Fannie Mae increased its capital surplus in the second quarter by $580 million, which should lower the amount of new capital the mortgage giant must raise under its supervisory agreement with the Office of Federal Housing Enterprise Oversight.Based on first-quarter results, it was assumed that Fannie would have to raise $5 billion in new capital to achieve a 30% capital surplus over the next nine months. The second-quarter capital report issued Sept. 30 by OFHEO shows that Fannie exceeds its $31.2 billion minimum capital requirement by $4.9 billion. Now it appears that Fannie Mae will only have to raise $4.4 billion under the supervisory agreement. But OFHEO warns that an ongoing accounting review at Fannie "may result in a restatement of prior [earnings] and a revision of the respective capital calculations." OFHEO also announced that it will publish Fannie's capital calculations on a monthly rather than a quarterly basis.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
2h ago -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
4h ago -
Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
9h ago -
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
10h ago -
Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
April 23 -
Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
April 23