The Office of Federal Housing Enterprise Oversight is estimating that Freddie Mac's pretax earnings totaled $5.2 billion in 2003."Freddie Mac has reported to OFHEO that retained earnings rose $4.3 billion in 2003," OFHEO says in its annual report to Congress. "Combined with dividends paid, that implies earnings of $5.2 billion for the year." Freddie Mac is still in the process of restating its earnings, and the secondary-market agency plans to release its 2003 financial statement on or before June 30, a spokesman said. "Until that time, we really don't have any comment on the [OFHEO] report," the Freddie Mac spokesman said. On Nov. 30, 2003, Freddie Mac reported that its 2002 earnings totaled $10.1 billion, which included substantial one-time gains on its options-based derivative portfolio.
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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.
July 11 -
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.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
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