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HUD nominee Castro urges Congress to end Fannie Mae and Freddie Mac ‘duopoly’

By Elvina Nawaguna WASHINGTON (Reuters) – President Barack Obama’s nominee to lead the Department of Housing and Urban Development, Julian Castro, urged lawmakers on Tuesday to move forward with efforts to shutter Fannie Mae and Freddie Mac, saying the current housing finance system is not serving Americans well. Castro told…

Mortgage finance reform unlikely to become law despite Senate banking panel approval

By Margaret Chadbourn WASHINGTON (Reuters) – A Senate panel on Thursday approved legislation to wind down Fannie Mae and Freddie Mac and redesign the U.S. mortgage finance system, but sparse support among Democrats means the measure is unlikely to make it into law. The Senate Banking Committee approved the bill…

Citigroup will pay Freddie Mac $395 million in mortgage settlement

US banking giant Citigroup Wednesday announced an agreement to pay Freddie Mac $395 million to settle claims of potential flaws in millions of mortgages it sold Freddie. Wednesday’s settlement covers potential future claims on 3.7 million loans sold to the quasi-public Freddie between 2000 and 2012, a period that includes…

Watchdog: Fannie and Freddie should be required to recognize bad mortgages ‘immediately’

WASHINGTON (Reuters) – Fannie Mae and Freddie Mac are masking billions of dollars losses because of the level of delinquent home loans they carry, a federal watchdog said in an internal report, and it said the companies should be required immediately to recognize the costs of some bad mortgages. The…

Freddie Mac sues big banks over Libor-rigging scandal

US government-controlled mortgage giant Freddie Mac has sued more than a dozen of the world’s biggest banks over losses from the alleged rigging of the Libor interest rate. Freddie Mac, in a March 14 court filing made public Tuesday, took legal action against Bank of America, JPMorgan Chase and Citigroup,…

Fannie Mae and Freddie Mac to begin merging operations

The regulator of mortgage finance giants Fannie Mae and Freddie Mac detailed plans Monday to begin contracting their business while merging their securitization operations. Federal Housing Finance Agency acting director Edward DeMarco said the two, rescued by the government in 2008 in a $180 billion bailout after the housing market…

‘Occupy’ protesters fight for D.C. resident to stay in her home

“Occupy D.C.” protesters may have been evicted from their encampment earlier this month, but protestors are still finding ways to make an impact, helping one city resident stay in her home Monday evening. According to The Washington Post, around 50 protesters rallied outside the office of government mortgage giant Freddie…

Mortgage giant Freddie Mac bet against homeowners: report

US-owned mortgage giant Freddie Mac is holding billions of dollars in investments that only pay off if homeowners remain locked into high interest rates, a media investigation has found. The report by the ProPublica website and National Public Radio on Monday said the mortgage giant began dramatically increasing such bets…

Romney berates Gingrich for making ‘$35,000 a year’

Multimillionaire Republican presidential candidate Mitt Romney blasted former House Speaker Newt Gingrich on Monday for the way he made a living in recent years. During a NBC debate in Tampa, Florida, Romney charged that Gingrich had “peddled influence” in his role as an advisor for the Federal Home Loan Mortgage…

‘Occupy Minnesota’ helps woman stay in her home

Add another foreclosure fight to the list taken on by “Occupy Wall Street” protesters across America. In a video interview from Al Jazeera, Minnesota resident Monique White explained that the local “Occupy” group helped her stay in her home since November after home loan bank Freddie Mac threatened to evict…

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