Freddie Mac Reports 1Q Loss of $211M
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WASHINGTON -- 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.
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Countrywide Financial Corp ,  the battered mortgage lender being acquired by Bank of America  Corp , posted a $422 million fourth-quarter loss on  Tuesday, hurt by mounting defaults in a sinking housing market.
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Morgan Stanley yesterday said third-quarter profit sank 17 percent, as the number two US investment bank was forced to write down nearly $1 billion worth of loans amid the summer's global credit crisis.
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Average interest rates for U.S.  mortgages dropped for the fourth week in a row, to levels not  seen since the beginning of the year, according to a survey  released by finance company Freddie Mac  on Thursday.
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Freddie Mac (FRE.N: Quote, Profile, Research) on Monday said that it sold $3.0 billion of one-month reference bills due Nov. 2, 2004 at a stop-out rate, or lowest accepted
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SLM, the parent of Sallie Mae, which for years profited from placing large bets on its own stock going up, now faces a possible loss of more than $1 billion.
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The loss of $854 million exceeded fears about how badly the bank was hurt by its subprime mortgage bets.
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Countrywide Financial Corp ,  the largest U.S. mortgage lender, posted a $1.2 billion  third-quarter loss on Friday, hurt by write-downs as the U.S.  housing market deteriorated.
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Washington Mutual Inc., the country's biggest savings and loan, said Thursday it swung to a $1.87 billion loss in the fourth quarter, hurt badly by the sinking value of its mortgage portfolio.
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Morgan Stanley  on Wednesday  said it has suffered a $3.7 billion loss stemming from its U.S.  subprime mortgage exposure, which it expects will reduce  fourth-quarter earnings by about $2.5 billion.
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The bank said it lost about $854 million, exceeding analystsâ fears about how badly it would suffer from its subprime mortgage bets.
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WASHINGTON -- Freddie Mac, the nation's second-largest buyer and guarantor of home mortgages, said Thursday its second-quarter profit fell 45 percent as it had to record larger provisions on its books for bad loans.
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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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The discount broker posts a loss as mortgage-related losses mount.
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Morgan Stanley posted its first quarterly loss after taking an additional $5.7 billion write-down related to subprime mortgages, and said it would sell a $5 billion stake to Chinaâs sovereign wealth fund.
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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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The troubled mortgage lender posted a loss of $422 million, citing rising loss provisions and impairment charges.