Mortgage giant Fannie Mae reported net income of $1.3 billion for the fourth quarter. That's down sharply from $6.5 billion a year earlier due largely to losses on investments used to hedge against swings in interest rates.
Saudi Arabia's central bank plans to launch a real estate refinancing company with SR5 billion ($1.3 billion) of capital to help develop the kingdom's mortgage market, local media quoted its governor as saying.
Saudi Arabia is studying draft regulations that could see the creation of a real estate refinancing company similar to US firm Fannie Mae, according to proposals published by the central bank this week.
The regulations are part of lon
Saudi Arabia plans to set up a Fannie Mae-style company to buy mortgages from financial institutions and help develop national sukuk and debt markets, Saudi Arabia's finance minister said.
The company would be formed in conjunction wit
Fannie Mae, the largest provider of funding for US home mortgages, yesterday said it lost $23.2 billion in the first quarter, sending it to the Treasury for a second time for capital to keep it afloat.
The Washington-based company said its
The United States on Sunday offered massive aid to Fannie Mae and Freddie Mac to bolster confidence in the mortgage finance giants and head off a potential meltdown in financial markets.
The dollar jumped and stock futures rallied on the p
The US government is considering taking over top US mortgage lenders Fannie Mae and Freddie Mac and placing them into conservatorship if their problems worsen, the New York Times reported, citing people briefed about the plan.
Under a cons
The regulator of Fannie Mae and Freddie Mac on Wednesday eased capital requirements for the two biggest housing finance agencies, allowing them to pump up to $200 billion into the distressed US mortgage market.
The regulator, the Office of