Government-controlled mortgage buyer Freddie Mac (OTC:FMCC) managed a narrower loss of $1.7 billion for the October-December quarter of last year. But it has asked for an additional $500 million in federal aid up from the $100 million it sought in the previous quarter.
Freddie Mac also posted a $19.8 billion loss for all of 2010.
The government rescued Freddie Mac and sibling company Fannie Mae in September 2008 to cover their losses on soured mortgage loans. It estimates the bailouts will cost taxpayers as much as $259 billion.
Freddie Mac's October-December loss attributable to common stockholders works out to 53 cents a share. It takes into account $1.6 billion in dividend payments to the government. It compares with a loss of $7.8 billion, or $2.39 a share, in the fourth quarter of 2009.
The company said the recovery of the housing market is still fragile.
Full Story
Showing posts with label Freddie Mac. Show all posts
Showing posts with label Freddie Mac. Show all posts
Friday, February 25, 2011
Wednesday, February 16, 2011
JPMorgan (NYSE:JPM) CEO Jamie Dimon Says He's Not Going Anywhere
Speculation continues to swirl around JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon on the possibility of his entering into the political arena.
Dimon put that rumors to rest at the annual investor day of the bank, saying, "I'm not going into politics and I'm not opening a restaurant. I love what I do. I want to be here. I want to stay."
Concerning fears over the possible phasing out of Fannie Mae (OTC:FNMA) and Freddie Mac (OTC:FMCC), Dimon said the bank was ready to deal with whatever happens, even though they are among the largest providers of home loans in the United States.
Addressing growth in 2011, the company said most of that will come from Asia and Latin America. In America they are looking at their largest expansion to be in California and Florida.
The goal of the company over the next three years is to add a minimum of 1,000 branches, according to retail financial services Chief Executive Charlie Scharf, and over five years up to 2,000.
Wells Fargo (NYSE:WFC) has the most branches with approximately 6,500; Bank of America (NYSE:BAC) has about 6,000 branches; and JPMorgan is next with 5,172 branches in the U.S.
Talking on what it would cost the bank if processing fees on debit cards remain intact, Scharf said it would lose about $1.3 billion.
JPMorgan closed Tuesday at $46.82, gaining $0.28, or 0.60 percent.
Dimon put that rumors to rest at the annual investor day of the bank, saying, "I'm not going into politics and I'm not opening a restaurant. I love what I do. I want to be here. I want to stay."
Concerning fears over the possible phasing out of Fannie Mae (OTC:FNMA) and Freddie Mac (OTC:FMCC), Dimon said the bank was ready to deal with whatever happens, even though they are among the largest providers of home loans in the United States.
Addressing growth in 2011, the company said most of that will come from Asia and Latin America. In America they are looking at their largest expansion to be in California and Florida.
The goal of the company over the next three years is to add a minimum of 1,000 branches, according to retail financial services Chief Executive Charlie Scharf, and over five years up to 2,000.
Wells Fargo (NYSE:WFC) has the most branches with approximately 6,500; Bank of America (NYSE:BAC) has about 6,000 branches; and JPMorgan is next with 5,172 branches in the U.S.
Talking on what it would cost the bank if processing fees on debit cards remain intact, Scharf said it would lose about $1.3 billion.
JPMorgan closed Tuesday at $46.82, gaining $0.28, or 0.60 percent.
Friday, January 28, 2011
Citigroup (NYSE:C), JPMorgan (NYSE:JPM) Still Attractive to Goldman (NYSE:GS)
Goldman Sachs (NYSE:GS) noted recently in a report that Citigroup (NYSE:C) and JPMorgan (NYSE:JPM) remain their two top banking picks.
Concerning large cap banks in general, Goldman said, "We still believe that capital returns, clarity over regulation and continued growth in book values should support large cap banks in 2011."
For Citigroup, Goldman likes their exposure to emerging growth markets and their valuation.
JPMorgan gets their support from Goldman on the release of capital set aside for private label mortgages, which they see pushing the share price of JPMorgan up. Private label mortgages are those not guaranteed by Freddie Mac or Fannie Mae. JPMorgan set aside capital to protect themselves in that segment.
Citigroup was trading at $4.78, falling $0.05, or 0.93 percent, as of 11:15 AM EST. JPMorgan was trading at $45.20, up $0.10, or 0.22 percent.
Concerning large cap banks in general, Goldman said, "We still believe that capital returns, clarity over regulation and continued growth in book values should support large cap banks in 2011."
For Citigroup, Goldman likes their exposure to emerging growth markets and their valuation.
JPMorgan gets their support from Goldman on the release of capital set aside for private label mortgages, which they see pushing the share price of JPMorgan up. Private label mortgages are those not guaranteed by Freddie Mac or Fannie Mae. JPMorgan set aside capital to protect themselves in that segment.
Citigroup was trading at $4.78, falling $0.05, or 0.93 percent, as of 11:15 AM EST. JPMorgan was trading at $45.20, up $0.10, or 0.22 percent.
Monday, January 3, 2011
Bank of America (NYSE:BAC) Taking $2 Billion Charge in Q4
In order to settle home loan buyback claims with Fannie Mae and Freddie Mac, Bank of America (NYSE:BAC) paid out $1.34 billion on Friday to Fannie Mae and $1.28 billion to Freddie Mac. That leaves an estimated $2.7 billion in outstanding claims against Bank of America by Fannie Mae and Freddie Mac.
Citing the fulfillment of their promise of boosting equity by $3 billion, Bank of America added they're no longer under any obligation to the Troubled Asset Relief Program of the U.S. government, which was confirmed by the Federal Reserve.
Bank of America CEO Brian Moynihan said in a statement, "These actions resolve substantial legacy issues in the best interest of our shareholders."
Bank of America announced it will take a fourth-quarter impairment charge of close to $2 billion.
They were trading at $14.05, gaining $0.70, or 5.28 percent, as of 12:33 PM EST.
Citing the fulfillment of their promise of boosting equity by $3 billion, Bank of America added they're no longer under any obligation to the Troubled Asset Relief Program of the U.S. government, which was confirmed by the Federal Reserve.
Bank of America CEO Brian Moynihan said in a statement, "These actions resolve substantial legacy issues in the best interest of our shareholders."
Bank of America announced it will take a fourth-quarter impairment charge of close to $2 billion.
They were trading at $14.05, gaining $0.70, or 5.28 percent, as of 12:33 PM EST.
Subscribe to:
Posts (Atom)