Fannie Mae and Freddie Mac saw their share prices fall precipitously through Tuesday afternoon in the wake of Freddie's third quarter loss.At the end of the day, Freddie Mac was down $10.76, or 29%, to close at $26.74. Rival Fannie Mae, which slid last week amid news reports that an accounting change could be masking further credit losses, fell by $9.33 on Tuesday, or 25%, closing at $28.25. The shares of both government-sponsored enterprises were at their lowest level in more than a decade at that time. Also Tuesday, rating agency Standard & Poor's lowered its outlook on Freddie Mac's subordinated debt and preferred stock ratings to "negative," while reaffirming its triple-A senior debt ratings.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
5h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
7h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
8h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
10h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18