McLEAN, Va. - (10/06/05) -- Secondary housing market giantFreddie Mac, which is holding billions of dollars in mortgages inLouisiana, Mississippi and Alabama, said Wednesday it expects toreport third-quarter losses of between $150 million and $300million as a result of hurricanes Katrina and Rita. That includesboth mortgages it is holding in the flood-ravaged communities, aswell as guarantees on billions of dollars of mortgage-backedsecurities, a Freddie spokesman told The Credit Union Journal. Thespokesman said less than 1% of the company's $1.6 trillion inmortgages and mortgage securities were affected by the two storms.Some observers believe that means Freddie is holding as much as $15billion in paper backed by mortgages in the storm-affected areas.Freddie Mac and Fannie Mae are believed to be the two largestholders of mortgage paper affected by the two storms. Fannie Maehas yet to estimate its losses from the hurricanes.
-
As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3