The Office of Federal Housing Enterprise Oversight has ordered Fannie Mae to write down the value of its $8 billion manufactured housing portfolio by May 14.Without prescribing a dollar amount for the writedown, OFHEO -- in a May 6 letter to company chairman/CEO Franklin Raines -- said the mortgage giant is not "applying the proper accounting standard" to both its MH portfolio and some of its holdings of aircraft leases. Recent documents filed by Fannie indicate that, to date, it has taken just $206 million in "temporary impairment" charges on the $8 billion MH portfolio. Fannie also admits in documents that on March 9 some 76% of its MH assets were considered "investment grade," compared with 85% at year-end, a sign that assets are deteriorating in quality. Still, Fannie said in a statement that it is in compliance with generally accepted accounting principles and is seeking guidance from the Securities and Exchange Commission on the issue. In trading Friday, the firm's stock was down 2.45% to $67, seven points above its 52-week low.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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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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