Freddie Mac has reported that its estimated net income for the first half of 2006 totaled $2.7 billion, with increases in the "fair value" of the guarantee fee and derivative instruments boosting results.Higher interest rates helped generate mark-to-market gains, and Freddie Mac acknowledged that with rates dipping in the third quarter, some of those mark-to-market gains could be lost. On a fair-value basis, a measure Freddie Mac prefers to GAAP (generally accepted accounting principles) results, Freddie said its return was $2.3 billion in the first half, for an annualized rate of return of 17%. Freddie Mac executives said on a conference call with investors that the average fair-value return exceeded management's goal of percentage earnings growth in the low to mid-teens. The company said it still hopes to return to regular financial reporting by the end of next year, though executives were hesitant to give a firm timetable.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
5h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
6h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
6h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
8h ago -
Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25