Freddie Mac Profit Cut by Half
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Freddie Mac yesterday reported that its second-quarter profit fell by nearly half, in part because it set aside more money to cover expected losses from defaults on mortgages.
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The nationâs number 2 buyer and backer of home mortgages saw a 45 percent drop in second-quarter profits after setting aside $300 million to account for bad loans.
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Bradford & Bingley reports a sharp fall in profits after cutting the value of some housing market linked assets.
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Investor's Business Daily - The average 30-year fixed mortgage fell 0.05 point 15 6.69% in the week of June 21, Freddie Mac said. It was 6.71% a year ago. The 15-year fixed rate fell to 6.37% from 6.43% last week. Rates fell due to concerns that the housing market will continue to hurt the economy following declines in housing starts and home builder optimism, said Freddie Mac chief economist Frank Nothaft.
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Interest rates on U.S. 30- and 15-year mortgages fell this week to their lowest levels since early April as the housing market showed little sign of slowing despite the Federal Reserve's move to raise interest rates, mortgage finance company Freddie Mac said on Thursday.
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Countrywide Financial Corp. CFC.N on  Wednesday posted a 47 percent drop in quarterly earnings and  cut its outlook as mortgage refinancings fell and interest  rates climbed, sparking a broad sell-off in mortgage-company  stocks.
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WASHINGTON - Mortgage finance company Freddie Mac yesterday agreed to pay $50 million to settle Securities and Exchange Commission charges that it fraudulently misstated earnings over four years.
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Interest rates on US 30-year and 15-year mortgages have moved lower following last week&#39;s disappointing jobs report that suggested economic growth had slowed, mortgage finance company Freddie Mac said on Thursday.
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WASHINGTON (CBS.MW) -- Shares of Freddie Mac fell Friday as the market digested news about the mortgage company&#39;s earnings, which were restated lower for 2003.
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Freddie Mac, the second biggest provider of financing for US residential mortgages, said ``significant&#39;&#39; revisions are still required before it can resume quarterly reports of its earnings.
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Interest rates on U.S. 30- and  15-year mortgages fell this week to their lowest levels since  early April as the housing market showed little sign of slowing  despite the Federal Reserve's move to raise interest rates,  mortgage finance company Freddie Mac said on Thursday.
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The investment bank said 3rd-quarter profit fell to $1.54 billion, hurt by a global credit crisis that cut into stock trading, corporate lending, and results from investments.
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Mortgage giant Freddie Mac announced Monday that it is shutting down some operations of its debt-securities sales division and transferring others - moves that experts said should tighten the company&#39;s internal controls after an
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Freddie Mac FRE.N, the No. 2 U.S.  mortgage finance company, said on Monday it will no longer  serve as a broker dealer in the multi-trillion-dollar mortgage  bond market, a move some said is designed to lower risk and  placate regulators.
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Business & money: Sixth successive month of price falls, and mortgage lending at two-year low despite rate cuts
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Freddie Mac (FRE.N: Quote, Profile, Research) , the No. 2 US mortgage finance company, on Monday said it will shutter its broker-dealer business unit in a step
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The National City Corporation said it was cutting its dividend by nearly half and shutting its wholesale mortgage division.