A Federal judge has ordered former Freddie Mac chairman and chief executive Leland Brendsel to testify before the Office of Federal Housing Enterprise Oversight, which continues to probe the mortgage giant's $5 billion accounting scandal.Last fall the agency subpoenaed Mr. Brendsel's testimony, but his attorneys argued that it was not needed because the agency has already completed its report on the accounting scandal. Even though OFHEO has completed the bulk of the investigative work, it is continuing to look at certain aspects of the scandal, including Wall Street's role in some of the derivative transactions that shifted income to future years. Mr. Brendsel is expected to appeal the judge's ruling, which came late on Monday. His attorney declined to comment.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago