The Office of Federal Housing Enterprise Oversight says it is likely to sue former top officers who were involved in Fannie Mae's $11 billion accounting scandal.Speaking to the news media at an American Enterprise Institute meeting, OFHEO Director James Lockhart said, "We will more than likely be filing litigation against them," but he did not single out any individuals. When asked if the agency might sue former chairman and chief executive Franklin Raines and former chief financial officer Timothy Howard, he responded, "they are the top two." A source noted that Mr. Lockhart offered no details about possible litigation. In public reports, OFHEO has blamed Messrs. Raines and Howard -- and others -- for the accounting mess at the government-sponsored enterprise. The two men were forced out by Fannie's board in December 2004. To date, they have maintained that they have done nothing wrong.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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