Freddie Mac Shuts Bond TradingBusiness

October 05, 2004, 1:00 a.m. EDT 1 Min Read

McLEAN Va. - (10/05/04) -- Freddie Mac announced Monday it isclosing down its Securities Sales & Trading Group unit, aleading market maker in the trillion-dollar mortgage backedsecurities market. The company also said it is discontinuing itsMoney Manager program which managed the investment of the company'scapital. Freddie said both moves were undertaken to help refocusthe company on its core secondary market mission. The SS&TG isa registered broker-dealer within the walls of the secondarymortgage market giant that both trades bonds for the company's ownaccount and as a market-maker in the MBS market. The company holdsabout $33 billion worth of securities.

For reprint and licensing requests for this article, click here.

MORE FROM AMERICAN BANKER

M&A

Two Illinois community banks agree to merge in $170M deal

The parent company of Heartland Bank and Trust plans to acquire a smaller bank based in Carlinville, Illinois. The acquisition would give the buyer added heft in Central Illinois, as well as the Chicago and St. Louis metro areas.

By Kevin Wack

1h ago
CDFIs

Banks urge Trump admin to restore CDFI Fund staff, funding

Six trade groups warned the administration layoffs and funding freezes could dampen lending, threatening the administration's goal of economic growth.

By Ebrima Santos Sanneh

2h ago
M&A

Eastern in Mass. should sell itself: Activist investor

The Boston-based bank is the second bank in three months to face pressure to sell by the activist investor group HoldCo Asset Management.

By Allissa Kline

3h ago
Regulation and compliance

Gould focuses on OCC role in debanking fracas

Comptroller of the Currency Jonathan Gould said in an interview with American Banker that his agency is looking at whether its own internal guidance may have contributed to a climate where banks feel the need to "cite everything" to avoid supervisory penalties.

By Debra Cope

3h ago
Digital banking

Credit union-powered digital bank sponsors college sports

AlumniFi, the digital banking arm of Michigan State University's official credit union, is now an official bank partner for the NCAA's Big East conference.

By Melinda Huspen

3h ago
Amazon Web Services

Navy Federal, Truist, Chime among victims of AWS outage

A failure at an Amazon Web Services data center in Virginia caused widespread outages, hitting services at several banks and fintechs.

By Carter Pape

3h ago