Who Controls Our Major Mortgage Corporations?
Obviously, the large mortgage holders are in the news. This article, describing "Countrywide Financial Shares Fall on Freddie Mac Report; Rating Cut" and this article on Bloomberg "Freddie, Fannie Shares Will Continue to Slide, Jim Rogers Says" prompted this update.
Looking deeper, the Major Holders who control those mortgage companies have certainly got their hands full. Countrywide, Freddie Mac and Fannie Mae are the three largest players in the mortgage game and you'll find the TOP 10 holders of each company below.
The two rating agencies, Standard and Poors and Moody's were detailed in yesterday's commentary.
As mentioned last year here, very little has changed since 1889 when the Great Red Dragon book was published, except that a greater amount of power has been concentrated into fewer hands.
One last thing: Did you know about the Federal Home Loan Banks? Perhaps it's just being naive, but it sure reads to me like another version of the Federal Reserve Banks. Simply trying to cover the bases here, as its shares are NOT publicly traded and it is a members-only club.
Symbol Name Of Corporation CFC
Major
HoldersCountrywide Financial Corp. (As of 30-Jun-2007) (As of 30-Jun-2006)
Top 10 Institutional Holders Shares 2007 Value 2006 AXA (Paris, France) 55,062,202 9.56% $2,001,511,042 -.--% Legg Mason Inc. 51,587,956 8.96% $1,875,222,200 7.12% Barclays Global Investors UK Holdings Ltd 48,670,688 8.45% $1,769,179,508 9.18% FMR Corporation (Fidelity Management & Research Corp) 33,982,181 5.90% $1,235,252,279 -.--% NWQ Investment Management Company, LLC 31,642,202 5.49% $1,150,194,042 4.80% TCW Group, Inc. (The) [Société Générale-France] 25,286,536 4.39% $919,165,583 5.75% Putnam Investment Management, LLC 20,752,904 3.60% $754,368,060 4.37% Price (T.Rowe) Associates Inc 18,584,338 3.23% $675,540,686 -.--% Barclays Plc 18,285,775 3.17% $664,687,921 -.--% Wellington Management Company, LLP 17,955,123 3.12% $652,668,721 5.66% % of Shares Held by All Insider and 5% Owners: 11% 11% Top 10 [2.2%] of 456 Institutional Holders Control 55.87% 47.57% Percentage of Barclays and "Associates" Control 32.90% 28.38%
Symbol Name Of Corporation [Freddie Mac] FRE
Major
HoldersFederal Home Loan Mortgage Corporation (As of 30-Jun-2007) (As of 30-Jun-2006)
Top 10 Institutional Holders Shares 2007 Value 2006 Capital Research And Management Company 84,247,000 12.25% $5,113,792,900 9.09% AXA (Paris, France) 45,538,542 6.62% $2,764,189,499 5.75% Morgan Stanley 44,397,395 6.45% $2,694,921,876 7.70% Barclays Global Investors UK Holdings Ltd 27,278,162 3.96% $1,655,784,433 3.91% Citigroup Inc. 23,981,061 3.49% $1,455,650,402 3.18% Pzena Investment Management, LLC 21,216,597 3.08% $1,287,847,437 -.--% Vanguard Group, Inc. (The) 19,043,270 2.77% $1,155,926,489 2.64% State Street Corporation 18,766,498 2.73% $1,139,126,428 2.94% Goldman Sachs Group Inc 17,201,899 2.50% $1,044,155,269 3.33% FMR Corporation (Fidelity Management & Research Corp) 13,486,482 1.96% $818,629,457 -.--% % of Shares Held by All Insider and 5% Owners: 0% 0% Top 10 [1.7%] of 565 Institutional Holders Control 45.81% 43.66% Percentage of Barclays and "Associates" Control 15.1% 23.45%
NOTE: Capital Group manages 5 funds that control 10.71%.
Symbol Name Of Corporation [Fannie Mae] FNM
Major
HoldersFederal National Mortgage Association (As of 30-Jun-2007) (As of 30-Jun-2006)
Top 10 Institutional Holders Shares 2007 Value 2006 Capital Research And Management Company 179,351,500 18.42% $11,717,033,495 15.49% Barclays Plc 55,370,051 5.69% $3,617,325,431 9.13% AXA (Paris, France) 54,202,889 5.57% $3,541,074,738 5.75% Citigroup Inc. 53,898,669 5.54% $3,521,200,045 5.14% Morgan Stanley 44,856,978 4.61% $2,930,506,372 4.50% Barclays Global Investors UK Holdings Ltd 36,916,628 3.79% $2,411,763,307 3.89% Vanguard Group, Inc. (The) 28,061,073 2.88% $1,833,229,899 2.58% FMR Corporation (Fidelity Management & Research Corp) 27,824,815 2.86% $1,817,795,163 3.83% State Street Corporation 26,956,630 2.77% $1,761,076,637 2.89% JP Morgan Chase & Company 23,827,752 2.45% $1,556,667,038 2.42% % of Shares Held by All Insider and 5% Owners: 0% 0% Top 10 [1.9%] of 507 Institutional Holders Control 54.58% 55.62% Percentage of Barclays and "Associates" Control 24.85% 27.97%
Washington Mutual manages a fund that controls 3.04%.
Therefore, the TOP 10 control 65.29% of Fannie Mae,
and Barclays/Associates control 27.89% of Fannie Mae.
© 2007 by Edward Ulysses Cate
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