Fannie Mae has expanded its Office of the Chairman to include executive vice president and chieffinancial officer J. Timothy Howard and announced the appointment of 21 vice presidents. Mr. Howard, who joined the company in 1982, oversees Fannie Mae's mortgage portfolio business and itsfinancial and corporate interest rate risk management. The other members of the office are Franklin D.Raines, chairman and chief executive officer; Daniel H. Mudd, vice chairman and chief operatingofficer; and Jamie S. Gorelick, vice chair. Fannie Mae's board of directors also appointed Rebecca R.Culberson senior VP for regional management and housing partnerships; J. Brian Graham, SVP, creditportfolio; Renie Y. Grohl, SVP and deputy general counsel; Pamela Johnson, SVP for single-familymortgage business; Richard S. Lawch, SVP for multifamily capital markets; Andrew McCormick, SVP forportfolio management; William M. Pugh, SVP for enterprise systems management; and Phillip Weber, SVPof the American Communities Fund. Fannie Mae also named Jill M. Blickstein VP for regulatory policy;Andrew Bon Salle, VP for portfolio management; Jonathan R. Boyles, VP for financial accounting;Matthew W. Douthit, VP for portfolio management; Gina A. Hough, VP and deputy general counsel; G.Scott Lesmes, VP and deputy general counsel; Timothy M. McLuckie, VP for portfolio analytics; Edwin B.Neill, VP for tax credit investments; Dror Oppenheimer, VP for asset development management; WilliamF. Quinn, VP and head of risk management strategies; Eric Rosenblatt, VP for credit policy; William B.Senhauser, VP and deputy general counsel; and Deborah A. Wilson, VP for multifamily strategy.
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There's broad support for the effort to reduce costs and processes, but the Appraisal Institute warns about reducing property valuation quality control checks.
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Foundation had introduced Version 3 of its credit risk model, using the most recent delinquency data, to improve loan performance predictions.
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Fannie Mae's conservator is supporting the government-sponsored enterprise's test within certain boundaries, according to a recent social media post.
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The Senate Banking Committee is slated to consider Christopher Phelen to be the chair of the Council of Economic Advisers on Thursday. Phelen has said in past academic papers that fractional reserve banking is "highly problematic."
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The bureau said the move is intended to remove potentially confusing language with an upcoming revision to the Equal Credit Opportunity Act.
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