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Topic: Freddie Mac

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	Freddie Mac enforcement case
		Freddie Mac does not contest, but does not concede, that it violated the Act by using corporate resources to produce campaign fundraising events or collect and transmit contributions from corporate executives to federal candidates.
		However, Freddie Mac admits it violated the Act by contributing $150,000 to the RGA in October 2002, a contribution that Freddie Mac contends was intended for the party building fund.
		Based on Freddie Mac’s payment of a civil penalty of $3.8 million and agreement to cease and desist from violating the law, the Commission has decided, in exercise of its prosecutorial discretion, to send admonishment letters and take no further action as to former Freddie Mac Chairman and CEO Leland Brendsel, Mr.
	www.fec.gov /press/press2006/20060418mur.html (791 words)

	Freddie Mac
		Freddie Mac is a stockholder owned corporation chartered by Congress in 1970 to keep money flowing to mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions, in support of homeownership and rental housing.
		Freddie Mac is not responsible for the decisions made by its lenders.
		Freddie Mac is owned by its shareholders and, like other corporations, is accountable to its shareholders and a board of directors.
	www.loanfactz.com /freddie_mac.html (354 words)

	Business & Technology \| Amid troubled conditions, Freddie Mac seeks capital \| Seattle Times Newspaper
		Freddie Mac's shares sunk 74 cents, or 2.8 percent, on Wednesday to close at $26 after plunging more than nearly 40 percent the past five trading sessions.
		Some analysts say they are confident that Freddie and Fannie, although not insured by the federal government, will survive their financial woes.
		Some analysts warn that the worst is not over despite Freddie Mac's $2 billion loss in the third quarter and Fannie's $1.4 billion loss in the same period.
	seattletimes.nwsource.com /html/businesstechnology/2004029005_freddierisks22.html?syndication=rss (660 words)

	Groups Commend Freddie Mac Ban on Mandatory Arbitration - Center for Responsible Lending
		AARP applauds Freddie Mac for its leadership in seeking to eliminate this unfair practice." LCCR Executive Director Wade Henderson said, "Unscrupulous lenders have used mandatory arbitration to close the courtroom door to minority, low-income, and female-headed households, who too often unknowingly waive their constitutional right to a civil jury trial.
		Freddie Mac’s position is to be commended by anyone in favor of equal opportunity." Hilary Shelton, director of the Washington Bureau of the NAACP, said, "If predatory terms like discriminatory prepayment penalties and unnecessary credit insurance are the bricks of the predatory lender’s house, mandatory arbitration is the cement that holds it together.
		Freddie Mac is showing real courage in standing up for the rights of African-Americans and all borrowers in demanding this practice be stopped." "From mortgage loans, to mobile homes to managed care, mandatory arbitration has become an ever-present and unfortunate fact of life for American consumers,” said Travis Plunkett, legislative director of CFA.
	www.responsiblelending.org /news_headlines/120903release.cfm (943 words)

	Federal Home Loan Mortgage Corporation - Wikipedia, the free encyclopedia
		Freddie Mac, like its competitor Fannie Mae, is regulated by the Office of Federal Housing Enterprise Oversight (OFHEO) in the United States Department of Housing and Urban Development.
		Freddie Mac makes money by charging a guarantee fee which is usually a small part of the interest payment of the loans they have securitized into bonds.
		Freddie Mac was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine.
	en.wikipedia.org /wiki/Freddie_Mac (265 words)

	Freddie Mac steps up mortgage purchases - Boston.com
		Freddie Mac took advantage of cheaper valuations in March to boost its holdings of mortgage bonds for the second month in a row.
		Freddie sought to take advantage of a "modest widening of mortgage debt spreads," said Michael Cosgrove, a spokesman for Freddie Mac.
		Freddie profits from the difference between the yield on these bonds and the interest it pays on debt it issues to fund the purchases.
	www.boston.com /business/articles/2006/04/24/freddie_mac_steps_up_mortgage_purchases (431 words)

	Freddie Mac pays record fine - The Boston Globe
		Freddie Mac was accused of illegally using corporate resources between 2000 and 2003 for 85 fund-raisers that collected about $1.7 million for federal candidates.
		The lobbyists told Freddie Mac officials the fund-raising effort was needed to help the corporation achieve its lobbying goals.
		Freddie Mac is one of the two largest US buyers of home mortgages.
	www.boston.com /business/globe/articles/2006/04/19/freddie_mac_pays_record_fine (466 words)

	Federal Reserve Bank of Minneapolis - The Region - Fannie Mae, Freddie Mac and the housing subsidy trail (September ... (Site not responding. Last check: )
		Fannie Mae, Freddie Mac and the housing subsidy trail
		In reality, Fannie and Freddie's orientation toward profit-making creates a strong incentive to retain some of the subsidies, although the ability to act on this incentive is tempered by Fannie and Freddie's housing responsibilities and limitations on their activities.
		This incentive does not mean that Fannie and Freddie's charters are blissfully ignored, though; shareholders do not expect Fannie and Freddie to exploit their subsidy in an unconstrained fashion because they know that Fannie and Freddie must meet very specific targets to assist a variety of home buyers, including those with lower incomes.
	woodrow.mpls.frb.fed.us /pubs/region/96-09/reg969b.cfm?js=0 (4752 words)

	Freddie Mac Press Release
		Freddie Mac’s Conventional Home Price Index shows the growth in the value of housing, on a national average, to be about 27.6 percent over the past 5 years.
		Freddie Mac’s survey also found that the median age of the original loan was 6.6 years in the first quarter of 2000, compared to 5.0 years in the first quarter of 1999.
		Freddie Mac is a stockholder-owned corporation chartered by Congress in 1970 to create a continuous flow of funds to mortgage lenders in support of homeownership and rental housing.
	www.freddiemac.com /news/archives2000/1qupb00.htm (504 words)

	Freddie Mac to toughen mortgage standards - USATODAY.com (Site not responding. Last check: )
		Freddie Mac (FRE), the nation's second-biggest financer of home mortgages, said Tuesday that it will stop buying subprime adjustable-rate mortgages and will require more borrowers to prove they earn the income they write down on their loan applications.
		Freddie Mac, which said the changes will take effect Sept. 1, is holding about $185 billion worth of these subprime loans, half of which would not meet its new guidelines.
		Freddie Mac also said it is developing a hybrid mortgage that will provide lenders more choices for people with scuffed credit.
	www.usatoday.com /money/economy/housing/2007-02-27-freddie_x.htm (528 words)

	Corporate Research E-Letter No.43: The Scandal in Home Mortgage Financing: A Look at Freddie Mac
		In December 2003 Freddie Mac, the federally chartered mortgage financing giant, agreed to pay a civil penalty of $125 million and implement measures to correct its accounting and governance problems as part of a consent order with a federal regulator.
		Freddie Mac's accounting problems were different from those at scandal-ridden companies such as Enron and WorldCom because it was not a case of outright looting of the company by its executives.
		Freddie Mac (and its sister institution Fannie Mae) was set up based on the idea that neither government nor private banking interests could address the nation's housing finance needs.
	www.ctj.org /itep/crp/jan04.htm (1987 words)

	The Freddie Mac Foundation's Wednesday's Child Program
		Freddie Mac Foundation's Wednesday's Child -- an Emmy-nominated program with a proven track record of success -- is a part of the Freddie Mac Foundation's national campaign to increase adoptions of foster children.
		Freddie Mac is in the business of putting people into homes by helping to finance them.
		The Freddie Mac Foundation provides grants, raises awareness and funds, and supports efforts to recruit foster and adoptive families and speed up the adoption process.
	adopt.org /wednesdayschild/home/wed-child-page.htm (423 words)

	Freddie Mac: Next LTCM, or Well Managed Firm with Accounting Problems in Its Past
		Freddie Mac also uses interest rate floors and caps and as well some foreign currency swaps to hedge the risk of issuing foreign currency denominated debt.
		According to the transcript Egan puts Freddie’s ratio of equity to assets at just 3.4% in 2002 and described the $2.4 billion line of credit from the US Treasury (the reason securities issued by Freddie Mac are so attractive in the first place) as inadequate to back the company.
		Freddie Mac policy is to maintain a duration gap of plus or minus one month, tighter than Fannie Mae’s gap of plus or minus six months.
	www.fenews.com /fen34/one_time_articles/freddie_mac/freddie_mac.html (2423 words)

	Freddie Mac Predicts 3Q, 4Q Losses
		Freddie Mac, the second-largest financier of home loans in the country, also estimated that its net income would be $2.5 billion for the first nine months of 2006, up from $1.4 billion for the same period in 2005.
		Freddie Mac plans to release results for 2006 before the end of the first quarter as it works on correcting problems with internal financial controls and accounting.
		Freddie Mac's income fell to $2.1 billion in 2005 from $2.9 billion in 2004 as it paid to settle a lawsuit by shareholders and took charges related to Hurricane Katrina.
	www.builderonline.com /industry-news.asp?sectionID=30&articleID=417959 (535 words)

	FREDDIE MAC / On the Record: Richard Syron
		He's now chairman and chief executive of Freddie Mac, one of the two largest sources of mortgage financing in the country.
		He also talked about Freddie Mac's 3-year-old accounting scandal, which he was brought in to clean up in late 2003.
		Freddie Mac, like its larger rival Fannie Mae, is an independent company that was created by the federal government to help increase homeownership by supplying capital to mortgage lenders.
	www.sfgate.com /cgi-bin/article.cgi?f=/c/a/2006/10/29/BUGV1M0TPD1.DTL (3260 words)

	Freddie Mac's Homepage
		Due to inclement weather, Freddie Mac's Northern Virginia offices will be closed except for essential services today, Wednesday, Feb. 14.
		The National Adoption Day Coalition, an organization co-founded by the Freddie Mac Foundation, joined President George W. Bush at the White House to honor the annual nationwide celebration of adoption from foster care known as National Adoption Day and to celebrate more than 3,330 adoptions of children from foster care on National Adoption Day 2007.
		Freddie Mac to Issue Third Qtr 2007 Financial Results on Nov. 20, 2007
	www.freddiemac.com (273 words)

	Home Steps , A Freddie Mac Unit: Private Policy
		Freddie Mac releases buyer, consumer or supplier information when required by law or regulation, such as to respond to a subpoena or other judicial process or to comply with requests from our regulators.
		Freddie Mac does not sell or disclose information received concerning consumers or buyers to third party companies to market third party products or services.
		Freddie Mac has adopted policies and practices designed to protect the security and confidentiality of buyer and consumer information, to protect against anticipated threats and hazards to security and integrity of the information and to protect against unauthorized access to or use of the information that could result in substantial harm or inconvenience.
	www.homesteps.com /private_policy.html (762 words)

	Report: Freddie Mac deals broke rules -- baltimoresun.com
		The internal review conducted by attorneys hired by Freddie Mac's board paints, in many cases, "an unflattering and critical portrait" of company practices, chairman Shaun O'Malley told financial analysts in a telephone conference call.
		Freddie Mac has come under scrutiny since it announced in early June that it had ousted three top executives and the Justice Department confirmed it was conducting a criminal investigation.
		Freddie Mac's new chief financial officer, Martin Baumann, told a House subcommittee hearing on Tuesday: "We know how to fix these shortcomings -- and we will.
	www.baltimoresun.com /business/investing/bal-freddie0723,0,6687123.story?coll=bal-business-headlines (664 words)

	Freddie Mac News - Topix
		Freddie Mac, the nation's second largest buyer and guarantor of home mortgages, reported a first-quarter loss of $211 million, mainly from erosion in the value of financial instruments it uses to hedge against interest rate swings.
		Government-sponsored mortgage lender Freddie Mac, which is still recovering from a financial scandal and is facing possibly heightened regulatory oversight, on Friday asks investors to vote for its suggested...
		Freddie Mac today released the results of its Primary Mortgage Market Survey in which the 30-year fixed-rate mortgage averaged 6.37 percent with an average 0.4 point for the week ending May 24, 2007, up from...
	www.topix.net /com/fre (840 words)

	deseretnews.com \| Criminal investigation of Freddie Mac has ended with no charges, company says
		Freddie Mac officials say the company has not been contacted by anyone in the U.S. attorney's office in Alexandria, Va., which had been conducting the inquiry, and that they understand the investigation to be closed.
		"It is Freddie Mac's understanding that it is the practice of the U.S. attorney's office for the Eastern District of Virginia neither to issue official notices nor to confirm publicly the conclusion of an investigation," company spokesman Doug Duvall said in a statement.
		Freddie Mac and Fannie Mae were created by Congress to pump money into the home-mortgage market by buying home loans from banks and other lenders, to keep interest rates low and make home ownership affordable for low- and moderate-income people.
	www.deseretnews.com /dn/view/0,1249,645200870,00.html (537 words)

	Freddie Mac: A Mercantilist Enterprise - Mises Institute (Site not responding. Last check: )
		Likewise, Freddie Mac was chartered as a GSE in 1970.
		The task of successfully hedging such a portfolio is monumental, and Freddie Mac is forced to engage in numerous interest rate swaps in an effort to attempt to protect itself from interest rate fluctuations.
		Freddie Mac's mortgage portfolio expanded rapidly in the 1990s and this forced the firm to use a variety of strategies aimed at immunizing their holdings against changes in interest rates.
	www.mises.org /fullstory.aspx?control=1765 (2354 words)

	Loan Prospector(R) Changes to Help Lenders Qualify More Low- and -Moderate Income Borrowers
		Freddie Mac also said it is waiving the Loan Prospector assessment fee when a "caution" is returned on the first submission of a conforming, conventional mortgage.
		Freddie Mac noted that it is not changing the way Loan Prospector assesses risk, but is expanding its purchases of higher risk mortgages submitted through Loan Prospector that will meet the company's federal affordable housing goals.
		Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing.
	www.prnewswire.com /cgi-bin/stories.pl?ACCT=104&STORY=/www/story/06-26-2006/0004387088&EDATE= (548 words)

	Fannie Mae and Freddie Mac Make Forms Revisions
		Freddie Mac also adopted the use of the revised appraisal forms with an Industry Letter dated March 31, 2005.
		Both Fannie Mae and Freddie Mac allow for the immediate use of the revised Uniform Residential Loan Application, however it must be used with all applications taken on or after January 1, 2006.
		Freddie Mac, however, has stated that they will not enforce the effective date since the changes were dealing with updates to Fannie Mae project type codes.
	www.complianceheadquarters.com /Res__Real_Estate/RRE_Articles/10_25_05.html (732 words)

	Freddie Mac Stock Up Despite Expensive Week
		On Tuesday, April 18 Freddie announced that it had agreed to pay a 3.8 million penalty to the Federal Election Commission (FEC) to settle charges that it had violated federal election financing rules during the period 2000 to 2003.
		Freddie had been accused of using its corporate resources and its staff to assist in 85 fundraising events during the period in question for the benefit of members of the House Financial Services Committee and other members of Congress and to solicit contributions from company employees for candidates for federal office.
		Freddie Mac stated that the proposed settlement does not resolve other legal proceedings related to the restatement of its earnings over a multiple year period.
	www.mortgagenewsdaily.com /4242006_Freddie_Mac_Stock.asp (642 words)

	Real Estate Market - Freddie Mac Housing Outlook
		Freddie Mac's Office of the Chief Economist has issued its monthly Economic and Housing Outlook report for the month of March.
		Freddie noted that most estimates show a sizable deficit through the end of the decade but anticipate a gradual decline.
		Freddie expects that mortgage originations will decline from $2.7 trillion in 2004 to $2.4 trillion this year and $2.2 trillion in 2006.
	www.mortgagenewsdaily.com /3142005_Freddie_Mac_Housing_Outlook.asp (756 words)

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