Fannie Mae has reported that it was ranked No. 1 by Business Ethics magazine among the nation's top companies for its commitment to socially responsible behavior.Fannie Mae was recognized for its "overall corporate citizenship" and "particularly for its record of increasing homeownership rates for minorities, new immigrants, young families, and those in low-income families," Fannie Mae said. The ranking identifies companies from the Russell 1000 based on quantitative measures of corporate service to seven stakeholder groups: stockholders, employees, customers, the community, the environment, overseas stakeholders, and women and minorities. Fannie Mae can be found online at http://www.fanniemae.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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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.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
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