Maryland State Employees CU Goes Mobile
BALTIMORE–Maryland State Employees CU said it is offering mobile banking service to its members through Internet-enabled phones.
The system is encrypted using the Wireless Transport Layer Security protocol, considered the highest level of security available.
Credit union members will be able to view account balances, transfer funds and schedule new payments with the credit union’s mobile banking service, executives said.
Freddie Mac Reports More Losses
McLEAN, Va.–Secondary mortgage market giant Freddie Mac reported a first quarter loss of $151 million, its third straight quarterly loss, and plans to raise $5.5 million in new capital to replenish some of the losses.
The first quarter loss is higher than the $133 million loss for last year’s first quarter, but was smaller than expected, causing a rally in the company’s share price. The shares were up more than 8% late last week to close at $27.12.
The latest results include $1.4 billion in credit-related expenses and $528 million in total credit losses, including net charge offs and real-estate-owned operations expense, as delinquencies and foreclosures continue to rise and estimated losses were increased. Year-earlier credit costs were $262 million.
Freddie’s report comes a week after its sister mortgage company, Fannie Mae, reported a $2.2 billion first quarter loss and plans to raise as much as $6.5 billion in new capital.
The two companies are major sources of liquidity for credit unions and buy more than three-fourths of all residential mortgages sold on the secondary market.
Fair Isaac Raises $275 Million in New Capital
MINNEAPOLIS–Fair Isaac & Co., provider of the ubiquitous FICO credit score, said it has raised $275 million with a private placement of senior notes.
Most of the proceeds from the offering will be used to refinance debt.
The company, in the midst of a major restructuring, last month reported a 37% decline in first quarter earnings, to $13.5 million. It announced it would sell off several business units and cut approximately 200 jobs.
