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.
-
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.
6h 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.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
11h ago -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11