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CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bancorp (FITB) today announced that it has entered into an agreement with Freddie Mac to resolve certain repurchase claims associated with mortgage loans originated and sold prior to January 1, 2009. The Bank will make a cash payment of $25 million to Freddie Mac, after paid claim credits and other adjustments.
As of September 30, 2013, Fifth Thirds mortgage representation and warranty reserves associated with the loans covered by the agreement were fully sufficient to cover the payment amount.
The agreement covers the loans Fifth Third originated and sold to Freddie Mac prior to January 1, 2009, regardless of whether Freddie Mac has made a repurchase demand on any particular loan to date.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $126 billion in assets and operates 18 affiliates with 1,321 full-service Banking Centers, including 102 Bank Mart® locations open seven days a week inside select grocery stores and 2,453 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 25% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2013, had $318 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Thirds common stock is traded on the NASDAQ® Global Select Market under the symbol FITB.
CINCINNATI--(BUSINESS WIRE)-- Fifth Third Bancorp (FITB) today announced that it has entered into an agreement with Freddie Mac to resolve certain repurchase claims associated with mortgage loans originated and sold prior to January 1, 2009. The Bank will make a cash payment of $25 million to Freddie Mac, after paid claim credits and other adjustments.
As of September 30, 2013, Fifth Thirds mortgage representation and warranty reserves associated with the loans covered by the agreement were fully sufficient to cover the payment amount.
The agreement covers the loans Fifth Third originated and sold to Freddie Mac prior to January 1, 2009, regardless of whether Freddie Mac has made a repurchase demand on any particular loan to date.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $126 billion in assets and operates 18 affiliates with 1,321 full-service Banking Centers, including 102 Bank Mart® locations open seven days a week inside select grocery stores and 2,453 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 25% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2013, had $318 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Thirds common stock is traded on the NASDAQ® Global Select Market under the symbol FITB.
Fifth Third and Freddie resolve mortgage repurchase claims
09:36 AM ET · FMCC
After paid claim credits and other adjustments, Fifth Third (FITB) will pay $25M in cash to Freddie Mac (FMCC) to resolve certain repurchase claims on mortgages originated and sold prior to Jan. 1, 2009. The bank's rep and warranty reserves are "fully sufficient" to cover the payment amount.
Frannie bets a puzzle to many
02:43 PM ET · FMCC
"When you talk to anybody in Washington, there is an almost universal view that Fannie (FNMA -3.1%) and Freddie (FMCC -1.5%) should be a part of the past, that it is a broken model, and also that private investors in Fannie and Freddie shouldn’t realize any returns from those investments," says PIne River's Colin Teiccholtz, scratching his head over anyone owning stock in the two as a play on them being privatized.
"We've looked at it," says Avenue Capital's Marc Lasry. "I think you’re making a bet that you’re going to be able to force the government to do something.”
It's "a puzzle to me," says an investor in Bill Ackman's Pershing Square. "If you think the Target board is hard to convince of a policy change, you have got to believe you’re really taking on a tall job to try and influence the government."
Taking a break from talking Herbalife, Ackman - who recently disclosed near-10% stakes in the common of both Fannie and Freddie - says he's not supportive of Bruce Berkowitz's recap plan (which would be of benefit to preferred owners like Berokowitz, but not so much for owners of the common)
MBS trader Deepak Narula calls the common stock of Frannie an option which should rise any time chatter about privatization picks up. "Whether the option is worth anything in the short run is immaterial.”
Is it really that high?
I saw in my Etrade show today high is $8.8387. What happen?
I wish, Thanks
I bought 10.000 shares $0.25, do you think NSRS will go up that high?
Sperling: WH not interested in GSE recap plan
03:53 PM ET · FMCC
"I want to make clear our administration believes the risks are simply too great, that this would re-create the problems of the past," says the president's chief economic adviser Gene Sperling of any recapitalization plan for Fannie Mae (FNMA +7.5%) and Freddie Mac (FMCC +6.4%).
Speaking at an industry conference in D.C., Sperling says the administration is interested in rebuilding a stronger mortgage market not dominated by two mammoth institutions, and Frannie - even if restructured - would retain a large advantage over newer entrants.
Needless to say, Sperling's remarks come in wake of Bruce Berkowitz's buyout and recap proposal for the GSEs from last week.
Sperling: WH not interested in GSE recap plan
03:53 PM ET · FMCC
"I want to make clear our administration believes the risks are simply too great, that this would re-create the problems of the past," says the president's chief economic adviser Gene Sperling of any recapitalization plan for Fannie Mae (FNMA +7.5%) and Freddie Mac (FMCC +6.4%).
Speaking at an industry conference in D.C., Sperling says the administration is interested in rebuilding a stronger mortgage market not dominated by two mammoth institutions, and Frannie - even if restructured - would retain a large advantage over newer entrants.
Needless to say, Sperling's remarks come in wake of Bruce Berkowitz's buyout and recap proposal for the GSEs from last week.
How low can it goes?
Thank you!
What do you think gonna happen to RXPC?
What do you think about RXPC? any advice? TIA
Ackman takes big stakes in the GSEs
09:03 AM ET · FNMA
Pershing Square discloses a 9.98% stake in the common stock of Fannie Mae (FNMA) and a 9.77% stake in the common of Freddie Mac (FMCC), and its intention to get involved in the reorganization discussions.
"In light of the proposed Fairholme transaction on behalf of certain holders of preferred stock of the Issuer which was reported in the financial press, the Reporting Persons have determined that they may engage in discussions with management, the board, other stockholders of the Issuer, representatives of the Federal government, and other relevant parties ..."
Ackman takes big stakes in the GSEs
09:03 AM ET · FNMA
Pershing Square discloses a 9.98% stake in the common stock of Fannie Mae (FNMA) and a 9.77% stake in the common of Freddie Mac (FMCC), and its intention to get involved in the reorganization discussions.
"In light of the proposed Fairholme transaction on behalf of certain holders of preferred stock of the Issuer which was reported in the financial press, the Reporting Persons have determined that they may engage in discussions with management, the board, other stockholders of the Issuer, representatives of the Federal government, and other relevant parties ..."
Fairholme proposes $52B recap for GSEs: WSJ
09:00 PM ET · FNMA
Fairholme Capital Management offers to spearhead a move by a consortium of investors aimed at "purchasing, recapitalizing, and operating the mortgage-guarantee businesses" of Fannie Mae (FNMA) and Freddie Mac (FMCC) as state-regulated bond insurers, WSJ says.
The offer was reportedly outlined by Bruce Berkowitz in a letter sent Wednesday evening to federal regulators.
Earlier: Hedge funds pitch takeover of Frannie
Fairholme proposes $52B recap for GSEs: WSJ
09:00 PM ET · FNMA
Fairholme Capital Management offers to spearhead a move by a consortium of investors aimed at "purchasing, recapitalizing, and operating the mortgage-guarantee businesses" of Fannie Mae (FNMA) and Freddie Mac (FMCC) as state-regulated bond insurers, WSJ says.
The offer was reportedly outlined by Bruce Berkowitz in a letter sent Wednesday evening to federal regulators.
Earlier: Hedge funds pitch takeover of Frannie
Hedge funds pitch takeover of Frannie
07:46 AM ET · FNMA
The closest thing to a cash offer from the private sector to help reorganize housing finance in this country, a number of hedge funds have proposed converting their $34.6B of preferred stock of Fannie Mae (FNMA) and Freddie Mac (FMCC) and helping to underwrite a $17.3B rights issue.
"We plan to put up real money, this is not just a trade,” says one member of the group, which says the plan brings in private capital while leaving taxpayers with legacy mortgage guarantees from which they can profit as housing continues to recover.
It remains to be seen if politicians agree that a group of hedge funds taking over the GSEs meets their idea of private capital.
"This trade reminds me of the adage, buy them for a good time but not a long time,” says one skeptical hedge fund chief. "The guarantee business is a great business,” says one of the group. “You can’t get rid of Fannie and Freddie.”
Hedge funds pitch takeover of Frannie
07:46 AM ET · FNMA
The closest thing to a cash offer from the private sector to help reorganize housing finance in this country, a number of hedge funds have proposed converting their $34.6B of preferred stock of Fannie Mae (FNMA) and Freddie Mac (FMCC) and helping to underwrite a $17.3B rights issue.
"We plan to put up real money, this is not just a trade,” says one member of the group, which says the plan brings in private capital while leaving taxpayers with legacy mortgage guarantees from which they can profit as housing continues to recover.
It remains to be seen if politicians agree that a group of hedge funds taking over the GSEs meets their idea of private capital.
"This trade reminds me of the adage, buy them for a good time but not a long time,” says one skeptical hedge fund chief. "The guarantee business is a great business,” says one of the group. “You can’t get rid of Fannie and Freddie.”
Freddie Mac (FMCC +1.3%) boosts its risk-sharing efforts, taking out a policy with Arch Capital Group (ACGL -0.8%) to cover up to $77.4M of losses on a pool of $22.5B worth of mortgages it funded last quarter.
"It's groundbreaking," says Freddie's Donna Corley. "It's a huge source of capital and a different source of capital."
Freddie already relies on U.S. mortgage insurers for those loans with less than 20% down payments, but this turn to global reinsurers - who have more diversified exposures - will allow for far stronger counterparties in the event of another housing crisis.
Freddie Mac (FMCC +1.3%) boosts its risk-sharing efforts, taking out a policy with Arch Capital Group (ACGL -0.8%) to cover up to $77.4M of losses on a pool of $22.5B worth of mortgages it funded last quarter.
"It's groundbreaking," says Freddie's Donna Corley. "It's a huge source of capital and a different source of capital."
Freddie already relies on U.S. mortgage insurers for those loans with less than 20% down payments, but this turn to global reinsurers - who have more diversified exposures - will allow for far stronger counterparties in the event of another housing crisis.
Thank you!!! I've been holding this stock for so long and I won't flip it for 0.0003. Loose all or make big!!! Have a wonderful day!!
How much do you think? Thanks
0.002 this week, I think!!!!
Get ready guys
I lost $25.000
I am ready..
Thanks l2Hunter
I want to buy Fnma stock. Is this too late to buy if not then how much should I entry? TIA
$2.15 and up...
Don't worry, Fnma will close GREEN!!
And He will crying all the way to jail
10000% agreed
Human don't live in the UPS mailbox, only rats
Thank you!!
I loss $40.000 because of this ass hole
Do you think it will have 1 more run before game over? Thanks