Fannie Mae has reported that the price tag for its accounting scandal may be lower than its original $10.8 billion estimate when it releases a restatement of its 2001 through 2004 financial results later this year.The mortgage giant said in a securities filing that an estimated $2.4 billion loss due to its misapplication of hedge accounting on mortgage commitments will be "significantly reduced." However, Fannie admitted that it is "unable to quantify the amount at this time." The government-sponsored enterprise also disclosed that a $400 million settlement it paid to securities regulators for alleged "fraudulent" financial reporting is not tax deductible. The expense will be recorded in its 2004 financial statement. Regarding its mortgage business, Fannie said the issuance of single-family mortgage-backed securities increased to $112.1 billion in the second quarter, up 5% from that of the previous quarter. However, Fannie's issuance of multifamily mortgage-backed securities fell by 51%, to $1.2 billion. The GSE cited a "lower number of seasoned pool issuance" for the steep decline in its multifamily business. "We expect multifamily lending to decrease during the second half of 2006 due to declining apartment building sales," Fannie said in the second-quarter update of its business activities and financial developments.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
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Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
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Better's home equity loan product can be originated in a week or less, the company says.
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The top five producers had an average dollar loan volume of more than $140 million in 2023.
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The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22