Former Fannie Mae chairman and CEO Franklin Raines has denied all wrongdoing in regard to allegations that he may have played a role in manipulating accounting rules at the mortgage giant.In a statement issued late Tuesday attorney Robert Barnett said Mr. Raines "has repeatedly stated that he never authorized, encouraged, or was aware of violations of Generally Accepted Accounting Principles (GAAP) at Fannie Mae for the purpose of smoothing earnings, reaching bonus targets, or for any other improper reason." Mr. Barnett added, "The facts on the record and conclusions from previous reports support this statement." On Monday two government agencies formally accused Fannie of accounting fraud in regard to its $10.8 billion earnings restatement scandal, including numerous violations of GAAP. Under pressure from the Office of Federal Housing Enterprise Oversight, Fannie's directors forced Mr. Raines out of the company in December 2004.
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As high interest rates make refinancing impossible for many homeowners, increasing numbers of them are turning to HELOCs and home equity loans for cash.
7h ago -
The Federal Housing Finance Agency approached Habib regarding becoming a member of the Fannie Mae board of directors, with the appointment effective July 21.
10h ago -
The company was looking to get back into compliance on Nasdaq, but the recent run-up in its stock price has management hitting the pause button.
11h ago -
Rithm Capital said it is focused on optimizing Newrez's potential to support the full business, pointing to opportunities in servicing and non-agency lending.
July 28 -
A judge ruled the Pennsylvania lender had to commit to its increased fair lending obligations for three more years, as it wouldn't harm the public interest.
July 28 -
Community banks could be the answer to increase the supply of non-agency mortgage products in the secondary market, said Steve Thomas of FutureWave Finance.
July 28