Three key Republicans on the Senate Banking Committee have criticized Fannie Mae and its regulator for approving a 25% pay raise for the government-sponsored enterprise's president and chief executive officer, Daniel Mudd, who received $14.4 million in compensation last year."We are quite surprised that the board of Fannie Mae would sign off on this compensation package at a time when they have paid $1.4 billion in accounting and consulting fees to clean up their financial mess, and they are still two years behind in financial reporting," says a statement issued by GOP Sens. Chuck Hagel of Nebraska, John Sununu of New Hampshire, and Mel Martinez of Florida. (Sen. Martinez is a former housing secretary.) Mr. Mudd received base pay of $950,000 in 2006, plus a $3.5 million bonus and 176,506 shares of restricted common stock. (In recent days Fannie's stock has been trading at $56. Based on that figure, the restricted stock would be worth $9.8 million.) "We are equally surprised that the Office of Federal Housing Enterprise Oversight approved this pay raise," the three said. The senators have asked OFHEO for an explanation.
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McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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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.
April 18 -
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.
April 18