Fannie Mae will pay $7.2 billion to the U.S. Treasury next month after reporting an annual profit of $84 billion for 2013, meaning it will have paid dividends to the government that exceed the amount of aid it received from its 2008 bailout.
significant because taxpayers will effectively have been made whole on the controversial bailouts.
Fannie Mae and Freddie Mac collected $7.9 billion last year in settlements with seven major financial institutions to resolve lawsuits filed by the firms' regulator, the Federal Housing Finance Agency said.
Legal analysts expect the remaining cases to be settled before going to court because of a series of legal rulings that have largely undercut banks' efforts to narrow their potential liability.
Luxury homes are beautiful to look at, but difficult to maintain according to a recent report. Despite the continued decline of foreclosure activity in the country, luxury properties are going into foreclosure at a rapid clip.
foreclosure activity on homes in the $5 million-plus value range is up 61 percent from the same time period in 2012, according to RealtyTrac
WASHINGTON (Reuters) - The U.S. government's budget deficit fell by more than a third in the first three months of fiscal 2014 to $182 billion, including a $44 billion surplus in December, the Congressional Budget Office estimated on Wednesday.
Government controlled mortgage finance groups Fannie Mae and Freddie Mac also contributed $34 billion more to the Treasury than during the year-ago period as their net worth improved.
WASHINGTON — Federal officials swooped in to rescue mortgage finance giants Fannie Mae and Freddie Mac in 2008 with the largest of all the financial crisis bailouts — a combined $187.5 billion — because they were considered too big to fail.
We're a country that's running huge deficits, and here are two government entities that are going to produce somewhere in the neighborhood of $40 billion to $50 billion a year for the government," said Guy Cecala, publisher of Inside Mortgage Finance Publications
Recent data show that the economy and housing market continue to transition to more normal levels of activity and are poised to gather further momentum heading into 2014, according to Fannie Maeâ€™s (FNMA/OTC) Economic & Strategic Research Group.
Bans banks from making bets with their own money and limits their ability to invest in certain trading vehicles, such as hedge funds and private-equity vehicles.
Regulators also will consider hedge funds, private equity and other funds that rely on certain Investment Company Act exemptions to be "covered" by the rule—meaning banks can't hold more than a 3% stake in such firms.
Fannie Mae and Freddie Mac, the U.S.-owned mortgage-finance companies, will raise the fees they charge lenders to guarantee loans as part of an effort to shrink their presence in the mortgage market, the Federal Housing Finance Agency said.
“The new pricing continues the gradual progression toward more market-based prices, closer to the pricing one might expect to see if mortgage credit risk was borne solely by private capital.”
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