Fannie Mae, which is struggling through an $11 billion accounting scandal, on Wednesday afternoon named one of its own, interim CEO Daniel Mudd, to be its permanent chief executive and president. The appointment by Fannie's board drew immediate praise from acting Office of Federal Housing Enterprise Oversight director Stephen Blumenthal who said Mr. Mudd has "played a key role in the transformation of Fannie Mae and I look forward to continuing the development of a strong, constructive relationship between Fannie Mae and OFHEO." National Mortgage News reported two weeks ago that Mr. Mudd was actively lobbying for the job and it was between him and one or two other commercial banking executives. Promoted from vice chairman/chief operating officer, Mr. Mudd became the interim head of the mortgage giant in late December when Fannie's board forced out its politically well connected chairman and CEO Franklin Raines. Some in the industry expressed surprise that the board would name Mr. Mudd because he served in Fannie's office of the chairman along with Mr. Raines. GSE critic Bert Ely said in a statement, "However qualified Dan Mudd may be to run Fannie Mae, his appointment this afternoon as Fannie's new CEO is, at the least, incredibly, naively impolitic. At worst, it represents the height of political arrogance that may come back to haunt Fannie, and Freddie, too, as Congress continues to masticate...on GSE regulatory reform legislation."
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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.
July 11 -
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.
July 11 -
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