Fannie Mae acquired $48 billion in home mortgages in January, its lowest purchase volume in more than three years.Meanwhile, the company's on-balance-sheet portfolio fell to $890 billion at the end of January, which translates into an annualized growth rate of negative 16.8%. Fannie Mae, which is facing a $9 billion earnings restatement, is operating under the close scrutiny of its regulator, the Office of Federal Housing Enterprise Oversight. Last week its stock fell to a new 52-week low after Federal Reserve Chairman Alan Greenspan suggested that the company and its chief competitor, Freddie Mac, should be no larger than $200 billion. In a recent report, analyst Matt Vetto of Smith Barney predicted that Fannie's portfolio would grow in the "single-digit" range after 2005, adding that the company may face a "permanent" 20% to 30% capital surplus requirement. Smith Barney is maintaining a "buy" rating on the government-sponsored enterprise. Fannie Mae can be found online at http://www.fanniemae.com.
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Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
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Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
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The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
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CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
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House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
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Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
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