding giant, today reported that it lost $3.6 billion in the fourth quarter of 2007, compared with a profit of $604 million in the comparable period a year earlier. The deepening red ink reflected rising...

By Dan Beyers | February 27, 2008; 09:45 AM ET | Comments (11)

Fannie Mae Revises Retirement Benefits

For employees of District-based Fannie Mae, retirement is looking less secure. The company informed its workforce Thursday that it is capping the amount of money it will pay toward the premiums of retirees and their dependents for those who retire after Dec. 31. If premiums continue to rise sharply, inflation...

By Dan Beyers | December 8, 2007; 09:25 AM ET | Comments (1)

Cuomo Hits Fannie Mae, Freddie Mac With Subpoeanas

The New York attorney general subpoenaed mortgage finance giants Fannie Mae and Freddie Mac as he sought to expand his housing industry investigation by focusing on companies that package house loans and sell them to investors. It was the second public step in Andrew M. Cuomo's probe of fraudulent house...

By Mike Shepard | November 7, 2007; 02:45 PM ET | Comments (0)

Regulators Adjust Restraints On Fannie, Freddie

A federal regulator today adjusted restraints on Fannie Mae and Freddie Mac, saying the changes would make it easier for the government-sponsored mortgage funding companies to tackle problems in the subprime mortgage market and help borrowers avoid foreclosure. The regulator, though, stopped short of allowing any major increase in the...

By Dan Beyers | September 19, 2007; 05:08 PM ET | Comments (0)

AOL Exec Takes Over As Fannie Mae's CFO

From the Associated Press: Former AOL executive Stephen M. Swad has become the new chief financial officer at mortgage finance giant Fannie Mae, the company said Wednesday. Swad's succession as finance chief, replacing Robert Blakely, had been planned for some time. It took effect on Aug. 17, Fannie Mae said...

By Dan Beyers | August 22, 2007; 06:48 PM ET | Comments (0)

Fannie Mae 2006 Earnings Down 35 Percent

Fannie Mae filed its delayed annual report for 2006 and said its profit for the year fell 35 percent from 2005. The District-based mortgage finance company blamed the decline on the slumping U.S. housing market and rising internal administrative costs. (See Fannie Mae's statement.) "Looking back, 2006 was a rebuilding...

By Mike Shepard | August 16, 2007; 02:26 PM ET | Comments (0)

A Wink From The Fed

The Wall Street Journal reports (subscription required) that when the Federal Reserve Bank of New York pumped large sums of cash into money markets Friday to ease the credit crunch there, it gave a "wink" to banks and companies such as Fannie Mae and Freddie Mac that it expected to...

By Dan Beyers | August 14, 2007; 06:50 AM ET | Comments (0)

Feds Say No To Lifting Fannie, Freddie Investment Caps

Earlier we passed on an Associated Press report on pleas by Fannie Mae and Freddie Mac to lift an investment cap limiting the size of their portfolios. After the markets closed, federal regulators said nothing doing. Here's the AP report: By Marcy Gordon Associated Press The government on Friday said...

By Dan Beyers | August 10, 2007; 06:32 PM ET | Comments (0)

Fannie, Freddie Press Requests To Ease Investment Caps

From the Associated Press: By Marcy Gordon Associated Press Shares of Fannie Mae and Freddie Mac climbed anew Friday, signaling the market's belief that federal regulators will ease investment limits on the two home-loan finance giants as a way to pump cash into the struggling mortgage market. The Office of...

By Dan Beyers | August 10, 2007; 03:08 PM ET | Comments (0)

 
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