FMCC is a very solid pick!!
Mortgage Stocks On The Move: (OTCQB: FMCC), (OTCQB: FNMA)
Apr 03, 2013 (ACCESSWIRE-TNW via COMTEX) -- New York (April 3rd, 2013) - Federal Home Loan Mortgage Corporation (OTCQB: FMCC) announced a new offering of Structured Pass-Through Certificates ("K Certificates") backed exclusively by fixed-rate multifamily mortgages with a 7-year term. The company expects to offer approximately $1.4 billion in K Certificates ("K-712 Certificates"), which are expected to price the week of April 1, 2013, and settle on or about April 23, 2013. This is Freddie Mac's fifth K Certificate offering this year.
The K-712 Certificates will be offered to the market by a syndicate of dealers led by J. P. Morgan Securities LLC and Wells Fargo Securities, LLC as co-lead managers and joint bookrunners.
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Fannie Mae (OTCQB: FNMA) reported annual net income of $17.2 billion for 2012 and quarterly net income of $7.6 billion for the fourth quarter of 2012, compared with a net loss of $16.9 billion for 2011. The improvement in the company's full-year and quarterly net income was due primarily to improved credit results driven by a decline in serious delinquency rates, an increase in home prices, higher sales prices on Fannie Mae-owned properties, and the company's resolution agreements with Bank of America.
As a result of actions to strengthen its financial performance and continued improvement in the housing market, Fannie Mae's financial results improved significantly in 2012 and the company expects to remain profitable for the foreseeable future. Based on analysis of all relevant factors, Fannie Mae determined that the valuation allowance on the company's deferred tax assets was still appropriate as of December 31, 2012. The valuation allowance as of December 31, 2012 was $58.9 billion.
Find out where FNMA could be headed here:
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