U.S. Plans To Help Mortgage Giants
By admin | July 14, 2008
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SEC To Focus On Stopping Spread Of False Info
By admin | July 13, 2008
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Yahoo Rejects Microsoft Offer Again
By admin | July 13, 2008
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IndyMac To Open Monday, Officials Say
By admin | July 12, 2008
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Eager iPhone Buyers Encounter Software Bugs
By admin | July 11, 2008
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Dow Sinks To Two-Year Low; Oil Hits New High
By admin | July 11, 2008
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Gov’t Examines Freddie, Fannie Bailout
By admin | July 11, 2008
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Bush To Get State Of Economy Update
By admin | July 11, 2008
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Mortgage Stocks Dive Again
By admin | July 11, 2008
Financial stocks, especially those tied to the mortgage industry, helped fuel a 237-point drop in the Dow Jones industrial average on Wednesday.
shares plunged by $3.20, or 24%, on the day, closing at a new 52-week low of $10.26.
shares fell $2.31, or 13%, to close at $15.31.
, which recently closed on its acquisition of , saw its shares fall $1.48, or 6%, to close at $22.06.
Radian Guaranty’s shares fell by 18 cents, or 11%, to close at $1.53.
Analysts attributed Wednesday’s broad market decline to concern about a slowing economy, more bad debt at banks, and higher oil and commodity prices.
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OFHEO Releases Statement To Ease Mortgage Tension
By admin | July 11, 2008
“ has been monitoring and continues to monitor closely , and the mortgage and financial markets. As one would expect, we are carefully watching the Enterprises’ credit and capital positions.
As I have said before, they are adequately capitalized, holding capital well in excess of the OFHEO-directed requirement, which exceeds the statutory minimums. They have large liquidity portfolios, access to the debt market and over $1.5 trillion in unpledged assets.
At the time of our March 2008 capital agreement with the Enterprises I said: `OFHEO will remain vigilant in supervising the safe and sound operations of these companies, and will act quickly to address any deficiencies that may arise. Furthermore, we recognize the need to ensure that their capital levels are strong, protecting them from unforeseen risks as the market recovers.’
Including the $7.4 billion Fannie Mae raised in May in accordance with our March agreement, the Enterprises have raised over $20 billion in capital. They are using it to continue to grow and to play a critical role in the mortgage markets, which we expect them to continue to do. To support their mission, Freddie Mac is committed to raising an additional $5.5 billion, which they will do given appropriate market conditions. At a very difficult time in the market, the Enterprises have the flexibility and sound operations needed to support their mission.”
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