Fannie Mae, which last reported earnings more than a year ago, will not disclose any profits until after mid-year 2006, a move that could allow the New York Stock Exchange to de-list the Congressionally chartered mortgage giant.Fannie made the disclosure about both its earnings and the right of the NYSE to de-list the company after the market closed on Tuesday in a form 12b-25 filing with the Securities and Exchange Commission. In a conference call Wednesday morning Fannie CEO Daniel Mudd said the company would restate earnings for 2001 through 2004 after June 30, 2006 and that earnings for 2005 "would follow that" but offered no specific timetable. The company said it would spend $420 million in restatement-related costs this year alone. Fannie is expected to restate prior years' earnings by almost $13 billion. One analyst on the conference call asked Mr. Mudd why it will take the company two years to begin reporting again when it took Freddie Mac -- also faced with an accounting scandal -- just 11 months to begin disclosing again. Mr. Mudd did not directly answer the question but noted earlier in the call that Fannie needs to record 1 million lines of journal entries and verify 20,000 derivatives transactions. (See the Monday August 15 edition of National Mortgage News for more detail.)
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24 -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24