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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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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