Stock Prices Of Fannie, Freddie Plunge After Report
WALL STREET - The stock prices of mortgage giants Fannie Mae and Freddie Mac plummeted last week after announcing they had been ordered to delist from the New York Stock Exchange.
Fannie Mae's stock was down 45% Wednesday morning to 51 cents and Freddie Mac's stock was down 47% to 65 cents.
The Federal Housing Finance Agency, the federal regulator for the two secondary mortgage market giants, said the delisting order was not taken due to the companies' performance.
The two companies have been hemorrhaging red ink and have tapped more than $145 billion combined in federal aid. They have an open credit line with the Treasury Department through 2012.OTC trading of shares of the two companies is expected to start approximately July 8.
Card Delinquencies, Charge-Offs Hit Near Highs During Q1
PORTLAND, Ore. - Credit card delinquencies and charge-offs at credit unions remained near all-time highs, even as the average balance on card accounts continued to grow in the first quarter, according to AssetExchange, a card broker for credit unions.
The delinquency ratio as of March 31 rose to 4.6%, believed to be its highest ever, while the charge-off ratio was at 1.9%. At the same time, the average balance on a credit union card grew to $2,619, up from $2,471 a year ago, the company said.
Student Loan CUSO Launched in Wisconsin
MADISON, Wis. -The $1-billion UW Credit Union has formed a CUSO called CU Campus Resources to offer a private student loan program for CUs, as well as the colleges. CU Campus Resources has partnered with Cology, Inc., Scottsdale, Ariz., to provide the core processing.
