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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…
Mortgage giant Freddie Mac swings to $11 billion profit
US mortgage finance giant Freddie Mac has posted an $11 billion annual profit for 2012, compared to a loss of $5.3 billion a year earlier. The government-controlled company, bailed out during the 2008 financial crisis, also reported $4.5 billion in net income for the fourth quarter of last year, up…
Regulator torpedoes Obama mortgage plan
WASHINGTON — The US regulator in charge of state-backed mortgage firms Fannie Mae and Freddie Mac on Tuesday rejected an Obama administration plan to ease the housing crisis by forgiving some outstanding home loans. Responding to pressure from President Barack Obama’s White House to use debt forgiveness to help heal…
‘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…
Political cyber squatters put NewtGingrich.com up for sale
A Democratic Super PAC is occupying NewtGingrich.com, and they’re not going to let it go without at least a few smarmy headlines. In what should be seen as a kid-level marketing failure by the Gingrich campaign, somehow the former House Speaker failed to pay less than $10 to purchase his…
Six former Fannie, Freddie executives sued for securities fraud
NEW YORK (Reuters) – U.S. securities regulators sued six former executives at Fannie Mae and Freddie Mac on Friday, including ex-CEOs of both mortgage finance companies, saying they misled investors over exposure to risky home loans. The U.S. Securities and Exchange Commission sued three former executives at Fannie Mae and…
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