The Real Deal Miami

Posts Tagged ‘charles haldeman’

  • Freddie reports $4.1 billion loss in Q3

    November 03, 2010 02:15PM

    Freddie Mac, the second-largest provider of U.S. residential mortgage funding, said today that ongoing weakness in the housing market resulted in a $4.1 billion third quarter net loss, following a $6 billion hit in the second quarter, Fox Business reported. The third quarter loss included a $1.6 billion dividend payment on senior preferred stock purchased by the Treasury. Freddie has requested $100 million from the Treasury under its preferred stock purchase agreement, which would increase the total draws to $64.2 billion. “As we near the end of 2010, the housing market remains fragile and has recently come under renewed pressure from slowing economic growth, weaker employment and foreclosure uncertainties,” said Charles Haldeman, CEO of Freddie Mac.”We believe that it will be a considerable time until the housing market has a sustained recovery.” [Fox Business]


  • Freddie cuts net yearly loss to $21.6B

    February 25, 2010 10:55AM

    After losing a staggering $50.1 billion in 2008, government-sponsored mortgage giant Freddie Mac managed to cut its net losses to $21.6 billion in 2009, the company announced yesterday. Fourth-quarter losses totaled $6.5 billion, down from $5.3 billion for the third quarter of 2009. Freddie Mac did not seek additional funding from the Treasury Department during the fourth quarter, at the end of which it had a positive net worth of $4.4 billion, and improvement over the $30.6 billion net worth deficit it had as of Dec. 31, 2008. Still, warned Freddie Mac CEO Charles Haldeman, “the housing recovery remains fragile, with significant downside risk posed by high unemployment and a potential large wave of foreclosures.” While the company did not need to seek additional cash infusions from the Treasury Department in the fourth quarter, the Obama administration said it would cover unlimited losses for both Freddie Mac and its larger counterpart, Fannie Mae, over the next three years. TRD

  • Following the Treasury Department’s announcement last Thursday that
    Fannie Mae and Freddie Mac would be granted unlimited access to
    bailout funds
    through 2012, shares of the government-supported mortgage giants
    rose nearly 20 percent each today. Fannie and Freddie had each been
    allotted $200 billion, and have thus far received
    a combined $111 billion. The Obama administration had until the end of
    the year to increase the companies’ credit limits without
    Congressional approval, and the Treasury said it will not force them
    to reduce the size of their portfolios next year. [Fox Business]

  • $6M each for Fannie and Freddie CEOs?

    December 24, 2009 10:40AM

    The CEOs at government-sponsored mortgage giants Fannie Mae and Freddie Mac stand to make as much as $6 million apiece in 2009, according to regulatory filings. That’s down 40 percent from executive pay at the companies prior to their seizure by the government in September 2008, according to a statement from the Federal Housing Finance Agency, their regulator. Still, the FHFA said compensation must remain high enough to “attract and retain top talent.” Fannie Mae has requested $60.9 billion in aid from the Treasury Department this year amid losses of $120.5 billion over the last nine quarters. Freddie Mac has received $50.7 billion in capital infusions from the government since last November and has lost $67.9 billion over the last nine quarters. Michael Williams of Fannie Mae and Charles Haldeman of Freddie Mac will each receive target incentive awards of $2 million and are eligible for $3.1 million in deferred salary, paid over time with approval from the companies’ boards and the Federal Housing Finance Agency, provided that the companies meet certain standards of performance. [Bloomberg]