|Over a week ago|
FHFA yet to reach deal on Fannie, Freddie exit, WSJ reports » 07:2011/2011/20/20
The Federal Housing…
The Federal Housing Finance Agency is pushing to speed up Fannie Mae (FNMA) and Freddie Mac's (FMCC) exit from government control but has yet to reach an agreement with Treasury Secretary Steven Mnuchin, Andrew Ackerman of Wall Street Journal reports, citing people familiar with the matter. Mark Calabria, head of the Federal Housing Finance Agency, has made it a priority to return Fannie and Freddie to private hands, a goal shared by Mnuchin, reports Ackerman. Completing the complex process before President Trump's term ends on January 20 is a long shot, he adds. Reference Link
Fannie Mae, Freddie Mac on trajectory to become well capitalized, says Pershing Square 11:4411/1911/19/20
FNMA, FMCC, PSHZF
FHFA requires Freddie Mac, Fannie Mae to hold $283B in combined capital » 17:2111/1811/18/20
The Federal Housing…
The Federal Housing Finance Agency, or FHFA, issued a Final Capital Rule establishing a new regulatory capital framework for Fannie Mae (FNMA) and Freddie Mac (FMCC), requiring that they hold $171B and $112B in prescribed capital conservation buffer amount, or PCCBA, respectively. Reference Link
FHFA says Fannie Mae, Freddie Mac should hold $280B in capital » 16:0611/1811/18/20
"The final rule is…
"The final rule is another milestone necessary for responsibly ending the conservatorships," FHFA Director Mark Calabria stated. "FHFA is confident that the final rule puts Fannie Mae and Freddie Mac on a path toward a sound capital footing."
New York Times appoints Jacqueline Welch as EVP, CHRO » 10:0211/1711/17/20
The New York Times…
The New York Times Company (NYT) announced that it has named Jacqueline Welch as executive vice president and chief human resources officer. Welch will report directly to president and CEO Meredith Kopit Levien. She will sit on the company's executive committee and lead its Talent & Inclusion department when she joins The Times on Jan. 11, 2021. Welch joins The Times Company from Freddie Mac (FMCC), where she has served as senior vice president, chief human resources officer and chief diversity officer since 2016.
Freddie Mac initiated with an Outperform at Wolfe Research » 09:3011/0611/06/20
Wolfe Research analyst…
Wolfe Research analyst Matt Howlett initiated coverage of Freddie Mac with an Outperform rating and $5 price target. Howlett is launching coverage of the Mortgage Finance sector with a Market Overweight rating based on his expectation for increased consumer demand for housing amid low interest rates and Fed stimulus. He is starting the Commercial Mortgage Finance sector with a Market Underweight rating based on concerns around underlying property values, which could increase defaults.
|Over a month ago|
Freddie Mac reports Q3 revenue $5.066B vs. $3.38B a year ago » 08:2410/2910/29/20
Reports net income of…
Reports net income of $2.5B and comprehensive income of $2.4B, up $0.7B and $0.5B, respectively, from the prior quarter, driven by guarantee portfolio growth, higher upfront fee income recognition, and strong margins on Multifamily loan commitments. Reports provision for credit losses of $0.3B, reflecting both portfolio growth and stabilization of estimates of expected credit losses related to the COVID-19 pandemic. "The company delivered strong earnings on higher revenues, substantially increasing our total equity by $2.5 billion to $13.9 billion - bringing us one step closer to our goal of responsibly exiting conservatorship. We did this while helping hundreds of thousands of families buy, rent and remain in their homes," said David Brickman, CEO of Freddie Mac.
Fly Intel: Top five analyst downgrades » 10:2509/1709/17/20
CF, GD, NVCR, FNMA, KREF, FMCC
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. CF Industries (CF) downgraded to Hold from Buy at HSBC. 2. General Dynamics (GD) double downgraded to Sell from Buy at Goldman Sachs with analyst Noah Poponak saying the company faces "incremental fundamental challenges" in each of its main business segments, which creates downside risk to consensus earnings expectations in the near-to-medium term. 3. Novocure (NVCR) downgraded to Hold from Buy at Truist with analyst Gregg Gilbert saying he remains bullish on the long-term platform potential of the Novocure story and that the risk/reward for the stock over the next 6-12 months has become more balanced after its recent run. 4. Fannie Mae (FNMA) and Freddie Mac (FMCC) were both downgraded to Sell from Hold at Odeon Capital. 5. KKR Real Estate Finance (KREF) downgraded to Neutral from Buy at Citi with analyst Arren Cyganovich saying the downgrade reflects the strong performance of the shares since lows reached in March of this year. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage click here.
Odeon Capital cuts rating on Fannie Mae, Freddie Mac common shares to Sell » 08:0409/1709/17/20
As previously reported,…
As previously reported, Odeon Capital analyst Dick Bove downgraded the common shares of both Fannie Mae (FNMA) and Freddie Mac (FMCC) to Sell from Hold after listening to the hearings in front of the U.S. House Committee on Financial Services. His sense following the hearings is that "the release of the two companies from their conservatorships any time in the next few years is highly unlikely," Bove tells investors. However, for junior preferred shareholders, the odds of the two companies remaining in or getting out of conservatorship is "irrelevant," as the issue for them is whether the federal government abused its authority, which he believes that it did, Bove said, adding that he thinks "the junior preferred shares are buys."
Freddie Mac downgraded to Sell from Hold at Odeon Capital » 07:3809/1709/17/20
Odeon Capital analyst…
Odeon Capital analyst Richard Bove downgraded Freddie Mac to Sell from Hold.