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Tag Archives: Bailouts

Freddie Mac Sees $577M in First-Quarter Net Income

Freddie

Mortgage giant Freddie Mac saw $577 in net income over the first quarter, less than $619 million for the same by the fourth quarter last year. The GSE said that its net worth deficit would require a Treasury draw of $19 million, adding that it offset comprehensive income over the first quarter by senior preferred dividends worth $1.81 billion. The company laid claim to more than $114 billion of liquidity in the mortgage market over the first quarter, including $89 billion single-family refinance loans that resulted in an estimated $1.4 billion in aggregate annual interest savings.

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Budget Hearing Spotlights Concerns With FHA, GSEs

Talk of reform for Fannie Mae, Freddie Mac, and the Federal Housing Administration featured prominently at a hearing convened by the Senate Banking Committee Thursday to address HUD├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós budget for the next fiscal year. The FHA has fallen under scrutiny in recent years over an inability to meet the 2 percent capital ratio buffer required by law. GSE also reform remains a dead issue this election year, despite numerous proposals for reform from lawmakers and public outcry over more than $180 billion in taxpayer funds sunken into conservatorship.

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House Committee Clears Bill to Undo HAMP, CFPB Independence

The House Financial Services Committee signed off on largely symbolic legislation Wednesday that would repeal bailout funds under the Dodd-Frank Act, eliminate force-placed insurance requirements, and rope the Consumer Financial Protection Bureau into future congressional appropriations processes. Clearing the legislation by a party-line vote, committee members billed it as a way to slash $35 billion from the national deficit. The bill also proposed doing away with bailout mechanisms under Dodd-Frank.

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Report: TARP’s Hardest-Hit Funds Missed the Target

The special inspector general for the Troubled Asset Relief Program released a damning report Thursday that said only 3 percent of the funds designated to the hardest-hit homeowners have reached their goals. The report found that only $217.4 million will have helped 30,640 homeowners by 2017, when the Hardest-Hit Fund expires. Seventy-eight percent of HHF funds went to unemployment assistance for homeowners, and nearly 98 percent went to the same or helped reinstate past due amounts, according to the report.

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GOP Budget Calls for End to GSEs, Dodd-Frank

The House Budget Committee unveiled a budget plan for the next fiscal year that proposes raising guarantee fees for the GSEs and dismantling the Dodd-Frank Act. Committee chair Rep. Paul Ryan billed the so-called Path to Prosperity as a measure that will slash $6.2 trillion in government expenditures over the next decade and draw down the deficit by more than $4.4 trillion in contrast with President Barack Obama├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós budget. House Republicans proposed raising guarantee fees, downsizing portfolios for the GSEs, and eventually leaving housing finance to only the Federal Housing Administration.

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