Free Republic

WASHINGTON (Reuters) - Fannie Mae, the largest provider of residential mortgage funds, on Friday reported a loss of $16.3 billion for the fourth quarter of last year and said it requested $15.3 billion from the Treasury to keep its net worth in positive territory. The government-controlled company said it would need additional taxpayer funds in the future to continue operations. Fannie Mae said the quarterly loss came as rising defaults kept credit-related expenses elevated at $11.9 billion, though expenses were almost half the third quarter level of $22.0 billion. Fannie Mae's quarterly loss was $15.2 billion before a $1.2 billion...

Gee, what took you so long? McLean, VA – Freddie Mac (NYSE: FRE) announced today that on or about September 1, 2010, the company will cease purchasing and securitizing interest only mortgages, including Freddie Mac Initial InterestSM fixed-rate and adjustable-rate mortgages. Additional information will be provided to Freddie Mac Seller/Servicers in an upcoming Single-Family Seller/Servicer Guide bulletin.Interest only mortgages, including Freddie Mac Initial Interest mortgages, provide for interest-only payments for a specified period of time beginning with the first monthly payment after the note date, and principal and interest payments on a fully amortizing basis for the remainder of the...