Meanwhile, an official of the General Accounting Office has testified that the composition of Fannie Mae's board of directors is not consistent with principles of good corporate governance.GAO Comptroller General David Walker noted that three of the mortgage company's top executives are the highest-ranking members on the board. Chief executive officer Franklin Raines is the board chairman, and chief operating officer Daniel Mudd and chief financial officer Timothy Howard are vice-chairmen. "All too frequently, such individuals will have significant influence over who is asked to join the board and who is asked to leave it," Mr. Walker told the Senate Banking Committee. Mr. Raines has dismissed suggestions that he give up his position as chairman of the board. He contends that the Business Roundtable favors flexibility on the issue of dual posts, and that it should be not be a hard-and-fast rule for any company. Last year, Mr. Raines served as chairman of the Business Roundtable's corporate governance committee. The GAO official maintained that the government-sponsored enterprises should lead by example and "strive to have a truly independent board." Fannie's regulator -- the Office of Federal Housing Enterprise -- is working on regulations that would require Fannie and Freddie Mac to split the CEO and chairman functions.
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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.
8h ago -
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.
8h ago -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18