What was that old criticism about Fannie Mae and Freddie Mac (pre-conservatorship) – that their risk was “public” but their profits were private? Well, guess what? Their risk is still public – but their profits are too. Freddie earned $5.6 billion in 3Q, Fannie $2.6 billion. Annualized, that translates into $32.8 billion – money that will go straight into the Treasury’s coffers. But let’s not forget about their little sister, Ginnie Mae, which earned $606 million in fiscal year 2012. And it all started under a Republican president George W. Bush and continued under a Democrat who never ran a business in his life, except for maybe a lemonade stand when he was a kid in Hawaii.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27