Freddie Mac Profit Down 45 Percent in 2Q
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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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Morgan Stanley, the second-biggest US securities firm, said Wednesday its fiscal third-quarter profit tumbled 34 percent, falling short of estimates, as bond trading plunged.
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Freddie Mac FRE.N, the  second-largest U.S. home financing company, on Friday said that  it has restated its 2003 net income and set up a reserve for  legal-related expenses, according to an annual report.
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Morgan Stanley and Bear Stearns Companies posted a drop in quarterly profits on Wednesday, surprising some investors one day after two
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Freddie Mac (FRE.N: Quote, Profile, Research) , the No. 2 US mortgage finance company, on Monday said it will shutter its broker-dealer business unit in a step
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Bank of America Corp , the No. 2 U.S. bank, posted a much larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.
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Freddie Mac, the No. 2 U.S. mortgage finance company, on Thursday reported an unexpected net loss of $211 million for the first quarter, citing a souring outlook for mortgage credit risk that widened credit spreads.
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U.S. investment bank Morgan Stanley  MWD.N on Wednesday said quarterly profit dropped by a third  on lower bond trading revenue and higher expenses, falling  short of Wall Street's low expectations and pushing its shares  down as much as 8 percent.
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Interest rates on U.S. 30- and  15-year mortgages fell this week to their lowest levels since  early April as the housing market showed little sign of slowing  despite the Federal Reserve's move to raise interest rates,  mortgage finance company Freddie Mac said on Thursday.
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Marriott International's second-quarter profit increased 11 percent compared with the corresponding period a year earlier -- beating analysts' expectations -- but the company's stock sank 3 percent yesterday after it once again lowered forecasts for a key revenue measurement.
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Freddie Mac FRE.N, the  second-largest U.S. home financing company, on Friday revised  its 2003 net income downward by $75 million to provide for a  reserve for legal expenses, according to its annual report.
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Two large Wall Street firms - Morgan Stanley and Bear Stearns - reported a fall in quarterly profits yesterday in sharp contrast to rival players who presented an upbeat performance the day before.
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MCLEAN, Va. -- Mortgage rates have eased with help from last week&#39;s disappointing government numbers on new jobs. The mortgage company Freddie Mac reports that 30-year fixed-rate mortgages now average 5.74 percent, down from 5.82 in last week&#39;s survey.
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Interest rates on U.S. 30- and 15-year mortgages fell this week to their lowest levels since early April as the housing market showed little sign of slowing despite the Federal Reserve's move to raise interest rates, mortgage finance company Freddie Mac said on Thursday.
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US mortgage lender Freddie Mac agrees to pay a $50m (Â£24.6m) penalty to settle charges that it massaged its earnings.
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The chief executive of Freddie Mac  warned that the U.S. economy faces a 40 percent to 45 percent risk of recession induced by the housing market downturn, the Financial Times reported on its Web site.
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The largest U.S. mortgage lender said quarterly profit slid 33 percent and slashed its full-year earnings outlook, citing rising defaults as the housing market slumps.