October 14, 2008 |
The most important task of the Federal Reserve and the Treasury right now is to restore confidence in bank solvency -- hence the Treasury's move to spend the first $250 billion of the Troubled Asset Relief Program (TARP) buying ownership stakes in a range of banks. Nonfunctioning markets and dried-up liquidity are symptoms of universal suspicion of insolvency, and lending among banks will resume in earnest only when banks are known to be solvent. The original plan under TARP was for the Treasury to buy up suspect mortgage-related assets.
January 23, 2009 |
Fannie Mae , the District mortgage giant taken over by the federal government last year, is laying off several hundred employees locally as it reorients itself to focusing on preventing home foreclosures. Starting today, the layoffs will be concentrated among employees working in technology, administration, communications and the company's single-family unit, which works to buy and bundle mortgages from lenders. Fannie plans to hire a similar number of people in the Dallas area, where the company bases its...
November 24, 2008
Herb Allison sounded fired up as he took the podium in the chill on Saturday. The chief executive of District-based Fannie Mae looked out at tens of thousands of people who had gathered on the National Mall and declared, "This is a great day, great cause, great crowd. " He was speaking at Fannie's "Help the Homeless" walkathon. Allison joined Fannie 2 1/2 months ago, amid the nation's worst housing crisis since the Great Depression -- one that led the government to take over the mortgage finance giant.
July 14, 2008
Mortgage giants Freddie Mac and Fannie Mae led decliners, down 47 and 45 percent, respectively. Shenandoah Telecommunications shares led gainers last week.
January 27, 2009 |
Fannie Mae said yesterday that it expects to request up to $16 billion from the Treasury Department, marking the first time the federally run mortgage giant will tap the government's largesse. Freddie Mac has already received $13.8 billion from the government and said Friday that it expected to request up to $35 billion more when it reports earnings next month. If Fannie Mae and Freddie Mac both ask for the maximum they've indicated, the price tag for the government takeover of the companies in its first five months would be...
February 28, 2008 |
Fannie Mae , a titan of the mortgage business, yesterday reported that rising defaults and falling home prices contributed to a $3.56 billion loss in the last three months of 2007. The company predicted that housing prices will continue to fall and that its financial performance will get markedly worse. "The housing conditions are serious and they've gotten worse since our last projection in November," chief executive Daniel H. Mudd said in a conference call with investors. "The overall economic outlook has...