Tuesday, October 13, 2009

Freddie Mac redoubles loan modification efforts (FRE; FNM)

From Reuters:

Freddie Mac, a dominant provider of housing finance money, sees tough times
ahead for the U.S. residential market, even as government programs seek to
soften the foreclosure crisis, two top Freddie executives told Reuters.
With "inconclusive" evidence of a housing rebound over the summer, Freddie Mac must redouble its efforts on the government programs that make modified or refinanced loans more affordable, Charles E. Haldeman, the chief executive, said in an interview late Monday at a Mortgage Bankers Association meeting here.
The company's long-developed models aren't signaling that the housing crisis is
over, Haldeman said. With rising unemployment and the process of modifying loans
unexpectedly arduous, seeds of hope from the latest data haven't altered Freddie
Mac's outlook, he said....MORE