United States

Federal National Mortgage Association (FNMFO.PK)

FNMFO.PK on OTC Markets Group - US Other OTC and Grey Market

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Latest Key Developments (Source: Significant Developments)

Fannie Mae- remain convinced that Fed will hold target rate steady this year
Thursday, 18 Aug 2016 09:00am EDT 

Fannie Mae : Fannie Mae says remain convinced that Fed will hold target rate steady this year . Fannie Mae says "continued momentum in consumer spending in Q3 is crucial for driving growth as business investment is struggling" . Fannie Mae says consumer spending appears "solid" heading into Q3, expect inventory investment to balance out after a "surprising" drawdown in Q2 . Fannie Mae says "tight housing inventory from a lack of new construction continues to create affordability challenges" .Federal National Mortgage Association -Economic growth is expected to rebound in second half of 2016 after a disappointing Q2.  Full Article

Fannie Mae reports Q2 net income of $2.9 bln
Thursday, 4 Aug 2016 07:30am EDT 

Federal National Mortgage Association : Fannie Mae reports net income of $2.9 billion and comprehensive income of $2.9 billion for second quarter 2016 . Reported net income of $2.9 billion for the second quarter of 2016, compared with net income of $4.6 billion . Qtrly net interest income $5,286 million versus $5,677 million . Qtrly net revenues $5,460 million versus $6,233 million . Net worth was $4.1 billion as of june 30, 2016, unchanged from december 31, 2015 . Fannie Mae expects to pay $2.9 billion in dividends to treasury in september 2016 . Net interest income was $5.3 billion for the second quarter of 2016 compared with $4.8 billion for the first quarter of 2016 . Qtrly total comprehensive income attributable to Fannie Mae $2.87 billion versus $4.36 billion . Net interest income for q2 driven by guaranty fee revenue and interest income earned on mortgage assets in retained mortgage portfolio . Single-Family net income was $2.7 billion in the second quarter of 2016, compared with $2.4 billion in the first quarter of 2016 . Forecast that total originations in the u.s. Single-Family mortgage market in 2016 will increase from 2015 levels by approximately 2% . Single-Family guaranty serious delinquency rate at quarter end of 1.32 % versus 1.44% at q1 end.  Full Article

Bluerock Residential Growth REIT buys apartment community in Atlanta
Monday, 18 Jul 2016 03:50pm EDT 

Bluerock Residential Growth REIT Inc: Purchase price of approximately $74.5 million . Acquired a leasehold interest in Class A, 336-unit, mixed-use tenside apartment homes in Atlanta, Georgia . Transaction was capitalized with a senior loan from Fannie Mae in amount of approximately $52 million .Brg invested about $22 million for 90% ownership interest, affiliate of carroll organization investing 10% in deal.  Full Article

Bank of America wins reversal of $1.27 billion penalty in "Hustle" case
Monday, 23 May 2016 10:49am EDT 

Bank of America Corp : Wins reversal of $1.27 billion penalty in "hustle" case . 2nd U.S. circuit court of appeals finds lack of evidence that the former countrywide financial intended to commit fraud . Appeals court also reverses judgment against defendant rebecca mairone . Appeals court directs that judgment be entered in favor of defendants.  Full Article

Federal National Mortgage Association - Ex-Fannie Mae CEO loses bid to toss SEC fraud case - Reuters
Tuesday, 1 Mar 2016 12:55pm EST 

Federal National Mortgage Association:Former Fannie Mae FNMA.OB Chief Executive Daniel Mudd has lost his bid to dismiss a lawsuit by U.S. securities regulators accusing him of concealing the mortgage finance agency's exposure to risky loans that fueled the 2008 financial crisis - RTRS.U.S. District Judge Paul Crotty in Manhattan on Monday ruled the Securities and Exchange Commission could take Mudd to trial over claims he concealed $441 billion of risky loans before Fannie Mae's September 2008 government seizure.Crotty ruled that a jury could find that Fannie Mae's disclosures about its exposure to subprime loans and Alt-A loans, a category between prime and subprime, misleadingly excluded billions of dollars worth of mortgages.Crotty said the SEC had also put forward evidence from which a jury could conclude Mudd knew or should have known that public statements he made about Fannie Mae's exposure to risky loans, as well as the company's disclosures, were false or misleading."From these facts, a rational jury could infer that Mudd acted with intent or recklessness," Crotty wrote.A lawyer for Mudd did not immediately respond to a request for comment. An SEC spokeswoman declined to comment on Tuesday.The SEC sued Mudd, who ran Fannie Mae from 2005 until the seizure, and two colleagues in December 2011, on the same day it filed a similar lawsuit against former Freddie Mac FMCC.OB CEO Richard Syron and two of his colleagues.  Full Article