Fannie Mae and Freddie Mac saw their share prices fall precipitously 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 are now trading at less than half their prices as recently as mid-August and at their lowest level in more than a decade. 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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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28