Fannie Mae has formed a political action committee so that the company can make direct contributions to congressional and presidential candidates who support its housing mission.The giant mortgage company, which enjoys favorable borrowing rates because of its government charter and other federal benefits, has not had a PAC since 1993. Fannie executives made individual contributions to candidates, but the corporation made soft-money contributions to political parties. The company decided to file a PAC registration statement with the Federal Election Commission because of recent changes in federal campaign finance laws, according to Fannie spokesman Chuck Greener. "The company's decision's to establish a PAC is consistent with the spirit of the Bipartisan Campaign Finance Report Act, which points to individual contributions and PACs as an appropriate way for companies and employees to be involved in the political process," Mr. Greener said. The Bush administration and key members of Congress are pushing for stronger regulatory oversight of Fannie and Freddie Mac, which the two companies are resisting. The two government-sponsored enterprises have not faced such a threat since 1992, when Congress created their safety-and-soundness supervisor -- the Office of Federal Housing Enterprise Oversight.
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The San Diego company was back in the black with a net income of $28.5 million in the first quarter of 2024, up from a net loss of $93 million the previous quarter.
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The agreements at the heart of the hearing did not cover the one reached with the National Association of Realtors or those people that only bought homes.
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Feds say Chicago businessman Mark Steven Diamond defrauded at least 80 victims and caused at least $6 million in losses.
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Fannie Mae's tool, used by originators to determine income levels for self-employed borrowers, aims to help them avoid potential underwriting errors, the government-sponsored enterprise said.
May 9 -
The 30-year fixed rate mortgage fell for the first time in six weeks as the Federal Open Market Committee meeting outcome is finally priced in.
May 9 -
The home purchase market right now is healthier than it was last year, said CEO Mat Ishbia, noting a 24% increase in volume over the recent period compared to Q1 2023.
May 9