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Freddie Mac Turns a Profit; Fannie Mae Loses Billions
HOW LOANRATEUPDATE WORKS
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FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Freddie Mac Turns a Profit; Fannie Mae Loses Billions
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Freddie Mac Turns a Profit; Fannie Mae Loses Billions

May 9, 2011 (Chris Moore)

Earnings for the two government owned mortgage companies, Freddie Mac and Fannie Mae, went in completely opposite directions in the first quarter of 2011 as Freddie Mac reported $676 million in net income and Fannie Mae lost $8.7 billion which triggered a request for $8.5 billion in additional financial aid. Freddie Mac reported its net worth to be $1.2 billion at the end of the quarter and as a result would not need any additional funding at this time.

This was the first time since the fourth quarter of 2009 that Freddie Mac did not need financial assistance from the Treasury Department. For fiscal year 2010, Freddie received $13 billion in financial assistance to cover deficits. Since 2008 when the mortgage giant went into conservatorship, it has received nearly $65 billion in taxpayer support.

Fannie Mae’s request for $8.5 billion brings the total financial aid required for the GSE to nearly $100 billion, the largest bailout for a single company ever.

Home prices declined an average of 1.8 percent during the quarter according to Fannie Mae which led to more foreclosures and more homes being abandoned due to their worth being less than the mortgages owed.

“We expect our credit-related losses to remain elevated in 2011 as we continue to be negatively impacted by the prolonged decline in home prices,” President and CEO Michael Williams said in a statement.

Most of the losses were related to loans that Fannie obtained before 2009. Loans that the company acquired after January 2010 are performing well and Fannie expects to make money on those loans.

Freddie Mac reports that single family loans that it has obtained in 2009, 2010, and 2011 continue to demonstrate strong credit quality. The single family delinquency rate continues to improve, as the rate stood at 3.63 percent at the end of the first quarter compared to 3.84 percent at the end of the fourth quarter in 2010.

Freddie Mac Chief Executive Officer Charles E. Haldeman, Jr. said, “Our outlook remains cautious. Continued improvements on the employment front and in early-stage delinquencies were positive signs during the quarter, but we believe large inventories of unsold homes and a high number of distressed sales will continue to put downward pressure on home prices in many neighborhoods.”

Home prices in Freddie Macs loan portfolio decreased by an estimated 2.8 percent in the quarter. Through its own workout programs and the Home Affordable Modification Program, Freddie Mac continued its foreclosure prevention efforts, helping more than 62,000 struggling borrowers avoid foreclosure in the first quarter of 2011. Importantly, 83 percent of these borrowers were able to retain their homes.

Tags: Freddie Mac, Fannie Mae, mortgage giants, GSE’s, earnings, Treasury Department, financial assistance, taxpayer bailout, delinquency rate, HAMP, net income, losses

Sources:
Freddie Mac
Fannie Mae

INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
AUTO LOAN CALCULATOR
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BUYING OR SELLING A HOME IS A BIG DECISION
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HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

May 9, 2011 (Chris Moore)

Earnings for the two government owned mortgage companies, Freddie Mac and Fannie Mae, went in completely opposite directions in the first quarter of 2011 as Freddie Mac reported $676 million in net income and Fannie Mae lost $8.7 billion which triggered a request for $8.5 billion in additional financial aid. Freddie Mac reported its net worth to be $1.2 billion at the end of the quarter and as a result would not need any additional funding at this time.

This was the first time since the fourth quarter of 2009 that Freddie Mac did not need financial assistance from the Treasury Department. For fiscal year 2010, Freddie received $13 billion in financial assistance to cover deficits. Since 2008 when the mortgage giant went into conservatorship, it has received nearly $65 billion in taxpayer support.

Fannie Mae’s request for $8.5 billion brings the total financial aid required for the GSE to nearly $100 billion, the largest bailout for a single company ever.

Home prices declined an average of 1.8 percent during the quarter according to Fannie Mae which led to more foreclosures and more homes being abandoned due to their worth being less than the mortgages owed.

“We expect our credit-related losses to remain elevated in 2011 as we continue to be negatively impacted by the prolonged decline in home prices,” President and CEO Michael Williams said in a statement.

Most of the losses were related to loans that Fannie obtained before 2009. Loans that the company acquired after January 2010 are performing well and Fannie expects to make money on those loans.

Freddie Mac reports that single family loans that it has obtained in 2009, 2010, and 2011 continue to demonstrate strong credit quality. The single family delinquency rate continues to improve, as the rate stood at 3.63 percent at the end of the first quarter compared to 3.84 percent at the end of the fourth quarter in 2010.

Freddie Mac Chief Executive Officer Charles E. Haldeman, Jr. said, “Our outlook remains cautious. Continued improvements on the employment front and in early-stage delinquencies were positive signs during the quarter, but we believe large inventories of unsold homes and a high number of distressed sales will continue to put downward pressure on home prices in many neighborhoods.”

Home prices in Freddie Macs loan portfolio decreased by an estimated 2.8 percent in the quarter. Through its own workout programs and the Home Affordable Modification Program, Freddie Mac continued its foreclosure prevention efforts, helping more than 62,000 struggling borrowers avoid foreclosure in the first quarter of 2011. Importantly, 83 percent of these borrowers were able to retain their homes.

Tags: Freddie Mac, Fannie Mae, mortgage giants, GSE’s, earnings, Treasury Department, financial assistance, taxpayer bailout, delinquency rate, HAMP, net income, losses

Sources:
Freddie Mac
Fannie Mae

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

May 9, 2011 (Chris Moore)

Earnings for the two government owned mortgage companies, Freddie Mac and Fannie Mae, went in completely opposite directions in the first quarter of 2011 as Freddie Mac reported $676 million in net income and Fannie Mae lost $8.7 billion which triggered a request for $8.5 billion in additional financial aid. Freddie Mac reported its net worth to be $1.2 billion at the end of the quarter and as a result would not need any additional funding at this time.

This was the first time since the fourth quarter of 2009 that Freddie Mac did not need financial assistance from the Treasury Department. For fiscal year 2010, Freddie received $13 billion in financial assistance to cover deficits. Since 2008 when the mortgage giant went into conservatorship, it has received nearly $65 billion in taxpayer support.

Fannie Mae’s request for $8.5 billion brings the total financial aid required for the GSE to nearly $100 billion, the largest bailout for a single company ever.

Home prices declined an average of 1.8 percent during the quarter according to Fannie Mae which led to more foreclosures and more homes being abandoned due to their worth being less than the mortgages owed.

“We expect our credit-related losses to remain elevated in 2011 as we continue to be negatively impacted by the prolonged decline in home prices,” President and CEO Michael Williams said in a statement.

Most of the losses were related to loans that Fannie obtained before 2009. Loans that the company acquired after January 2010 are performing well and Fannie expects to make money on those loans.

Freddie Mac reports that single family loans that it has obtained in 2009, 2010, and 2011 continue to demonstrate strong credit quality. The single family delinquency rate continues to improve, as the rate stood at 3.63 percent at the end of the first quarter compared to 3.84 percent at the end of the fourth quarter in 2010.

Freddie Mac Chief Executive Officer Charles E. Haldeman, Jr. said, “Our outlook remains cautious. Continued improvements on the employment front and in early-stage delinquencies were positive signs during the quarter, but we believe large inventories of unsold homes and a high number of distressed sales will continue to put downward pressure on home prices in many neighborhoods.”

Home prices in Freddie Macs loan portfolio decreased by an estimated 2.8 percent in the quarter. Through its own workout programs and the Home Affordable Modification Program, Freddie Mac continued its foreclosure prevention efforts, helping more than 62,000 struggling borrowers avoid foreclosure in the first quarter of 2011. Importantly, 83 percent of these borrowers were able to retain their homes.

Tags: Freddie Mac, Fannie Mae, mortgage giants, GSE’s, earnings, Treasury Department, financial assistance, taxpayer bailout, delinquency rate, HAMP, net income, losses

Sources:
Freddie Mac
Fannie Mae

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?
DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?
WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
CALCULATE YOUR MORTGAGE PAYMENT
BENEFITS OF REFINANCING YOUR MORTGAGE
ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

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