Fannie Mae | featured news

Fannie Mae said it will request $4.6 billion more in government aid after posting a $2.41 billion fourth-quarter loss.

Michael Williams, the chief executive of US mortgage giant Fannie Mae, will step down once a successor has been found, the company says. Mr Williams was put in charge of Fannie Mae in 2009 after the firm had been rescued by the US government at the height of the financial crisis.

The Securities and Exchange Commission has brought civil fraud charges against six former top executives at Fannie Mae and Freddie Mac, saying they misled the government and taxpayers about risky subprime mortgages the mortgage giants held during the housing bust....

Information is sought on the mortgage giants' roles as landlords who own thousands of foreclosed properties in California. Also sought are details of their mortgage-servicing and home-repossession practices, a source says.

A leading housing regulator on Monday announced changes to a government refinancing program that could help up to one million homeowners whose homes are worth less than their mortgage.

The U.S. regulator for Fannie Mae and Freddie Mac accuses the banks of negligence in misrepresenting the risks embedded in the securities sold to the home-finance giants.

The Wall Street Journal is reporting that Bank of America has agreed to sell a portion of its home loan portfolio to Fannie Mae. The Journal said the deal to sell a pool of 400,000 loans to the government-sponsored mortgage holder was finalized last Friday.

Mortgage finance giant Fannie Mae said it would ask for an additional $5.1 billion from taxpayers as it continues to suffer losses on loans made prior to 2009.

Fannie Mae has appointed Capital One's Susan R. McFarland to serve as chief financial officer. She is the third person to hold the position since Fannie entered conservatorship.

Two lawmakers are set to unveil legislation to replace Fannie Mae and Freddie Mac with at least five private companies that would issue mortgage-backed securities with explicit federal guarantees.