Fannie Mae incurred a loss in the third quarter, according to the mortgage company's regulator, and it appears that the downturn in interest rates that clipped Freddie Mac's third-quarter earnings also hurt Fannie."Their ongoing businesses are showing volatility," said James Lockhart, director of the Office of Federal Housing Enterprise Oversight. "Both lost money in the third quarter." Fannie Mae declined to comment on its third-quarter financial results. Freddie Mac recently reported a $550 million loss in the third quarter, and top executives blamed it on changes in the fair value of derivatives used to hedge interest rates, plus a 50-basis-point drop in long-term rates during the quarter. Fannie's chief financial officer recently said he expected the company's earning to show a "great deal of volatility due in large part to derivative fair-value changes." Fannie Mae can be found on the Web at http://www.fanniemae.com, and OFHEO can be found at http://www.ofheo.gov.
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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.
8h ago -
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.
11h ago -
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