Freddie Mac Shuts Bond Broker Business
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Freddie Mac , the No. 2 U.S. mortgage finance company, said on Monday it will no longer serve as a broker dealer in the multi-trillion-dollar mortgage bond market, a move some said is designed to lower risk and placate regulators.
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Fannie Mae, the biggest source of money for U.S. home mortgages, broke accounting rules for financial contracts designed to protect against swings in interests rates.
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SEATTLE - Real estate information start-up Zillow Inc. said late yesterday it closed a $30 million round of financing.
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The discount broker finally throws in the towel on home mortgages.
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Shares down after company shutters home lending operation.
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U.S. insurance company Prudential Financial Inc.  said on Wednesday that it will shut down its institutional stock research and trading business, Prudential Equity Group, ending a rocky 26-year stay on Wall Street.
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Freddie Mac FRE.N, the No. 2 U.S.  mortgage finance company, said on Monday it will no longer  serve as a broker dealer in the multi-trillion-dollar mortgage  bond market, a move some said is designed to lower risk and  placate regulators.
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Bank of America Corp. has closed eight offices of FleetBoston Financial Corp.'s brokerage arm, Quick &amp; Reilly, as it prepares to merge the operation with its own brokerage, a spokesman said. Quick &amp; Reilly, which will change its name to Banc of America Investment Services Inc. in October, had about 100 US offices and operations in Fleet's bank branches. Bank ...
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Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation's housing market slump.
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Countrywide Financial Corp. ,  the largest U.S. mortgage lender, on Friday told its brokers to  stop offering borrowers the option of no-money-down home loans,  according to a document obtained by Reuters.
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Bank of America Corp  on Thursday said it will stop offering home mortgages through brokers by the end of the year, resulting in a loss of 700 jobs, so that it may focus on lending directly to consumers.
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Nationstar Mortgage, the subprime unit  of Fortress Investment Group LLC , said it is no longer  accepting new loan applications from brokers, a signal the  lender is winding down operations.
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E-Trade Financial Corp. slashed forecasts for 2007 profit as the discount brokerage exited the wholesale mortgage business because of a slew of bad home loans. The New York company, which in recent years relied heavily on mortgage lending to power earnings, warned an already jittery Wall Street that it is not immune to the tightening of global credit markets. E-Trade ...
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Banking giant HSBC is to close part of its US sub-prime mortgage business, cutting 750 jobs in the process.
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Fannie Mae, the giant mortgage finance company, yesterday agreed to stop using accounting methods that its regulator criticized last week and to raise billions of dollars
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HSBC Holdings Plc , Europe's biggest bank, said on Friday that it would close its U.S. subprime mortgage unit, cutting 750 jobs and taking an $880 million writedown, because the business is no longer sustainable.
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State securities regulators have moved to suspend or revoke the licenses of nine former brokers for Metropolitan Mortgage &amp; Securities, the bankrupt financial conglomerate that has left thousands of people across the Northwest holding hundreds of millions