House GSE subcommittee Chairman Richard Baker, R-La., wants to know what Fannie Mae executives did once a whistleblower told them about certain accounting irregularities at the giant mortgage company.In a letter to the Office of Federal Housings Enterprise Oversight, the congressman is demanding documents relating to whistleblower Roger Barnes and Fannie chief financial officer Tim Howard. The subcommittee chairman is holding a hearing Wednesday on OFHEO's findings that Fannie executives skirted accounting rules to smooth out earnings and possibly increase their bonuses. "Specifically, I am requesting that you provide copies of all records related to the actions of Tim Howard and Roger Barnes and any other documents which relate to the key findings of the OFHEO report on Fannie Mae," Rep. Baker says in the Oct. 1 letter to OFHEO. Mr. Howard is scheduled to testify at the hearing, but not Mr. Barnes, a former Fannie Mae accountant who worked in the comptroller's office. Mr. Barnes is submitting written testimony, according to his attorney Debra Katz. Mr. Barnes was originally scheduled to testify, but it appears that Rep. Baker wants the hearing to focus on Mr. Howard and Fannie chairman and chief executive officer Franklin Raines.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
11h ago