The House and the Senate have included additional funding for the Office of Federal Housing Enterprise Oversight in an emergency supplemental appropriations bill to cover litigation expenses involving former Fannie Mae and Freddie Mac executives.The $120 billion supplemental bill approved by the House includes $7.6 million, which OFHEO Director James Lockhart requested earlier this year. The Senate bill provides $4.8 million. House and Senate appropriators will meet later this month to hammer out a final bill. Meanwhile, Mr. Lockhart has informed an administrative law judge that he will not recuse himself from a case in which OFHEO has charged former Fannie chairman and chief executive Franklin Raines, former chief financial officer Timothy Howard, and former comptroller Leanne Spencer with manipulating the company's earnings to maximize their bonuses from 1998 to 2003. The former executives requested Mr. Lockhart's recusal on the grounds that he is biased and should not be in a position to make a final decision in the case. OFHEO is seeking to recover $115 million in bonuses paid to the former executives. Once the administrative judge renders a decision, which is not expected until 2008, Mr. Lockhart can accept it or reject it.
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The Federal Deposit Insurance Corp. issued proposals Thursday that would reduce planning requirements for big banks and slash deposit insurance prices, citing the financial health of the Deposit Insurance Fund.
June 25 -
Christopher Phelan, President Donald Trump's nominee to chair the Council of Economic Advisers, declined to directly answer questions about recent inflation data and the effects of tariffs on consumers during a Senate confirmation hearing Thursday.
June 25 -
Median purchase loan payments hit $2,198 in May, up 2.1% from April, as rising rates and home prices threaten to dampen origination volume, MBA reports.
June 25 -
Experts aren't forecasting immediate relief and instead are citing silver linings in rate certainty and greater mortgage demand as compared to the same time last year.
June 25 -
Federal Reserve Vice Chair for Supervision Michelle Bowman said Thursday morning that the central bank recently finalized a new organizational structure for its supervision and regulation division.
June 25 -
Almost 75% of brokers reported growing non-QM volume in their business over the last three years, and just 3.7% said volume decreased, according to AD Mortgage.
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