Lawyers Eat Into Freddie Mac's '03 Profit
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Freddie Mac FRE.N, the  second-largest U.S. home financing company which has endured a  barrage of intense public scrutiny in over the past year, on  Friday revised its 2003 net income down by $75 million to cover  a reserve for legal expenses, according to its annual report.
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Interest rates on U.S. 30-year and  15-year mortgages rose in the latest week as an improving  economy stoked fears of inflation, mortgage finance company  Freddie Mac said on Thursday.
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Do not collect Â£28bn, do not pass go An Australian "lawyer" is part of a gang of six up before Southwark Crown Court accused of attempting to convince the Bank of England to honour a breathtaking Â£28bn ($64.83bn) in moody Â£1,000 and Â£500,000 notes, AFP reports.â¦
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Investor's Business Daily - The average 30-year fixed rate fell to 6.31% vs. 6.46% the week prior, while average 15-year rates dipped to 5.97% from 6.31%. One-year ARMs fell to 5.66% from 5.74%, Freddie Mac said. The government-sponsored lender said the dip could &quot;give some relief&quot; to borrowers looking to refinance loans or buy a home.
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As firms do the real math, losses related to mortgages could pile up.
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A U.S. real estate fund has sued HSBC Holdings  alleging the British bank's U.S. mortgage trading operation took advantage of the credit crisis to profit at the expense of the fund, the Wall Street Journal reported.
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Securities regulators told Freddie Mac yesterday that they are considering bringing civil charges against the mortgage giant for allegedly manipulating its reported earnings, Freddie Mac confirmed.
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WASHINGTON, DC - Investors in Fannie Mae and Freddie Mac are feeling some pain in the wake of Fannie&#39;s recent accounting problems.
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Mortgage finance company Freddie  Mac FRE.N on Wednesday said it may face civil action from the  U.S. Securities and Exchange Commission for possible violations  of securities laws.
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Home mortgage firm Freddie Mac on Friday said it began paying previously owed compensation to its former chairman and chief executive Leland C. Brendsel after a federal court lifted a government freeze order on the funds during a pending accounting
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Investor's Business Daily - Average 30-year rates dipped to 6.67% from 6.69% from the week prior, Freddie Mac said, citing slower home sales. Average 15-year rates fell to 6.34% from 6.37%, while one-year ARMs fell to 5.65% from 6.37%. It&#39;s the second week of declines after a month of increases. Rates remain below year-ago levels.
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WASHINGTON -- Fannie Mae yesterday sued KPMG LLP, its former outside auditor, for $2 billion, alleging negligence and breach of contract that resulted in the mortgage leader having to restate billions of dollars in profit.
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Questions are growing about whether law firms that helped investment banks bundle home loans into securities adequately disclosed the risks to investors.
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Investor's Business Daily - The 30-year fixed mortgage rate averaged 6.53% in the week ended June 7, up from 6.42% last week and the highest since Aug., Freddie Mac said. It was at 6.62% last year. The 15-year fixed rate rose 0.1 point 15 6.22%. &quot;Mortgage rates climbed this week owing to market concerns of a tight labor force and wage growth,&quot; said Frank Nothaft, Freddie Mac vice president and chief economist. He said housing probably won&#39;t recover before year-end.
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Prosecutors from the US attorney&#39;s office in the District have been busy recently probing whether executives at mortgage giant Fannie Mae profited from accounting irregularities, sources said
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Some aggrieved investors are turning to lawyers to pursue possible legal claims stemming from losses at two Bear Stearns Cos.  hedge funds that were virtually wiped out from large, illiquid bets on risky mortgages.
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explanation of market-timing, further attorney comment. Picks up last graf. Also moving on general news wires. DENVER  _ The former chief executive of Invesco Funds Group has agreed to pay $500,000 to