In a new damning report released this morning the Office of Federal Housing Enterprise Oversight slammed Fannie Mae for manipulating accounting rules to trigger millions of dollars in bonuses for senior executives from 1998 to 2004.The report details what OFHEO calls "an arrogant and unethical corporate culture." Acting OFHEO director James B. Lockhart slammed the GSE, noting, "The image of Fannie Mae as one of the lowest-risk and 'best-in-class' institutions was a facade. OFHEO notes that senior management -- including former CEO Franklin Raines and others, reaped maximum, undeserved bonuses, and hid their actions from the public. "They co-opted their internal auditors. They stonewalled OFHEO," Lockhart said.
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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.
April 25 -
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.
April 25 -
Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
April 25 -
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
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.
April 25 -
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.
April 25