Freddie Mac has restructured certain mortgage securities operations, chiefly by ending the market-making activities of its Securities Sales & Trading Group unit and transferring the unit's mortgage sourcing and investment operations to other business units, according to the government-sponsored enterprise.Freddie said the restructuring, aimed at focusing on its core mission, also includes the discontinuation of its Money Manager program, through which it designated eight investment advisers to manage part of its capital under prescribed guidelines. The GSE said it will continue "active support" for the liquidity of its mortgage securities through its securitization and investment business activities. A Freddie Mac spokesman said he couldn't comment on whether the 100 people employed by the unit might be redeployed or laid off. Redeployment of the unit's functions appears to be both viable and a smart move in the context of Freddie's mission and its business strategies, according to Linda Lowell, a mortgage-backed securities researcher who is familiar with the unit's role in the market. Freddie Mac can be found online at http://www.freddiemac.com.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
8m ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
2h ago -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
2h ago -
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24