Archive: Freddie Mac

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: Corporate Executive Board Makes Cuts

Washington area companies are not immune to the recession. The Corporate Executive Board of Arlington is planning to cut or change about a fifth of the research products and services it provides to businesses, which will mean an undetermined number of layoffs, the company's chief executive told staff in...

By Alejandro Lazo | February 4, 2009; 09:19 AM ET | Comments (1)

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: 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, 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)

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)

Freddie Mac Chief Resists Calls To Boost Capital

By David S. Hilzenrath Freddie Mac, the giant mortgage funding company, sent a fresh signal today that it won't compromise the interests of its shareholders to increase its potential support for the troubled housing market. The McLean firm, which is chartered by the government but trades on the New York...

By Dan Beyers | March 12, 2008; 02:30 PM ET | Comments (0)

Freddie Mac Reports $2.5 Billion Loss; Launches Probe

By David S. Hilzenrath Freddie Mac said today it lost $2.5 billion in the fourth quarter and disclosed that its board has formed a special committee to investigate allegations of mismanagement by directors, senior officers, and the company's outside auditors. The McLean-based mortgage funding company said the board received two...

By Dan Beyers | February 28, 2008; 09:15 AM ET | Comments (2)

Freddie Mac Offers Its Own Version of "The Sting"

Part of a video posted on YouTube last week is captioned "The Sting," but it's unlikely to be confused with the Oscar-winning film by that name starring Paul Newman and Robert Redford. The new video (see it here) was sponsored by Freddie Mac, the federally chartered mortgage funding company, to...

By Mike Shepard | December 14, 2007; 05:09 PM 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)

Former Freddie Mac CEO Settles Civil Case

From the Associated Press The government today reached a $16.4 million settlement with Freddie Mac's former chief executive for his role in the mortgage finance company's multibillion-dollar accounting scandal. Leland Brendsel, who was ousted in 2003, agreed to pay $2.5 milion in fines to the government, give back $10.5 million...

By Mike Shepard | November 6, 2007; 04:38 PM ET | Comments (0)

Hearing Opens For Former Freddie CEO

Former Freddie Mac chairman and chief executive Leland C. Brendsel should be held liable for more than $1 billion of costs incurred by the company in connection with a massive restatement of earnings, the government said today at the outset of Brendsel's administrative trial on charges of overseeing elaborate accounting...

By Dan Beyers | October 15, 2007; 12:16 PM ET | Comments (0)

Freddie Mac Boosts Reserves For Defaults

Freddie Mac today reported that its quarterly profit fell by nearly half in part because it set aside more money to cover expected losses from defaults on loans. The giant mortgage funding company's financial results provided another barometer of the deterioration in the housing market. The amount Freddie Mac added...

By Dan Beyers | August 30, 2007; 02:30 PM ET | Comments (0)

Freddie Mac Chief Sees Tough Times Ahead

Staff writer David S. Hilzenrath filed this dispatch from his interview with Freddie Mac CEO Richard F. Syron: The head of Freddie Mac has a bearish outlook for the housing market. "I think on a national level the whole housing market has another year and a half of tough times...

By Dan Beyers | July 25, 2007; 07:16 PM ET | Comments (9)

 
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