Meanwhile, the elected official with chief oversight authority over Fannie Mae slammed the mortgage giant and its supporters Thursday for sticking their heads in the sand in regard to the company's accounting woes.Reacting to the Office of Federal Housing Enterprise Oversight's mandate to Fannie that it write down the value of its $8 billion manufactured housing portfolio, Rep. Richard Baker, R-La., said, "I really don't know how much longer anyone can continue credibly standing there with his finger in the dike, holding back tougher regulatory oversight of the housing GSEs." Rep. Baker, chairman of the House Financial Services subcommittee charged with overseeing government-sponsored enterprises, said, "Clearly, OFHEO's forensic audit of Fannie Mae's books needs to continue, without which we would know nothing of these problems." Legislation to create a new regulator for Fannie and Freddie appears dead for this year.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
3h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
7h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
10h ago -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
11h ago -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24