Fannie Mae has agreed to pay $400 million in civil penalties to the Securities and Exchange Commission, and Office of Federal Housing Enterprise Oversight to settle allegations of wrongdoing in connection with its $10.8 billion accounting scandal.As part of the settlement the GSE will implement corrective measures, including growth limits, and remedial actions against current and former employees. OFHEO also requires that its board submit governance policies and procedures to the agency within 180 days. In a statement Fannie Mae chairman Stephen Ashley said, "We are pleased that we have been able to reach a comprehensive agreement and bring these matters to a conclusion." In a shareholder lawsuit, Mr. Ashley and other directors -- past and present -- are accused of turning a blind eye to the company's accounting woes because they were involved in "mutually beneficial relationships" with the GSE and did not operate as independent directors. Fannie Mae is trying to get the lawsuit dismissed.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A labor shortage is costing the market tens of thousands of new homes per year, and tariff uncertainty is adding thousands of dollars in expenses per unit.
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The pace of revenue growth slowed toward the end of 2024, with the trend continuing into the first three months of this year, NAHB reported.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.
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The firm, now going by Fairway Home Mortgage, said the change is a representation of plans to create a "connected ecosystem."
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