Freddie Mac's effort to prop up the pricing of its newly issued mortgage-backed securities is working, according to a company official.Over the past four months, the pricing of Freddie's "to-be-announced" mortgage securities (which the company calls participation certificates) has improved by 4/32nds, according to Mike May, senior vice president for mortgage sourcing, operations and funding. On Oct. 29, Freddie announced that it would begin purchasing its own PCs, which generally trade at a discount to Fannie Mae mortgage-backed securities. Freddie said that to fund these purchases, it would sell its holdings of Fannie Mae MBS. The results have been "most encouraging" and bond market analysts are starting to notice, Mr. May told reporters at the Mortgage Bankers Association secondary market conference. Freddie officials would not disclosure the amount of their PC purchases.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11