A General Accounting Office report says that despite progress, the Federal Agricultural Mortgage Corp. still needs to pay greater attention to risk management, its mission, and corporate governance.The GAO noted that Farmer Mac's income has increased since 1999 and its capital exceeds required levels, but the government-sponsored enterprise has also developed a "more complex risk profile," the GAO said. Specifically, the GAO said that if rapid growth in Farmer Mac's off-balance-sheet "standby agreements" continues and Farmer Mac faced a stressful economic environment, it "could face substantial liquidity risk." The report says that since 1999, Farmer Mac has significantly reduced the ratio of investments not related to its mission of helping provide long-term financing to farmers and ranchers. The stock market reacted positively to the report, however, with Farmer Mac's share price rising $2.68 to close at $29.36 Oct. 17 after the GAO report was released.
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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.
8h ago -
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.
11h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11