Freddie Mac, Fannie Mae Both up 6% After Opening Bell
12/31 09:49 AM
09:49 AM Eastern Standard Time, 12/31/2008 (MidnightTrader) -- Freddie Mac (FRE:$0.7226,$0.0326,4.72%) and Fannie Mae (FNM:$0.7298,$0.0398,5.77%) shares are both up 6% in the opening minutes of trading in fairly narrow ranges.
Freddie Mac (FRE:$0.7226,$0.0326,4.72%) shares were last quoted at 73 cents, up 4 cents, or 6%, with today's range so far between 71 cents and 74 cents. Fannie Mae (FNM:$0.7298,$0.0398,5.77%) was last quoted at 73 cents, up 4 cents, or 6.8% and so far has traded a narrow range between 72 cents to 74 cents.
The stocks are receiving a lift from news that the Fed will start buying mortgage-backed securities from the two companies, as well as Ginnie Mae, in January. The Fed will fund the purchases by creating addition bank reserves. The program is separate from the Fed's plan to buy Treasury debt.
Price: 0.73, Change: +0.04, Percent Change: +6.0%
http://www.midnighttrader.com

More good news...

They are filling a void, and when the dust settles, will be even bigger, IMO.

Revised
Fannie Mae Gross Mortgage Portfolio Grows 9.3% In Nov
12/30 03:09 PM
NEW YORK (Dow Jones)--Fannie Mae (FNM:$0.6735,$-0.0565,-7.74%) net commitments to buy mortgage bonds were at $7.9 billion in November, down from its commitments of $10.6 billion in October.
Fannie's total gross mortgage portfolio stood at $782.88 billion at the end of November, up 9.3%.
The rapid increase in single-family delinquency rates, as indicated in the report released Tuesday, remains troubling.
Fannie's purchase of mortgage bonds for its investment portfolio in October was lower than that of its sibling Freddie Mac (FRE), which last week announced that its commitments to buy mortgage bonds was at $14.98 billion in November. Freddie's investment portfolio is now about $45 billion shy of the $850 billion limit set by the U.S. Treasury.
At the time of the government takeover of the two government-sponsored agencies, the Federal Housing Finance Agency, its conservator, announced it would ask both companies to boost their purchase of mortgage bonds to $850 billion each.
In a bid to lower mortgage rates and prop up the market for mortgage securities issued by Fannie and Freddie, the U.S. Treasury and the Federal Reserve will also buy these bonds. So far, the U.S. Treasury has bought nearly $ 50 billion of these bonds, while the central bank is to launch its purchase plan, which could exceed $500 billion, soon.
Meanwhile, Fannie's serious delinquency rate rose to 1.89% in October from 1.72% in September, and 1.06% in January.
While these numbers are still low, it represents an increased stress on the company from its holdings of Alt-A and other types of mortgages lent to borrowers with risky credit profiles.
Meanwhile, Fannie Mae's (FNM:$0.6735,$-0.0565,-7.74%) total book of business shrunk at an annualized compound rate of 0.2% in November, and was up 7.5% year-to-date.
Total Fannie Mae (FNM:$0.6735,$-0.0565,-7.74%) issuance of mortgage bonds was at $23.8 billion in November, down from $28.6 billion in October.
Issuance of Fannie Mae (FNM:$0.6735,$-0.0565,-7.74%) securities and other guarantees shrunk at a compounded annualized rate of 1.3% during the month.
Fannie's duration gap, a measure of the portfolio's sensitivity to interest rates, averaged zero months in November, down from plus two months in October.
Freddie and Fannie are chartered by Congress to buy mortgages from lenders, freeing them to make more loans.
They repackage the mortgages as securities and sell them again. Both also hold on to large quantities of mortgage securities, profiting from the difference between the interest rates they pay and the cost of debt issued to fund their purchases.
-By Prabha Natarajan, Dow Jones Newswires; 201-938-5071; prabha.natarajan@ dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http:// www.djnewsplus.com/nae/al?rnd=bAJedWKI9kDHe6DirjsR8A%3D%3D. You can use this link on the day this article is published and the following day.

(END) Dow Jones Newswires
12-30-081509ET
Copyright (c) 2008 Dow Jones & Company, Inc.

Updated
Fannie Mae November mortgage portfolio up 9.3 pct
12/30 02:54 PM
NEW YORK, Dec 30 (Reuters) - Fannie Mae (FNM:$0.677,0$-0.053,0-7.26%) <FNM.P>, the largest U.S. home funding provider, on Tuesday said its gross mortgage portfolio grew by a 9.3 percent annual rate in November, its second full month under government control.
The company's mortgage holdings rose by about $5.8 billion last month to $782.9 billion, which compares with $722 billion a year earlier and is up by 8.9 percent year-to-date.
The government has relied on Fannie Mae (FNM:$0.677,0$-0.053,0-7.26%) as well as Freddie Mac, also taken under conservatorship in early September, to buy mortgage assets in the relative absence of private mortgage banks to stabilize housing markets.
The two companies combined bought nearly $48 billion in mortgages for their portfolios last month.
Freddie Mac (FRE:$0.6716,$-0.0384,-5.41%) <FRE.P> last week said its mortgage portfolio expanded by a record 66 percent in November to $805.4 billion. That put this year's portfolio growth at an annual 12.8 percent rate.
Fannie Mae (FNM:$0.677,0$-0.053,0-7.26%) said its net agreements to buy mortgages dipped to $7.9 billion in November from $10.6 billion in October. Its mortgage-backed securities issuance declined to $23.8 billion last month from $28.6 billion in October.
The delinquency rate on single-family loans guaranteed by Fannie Mae (FNM:$0.677,0$-0.053,0-7.26%) kept rising in October, the latest data available, to 1.89 percent from 1.72 percent in September and more than double the 0.83 percent rate a year earlier.
The company's total book of business growth was little changed in November, and up an annualized rate of 7.5 percent (Reporting by Lynn Adler; Editing by Diane Craft)

FNM just keeps gettin' larger...

Fannie Mae November mortgage portfolio up 9.3 pct 12/30 02:29 PM
NEW YORK, Dec 30 (Reuters) - Fannie Mae (FNM:$0.6752,$-0.0548,-7.51%) <FNM.P>, the largest U.S. home funding provider, on Tuesday said its gross mortgage portfolio grew by a 9.3 percent annual rate in November, its second full month under government control.
The company's mortgage holdings rose by about $5.8 billion last month to $782.9 billion, which compares with $722 billion a year earlier. (Reporting by Lynn Adler, Editing by Chizu Nomiyama)

Thats alot, IMO...

Its the calm before the calm...

Sweet we got a 73 close, one bright spot at least it is better than 71...

Volume came to a screeching halt this last hour...calm before the storm?

Power Hour or Sour Hour???????

US mortgage rates drop to lowest in 37 years
12/24 12:20 PM
By Julie Haviv
NEW YORK, Dec 24 (Reuters) - Interest rates on U.S. 30-year fixed-rate mortgages dropped to their lowest level in 37 years this week, largely due to an unprecedented intervention by the Federal Reserve, according to a survey released on Wednesday by home funding company Freddie Mac (FRE:$0.578,0$-0.012,0-2.03%) .
Interest rates on the 30-year fixed-rate mortgage dropped to an average of 5.14 percent for the week ending Wednesday, down from the previous week's 5.19 percent, Freddie Mac (FRE:$0.578,0$-0.012,0-2.03%) said.
The 30-year fixed-rate mortgage has not been lower since Freddie Mac (FRE:$0.578,0$-0.012,0-2.03%) started the Primary Mortgage Market Survey in 1971.
"Interest rates on 30-year fixed-rate mortgages eased for the eighth straight week," Frank Nothaft, Freddie Mac (FRE:$0.578,0$-0.012,0-2.03%) vice president and chief economist, said in a statement.
The U.S. housing market is in the worst downturn since the Great Depression as a huge supply of unsold homes, tighter lending standards and record foreclosures push down home prices.
But the latest weekly data from the Mortgage Bankers Association showed potential borrowers were lured by enticing mortgage rates, which have dropped dramatically since the Federal Reserve unveiled a plan to buy up to $500 billion of securities backed by Fannie Mae (FNM:$0.599,0$0.009,01.53%) , Freddie Mac (FRE:$0.578,0$-0.012,0-2.03%) and Ginnie Mae. The program also entails buying up to $100 billion of debt issued by the government-sponsored enterprises as well as by the Federal Home Loan Banks. For details, double-click on [ID:nN24255404]
Veteran banking analyst Richard Bove said he expects housing prices in the United States to stabilize or rise after a likely boom in mortgage refinance, as mortgage rates fall and loan applications increase. For details, double-click on [ID:nBNG376003]
"It is quite likely that the country is about to enter a new mortgage refinance boom," the Ladenburg Thalmann analyst wrote in a note to clients.
"The Treasury and the Federal Reserve have created an environment which makes this development almost impossible to avoid," Bove said.
(Editing by Kenneth Barry)

Home prices may rise on mortgage refinancing boom
12/24 11:05 AM
(Reuters) - Veteran banking analyst Richard Bove said he expects housing prices in the United States to stabilize and/or rise after a likely boom in mortgage refinance, as mortgage rates fall and loan applications increase.
"It is quite likely that the country is about to enter a new mortgage refinance boom," the Ladenburg Thalmann analyst wrote in a note to clients.
"The Treasury and the Federal Reserve have created an environment which makes this development almost impossible to avoid," Bove said.
The take over of Fannie Mae (FNM:$0.59,00$0.00,000.00%) and Freddie Mac (FRE:$0.57,00$-0.02,00-3.39%) in September, as well as Fed's plan last month to buy up to $600 billion in "agency" securities issued by Fannie, Freddie, Ginnie Mae and the Federal Home Loan Bank system have had "dramatic results," Bove said.
Mortgage rates have begun to tumble, while mortgage applications are picking up, he said. Banks are also rehiring the mortgage loan personnel they recently fired, Bove added.
On Wednesday, data from an industry group showed that U.S. mortgage applications had surged to the highest level in over five years in the latest week, as potential borrowers came out in droves to refinance after government interventions that helped push interest rates down to record lows.
The Mortgage Bankers Association (MBA) said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended December 19 soared 48.0 percent to 1,245.4, the highest reading since the week ended July 18, 2003, when it reached 1,284.3.
The MBA counts all applications in its survey, even those that are ultimately rejected, and it does not account for multiple applications, which has become increasingly common due to significantly tighter lending standards.
(Reporting by Tenzin Pema in Bangalore; Editing by Himani Sarkar)

Mortgage applications hit almost 5-year high: MBA
12/24 07:35 AM
NEW YORK (Reuters) - U.S. mortgage applications surged to the highest level in over five years in the latest week, as potential borrowers came out in droves to refinance as government interventions helped push interest rates down to record lows, data from an industry group showed on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended December 19 soared 48.0 percent to 1,245.4, the highest reading since the week ended July 18, 2003, when it reached 1,284.3.
Potential borrowers were lured by mortgage rates that have dropped dramatically since the Federal Reserve unveiled a plan last month to buy up to $500 billion of mortgage securities backed by government-sponsored enterprises Fannie Mae (FNM:$0.59,00$-0.01,00-1.67%) , Freddie Mac (FRE:$0.59,00$-0.02,00-3.28%) and Ginnie Mae. The program also entails buying up to $100 billion of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
The MBA counts all applications in its survey, even those that are ultimately rejected, and it does not account for multiple applications, which has become increasingly common due to significantly tighter lending standards.
Spencer Rascoff, chief operating officer at Zillow.com, a real estate website based in Seattle, said historically low mortgage rates are a boon for the mortgage industry and to many borrowers, but it remains to be seen if they will have a substantial effect on the housing market.
"The good news is that these refis could help some homeowners avoid expensive resets on adjustable rate mortgages, and in turn prevent some foreclosures," he said on Monday.
"It is too early to tell if these refis will prevent a large number of foreclosures, and it's important to note that it can still be difficult to qualify for a loan," he said.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 5.04 percent, down 0.14 percentage point from the previous week, the lowest level since the week ended June 13, 2003, when the rate reached 4.99 percent.
Interest rates are sharply below the peak of 6.59 percent reached during the summer and below a mere month ago when they were at 5.99 percent, according to the trade group.
Interest rates were also well below year-ago levels of 6.10 percent.
The MBA's seasonally adjusted purchase index rose 10.6 percent to 316.5. The index, however, came in well below its year-ago level of 394.5, a drop of 19.8 percent.
Overall mortgage applications last week were 106.3 percent above their year-ago level. The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was up 28.8 percent.
WEEKLY REFINANCING ACTIVITY SURGES
The group's seasonally adjusted index of refinancing applications jumped 62.6 percent to 6,758.6, the highest reading since the week ended July 4, 2003, when it reached 6,768.3.
The index was up 252.9 percent from its year-ago level of 1,915.3.
The refinance share of applications increased to 83.2 percent from 76.9 percent the previous week. The adjustable-rate mortgage share of activity decreased to 0.8 percent, down from 1.1 percent the previous week.
Fixed 15-year mortgage rates averaged 4.91 percent, down from 4.93 percent the previous week. Rates on one-year ARMs decreased to 6.36 percent from 6.63 percent.
The U.S. housing market is suffering the worst downturn since the Great Depression as a huge supply of unsold homes, tighter lending standards and record foreclosures push down home prices.
While U.S. housing market indexes tend to be volatile, data from the MBA may help gauge how the hard-hit sector is faring.
(Reporting by Julie Haviv; Editing by Leslie Adler)

Fed buys $1.631 bln of Fannie, Freddie, FHLB debt
12/23 11:56 AM
NEW YORK, Dec 23 (Reuters) - The Federal Reserve bought $1.631 billion of Fannie Mae (FNM:$0.6009,$0.0009,0.15%) , Freddie Mac (FRE:$0.60,00$-0.01,00-1.64%) and Federal Home Loan Banks debt on Tuesday in an ongoing effort to lower mortgage rates.
Dealers submitted $4.415 billion for consideration in the Fed purchase of "federal agency" debt. The purchase is the fifth since the Fed began such operations on Dec. 5, bringing total buys to $15.031 billion.
For more details on the operation please click on: http://www.newyorkfed.org/markets/pomo/display/index.cfm (Editing by Tom Hals)

I added at .6348 today, last time for this year. GLTA!

Fed to make outright US agency coupon buy on Tuesday
12/22 11:13 AM
NEW YORK, Dec 22 (Reuters) - The Federal Reserve will make an outright purchase of U.S. agency coupons on Tuesday, the New York Fed's website said on Monday.
The program to make permanent purchases of Fannie Mae (FNM:$0.630900,$0.000900,0.14%) , Freddie Mac (FRE:$0.6378,$-0.0022,-0.34%) and Federal Home Loan Banks debt is an ongoing effort to lower mortgage rates.
After Tuesday's operation, the Fed "does not intend to purchase direct obligations of housing-related GSEs for the remainder of 2008," the website said. However, the Fed's Open Market Trading Desk "reserves the right to conduct additional purchases based on market conditions," it added.
For more details on the operation please click on: http://www.newyorkfed.org/markets/pomo/display/index.cfm (Reporting by John Parry; Editing by Dan Grebler)

Fed buys $3 billion of Fannie, Freddie, FHLB debt
12/19 11:20 AM
NEW YORK, Dec 19 (Reuters) - The Federal Reserve bought $3 billion of Fannie Mae (FNM:$0.6565,$-0.0335,-4.86%) , Freddie Mac (FRE:$0.66,00$-0.03,00-4.35%) and Federal Home Loan Banks debt in permanent coupon purchases on Friday in a continuing effort to lower mortgage rates.
Dealers submitted $5.81 billion for consideration in the Fed purchase. The Fed made its heaviest purchases in Freddie Mac's 6.875 percent notes maturing in September 2010 and Freddie Mac's 4.125 percent notes maturing in July 2010, buying over $330 million of each.
Of the 35 classes of notes available, the Fed did not make purchases in eight classes.
The Fed began the program to lower rates on Friday, Dec. 5 when it bought $5 billion of agency debt.
For more details on the operation please click on: http://www.newyorkfed.org/markets/pomo/display/index.cfm (Reporting by Chris Reese; Editing by James Dalgleish)

And they were giving money to a bunch of guys who liked fannies?

Streamlined Modification Program (SMP) Now Available to Borrowers
Program Part of Ongoing Effort to Prevent Foreclosures
12/18 11:18 AM
WASHINGTON, Dec. 18 /PRNewswire-FirstCall/ -- Fannie Mae (FNM:$0.6823,$-0.0077,-1.12%) today said that the Streamlined Modification Program (SMP) announced by the Federal Housing Finance Agency (FHFA) in November is now available to Fannie Mae (FNM:$0.6823,$-0.0077,-1.12%) servicers and borrowers as an option to help prevent foreclosures. Fannie Mae (FNM:$0.6823,$-0.0077,-1.12%) on December 12, 2008, provided information and guidelines to its servicers regarding the implementation of the SMP.
The SMP is designed to be a streamlined process for modifying the loans of a large number of borrowers who are delinquent in their mortgage payment and may be able to avoid a foreclosure through the program. As FHFA has indicated, SMP was intended to help set standards in the mortgage servicing industry for conducting loan modification programs on a large scale as a foreclosure prevention measure.
Fannie Mae (FNM:$0.6823,$-0.0077,-1.12%) has been working with FHFA and 27 lenders and servicers in the HOPE NOW alliance to implement the SMP. Under the program, borrowers who meet certain eligibility criteria and demonstrate financial hardship may be eligible for a loan modification that reduces their monthly principal and interest payment. The streamlined process allows a borrower to sign a single document at the outset of the workout process that both establishes a new monthly payment during a three-month trial period, and sets forth the modification terms that will take effect if the borrower makes the new payments during the trial period. The program is available to borrowers who have missed at least three monthly payments on their existing mortgages.
"By bringing the collective efforts of FHFA, Treasury, HOPE NOW, Fannie Mae (FNM:$0.6823,$-0.0077,-1.12%) , Freddie Mac and other mortgage industry participants together through the SMP to confront the foreclosure challenge, we'll be able to help more families across America stay in their homes," said Herb Allison, Fannie Mae (FNM:$0.6823,$-0.0077,-1.12%) president and CEO. "Along with other recently announced initiatives by Fannie Mae (FNM:$0.6823,$-0.0077,-1.12%) to reach and help financially troubled borrowers earlier, including our Early Workout program, the SMP is a critical component of our company's foreclosure prevention efforts. These efforts are helping more than 10,000 delinquent borrowers every month get back on track."
Modification Options
Through the SMP, servicers may change the terms of a loan to reduce a borrower's first lien monthly mortgage payment, including taxes, insurance and homeowners association payments, to an amount equal to 38 percent of gross monthly income. The changes in terms may include one or more of the following:
-- Adding the accrued interest, escrow advances and costs to the principal
balance of the loan, if allowed by state law;
-- Extending the length of the mortgage loan as appropriate;
-- Reducing the mortgage loan interest rate in increments of 0.125 percent
to an interest rate that is not less than 3 percent. If the new rate is
set below the market interest rate, after five years it will step up in
annual increments to either the original loan interest rate or the
market interest rate at the time of the modification, whichever is
lower;
-- Forbearing on a portion of the principal, which will require the
borrower to make a balloon payment when the loan matures, is paid off,
or is refinanced.


Eligibility

Highlights of the SMP's eligibility requirements communicated to servicers include:
-- Conforming conventional and jumbo conforming mortgage loans originated
on or before January 1, 2008;
-- Borrowers who are at least three or more payments past due and are not
currently in bankruptcy;
-- Only one-unit, owner-occupied, primary residences; and
-- Current mark-to-market loan-to-value ratio of 90 percent or more.


Servicers will be sending modification solicitation letters beginning this month to thousands of borrowers believed to be eligible for the program. It is critical that eligible borrowers respond to these letters and reach out to their servicers to determine if they can receive SMP assistance. Also, borrowers who don't receive a letter are encouraged to contact their servicer to see if they may be eligible for SMP help. Fannie Mae (FNM:$0.6823,$-0.0077,-1.12%) will be working with servicers to monitor and improve implementation of the program as necessary.
Fannie Mae (FNM:$0.6823,$-0.0077,-1.12%) exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae (FNM:$0.6823,$-0.0077,-1.12%) has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. In 2008, we mark our 70th year of service to America's housing market. Our job is to help those who house America.
SOURCE Fannie Mae (FNM:$0.6823,$-0.0077,-1.12%)

Maybe trying to give any Social Conservatives out there a reason to sell? Values are expensive...

Fannie, Freddie may need $15 bln - FTN Financial
12/17 12:10 PM
NEW YORK, Dec 17 (Reuters) - Fannie Mae and Freddie Mac, the largest providers of funding for U.S. home mortgages, may need to ask the Treasury for a combined $15 billion to offset a likely decline in derivatives values this quarter, according to FTN Financial Capital Markets.
The government-controlled companies probably added a "large amount" of interest-rate swaps for asset-liability management in the quarter, Jim Vogel, a strategist at FTN, said in a note to clients on Wednesday.
Agreements to make fixed-rate payments under such swaps lose value as interest rates drop.
The Federal Reserve cut its target short-term rate to near zero on Tuesday, helping to push down benchmark U.S. Treasury rates to their lowest level in five decades.
The central bank also vowed to continue pumping money into the financial system with securities purchases and other measures. These moves by the Fed are likely to increase costs to the Treasury, which has pledged up to $100 billion to buoy Fannie Mae and Freddie Mac capital.
"With yesterday's sharp move lower in rates and little in the 2008 horizon to send them appreciably higher, we are revising upward our estimates of the amount of capital the Treasury will be funding" for the companies after the fourth quarter, he said.
Freddie Mac (FRE:$0.7071,$-0.0229,-3.14%) and Fannie Mae (FNM:$0.7068,$-0.0232,-3.18%) may need about $10 billion and $5 billion respectively from the Treasury, according to preliminary FTN estimates.
The Treasury in September said it would sustain shareholder equity of the two mortgage finance giants, after seizing them in a conservatorship in September. By providing capital, the Treasury is stabilizing the mortgage finance giants that have become more crucial to the U.S. housing market as the credit crunch lingers.
The Treasury in November injected $13.8 billion to Freddie Mac after a record third quarter loss forced the company's net worth to drop.
(Reporting by Al Yoon, Editing by Chizu Nomiyama)

Bring it in Arnold...be cool...breathe deeply...

Woe is me!!!

You are funny Arnold.

US Fed says to buy agency coupons on Dec 18
12/17 11:20 AM
NEW YORK, Dec 17 (Reuters) - The Federal Reserve will buy agency debt securities outright in a coupon purchase on Dec. 18, the New York Fed said on its website on Wednesday.
The operation will open at 10:30 a.m. and close at 11:00 a.m. on Thursday, the New York Fed said.
The agency securities that the Fed will buy have maturities going out to November 2012.
The purchases of these securities issued by Fannie Mae (FNM:$0.70,00$-0.03,00-4.11%) , Freddie Mac (FRE:$0.700800,$-0.029200,-4.00%) and the Federal Home Loan Banks is part of the Fed's program intended to help the U.S. housing market, which has been at the epicenter of the current recession.
For full information see: http://www.ny.frb.org/markets/pomo/display/index.cfm?fuseaction=preannouncements (Reporting by Chris Reese, Editing by Tom Hals)

Fannie Mae, Freddie Mac foreclosures slow-regulator
12/16 11:10 AM
NEW YORK, Dec 16 (Reuters) - Fannie Mae and Freddie Mac, the largest providers of funding for U.S. home mortgages, slowed foreclosure starts on delinquent loans for the third straight quarter, their regulator said on Tuesday.
Foreclosure starts as a percentage of loans at least 60 days delinquent declined to 7.12 percent in the third quarter from 7.81 percent in the second quarter, and 8.29 percent in the first three months of 2008, the Federal Housing Finance Agency said in a report.
The two government-controlled companies have pledged to reduce foreclosures that have ripped apart the housing market and are worsening the U.S. economic recession. Methods used include easing payments through loan modifications, short sales and unsecured loans.
Loan modifications by Fannie Mae (FNM:$0.72,00$0.00,000.00%) and Freddie Mac (FRE:$0.7231,$0.0031,0.43%) declined, but loans reinstated by the former's HomeSaver Advance loan program to borrowers jumped to 27,277 last quarter from 16,658 in the second quarter, the FHFA said.
(Reporting by Al Yoon, Editing by Chizu Nomiyama)

MBS Holdings Up To 81% At End-Nov In Pimco's Total Return Fund 12/16 10:10 AM

The Pacific Investment Management Company, LLC (PIMCO) is an investment company and runs the Total Return fund, the world's largest bond fund. Founded in 1971 in Newport Beach, California with just $12 million in assets under management at the time, it is now owned by Allianz, a global insurance company based in Munich, Germany.

William "Bill" S. Thompson and Mohamed A. El-Erian are co-chief executive officers. Co-founder William "Bill" Gross is manager of PIMCO's Total Return Fund. As of June 30, 2008, PIMCO in total had over $829.5 billion in assets under management and more than 1000 employees.

On May 16th 2007, former Federal Reserve Chairman Alan Greenspan was hired as a special consultant by PIMCO and he will participate in Pimco’s quarterly economic forums and speak privately with the bond manager about Fed interest rate policy.

Pimco boosts fund's MBS holdings to highest since at least 1990-Dow Jones 12/16 10:12 AM

Detailed Quote for Fannie Mae (FNM)
$ 0.70 0.03 (+4.48%) Volume: 23.41 m 4:02 PM EST Dec 12, 2008

After Hours: $ 0.73 0.03 (+4.29%) Volume: 541.06 k 7:59 PM EST Dec 12, 2008

Sweet, looks like a close at .70, AH should be interesting...

Fed buys $3 billion of Fannie, Freddie, FHLB debt
12/12 02:59 PM
NEW YORK, Dec 12 (Reuters) - The Federal Reserve bought $3 billion of Fannie Mae (FNM:$0.67,00$0.00,000.00%) _<FNM.P>, Freddie Mac (FRE:$0.68,00$0.00,000.00%) and Federal Home Loan Banks debt in permanent coupon purchases on Friday in its latest effort to lower mortgage rates.
Dealers submitted $5.89 billion for consideration in the Fed purchase. The Fed made its heaviest purchases in Fannie Mae's 5 percent notes maturing in May 2017 and Freddie Mac 5.25 percent notes maturing in April 2016, buying over $280 million of each.
Of the 44 classes of notes available, the Fed did not make purchases in 12 classes.
It was the second agency debt purchase by the Fed in its effort to lower rates. The Fed started the program on Friday, Dec. 5 when it bought $5 billion of agency debt.
For more details on the operation please click on: http://www.newyorkfed.org/markets/pomo/display/index.cfm (Reporting by Chris Reese; Editing by Chizu Nomiyama )

They actually don't have toenails or even feet, they just slither along on their bellies...

Fed says to buy agency debt on Friday
12/11 02:54 PM
NEW YORK, Dec 11 (Reuters) - The Federal Reserve will buy debt of Fannie Mae (FNM:$0.67,00$-0.03,00-4.29%) , Freddie Mac (FRE:$0.6873,$-0.0627,-8.36%) and the Federal Home Loan Banks in the open market on Friday, the New York Fed said on its Website on Thursday, as part of its latest effort to lower mortgage rates.
Aiming to shore up the housing market that is at the heart of the economy's malaise, the Fed said two weeks ago that it would buy up to $100 billion of debt issued by government-sponsored mortgage enterprises. This is the second operation as part of that program.
Friday's operation will target debt maturing between December 2012 and November 2017, and the risk premiums on those longer maturities narrowed after the Fed's announcement.
The Fed will buy the securities outright in coupon purchases, the New York Fed said on its website, adding that it will open at 2 p.m. (1900 GMT) and close at 2:30 p.m.
The Fed kick-started its program last Friday, Dec. 5, when it bought $5 billion of Fannie Mae (FNM:$0.67,00$-0.03,00-4.29%) , Freddie Mac (FRE:$0.6873,$-0.0627,-8.36%) and Federal Home Loan Bank debt in the open market. In that operation, it targeted the 1- to 2-year maturity range.
Risk premiums on agency debt had already sharply tightened on Wednesday on expectations the Fed would be buying again this week. (Reporting by Kristina Cooke and Lynn Adler; Editing by James Dalgleish)

I trade FRE, I buy FNM. I wont play anything else until I sell FNM. I believe FNM is the canary in the mine. If FNM fails, we all fail whether we own shares or not. The mortgage industry caused this mess, and the economy wont bottom until the mortgage industry bottoms. When the mortgage market rebounds from the bottom, we will do great and the world wont end as we know it. Let's not forget, FNM IS the mortgage industry. The only advantage I see FRE having over us is less shares. IMO. GLTY!

I am glad we have the FNM/FRE congressional hearings BEHIND us...

FNM 30 year fixed at around 4.3%...

Mortgage rates plunge, lowest fixed rates in history...