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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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.
6h ago -
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.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11