Fannie Mae chairman and chief executive officer Franklin Raines would be required to drop one of his titles under a strict corporate governance rule proposed by the Office of Federal Housing Enterprise Oversight.Freddie Mac has already agreed to separate chairman and CEO functions as part of a $125 million settlement with OFHEO over its accounting problems. Under the OFHEO proposal, which is being issued for a 60-day comment period, Fannie would have to implement the same policy starting in 2007. Separating the functions of chairman and CEO would strengthen the oversight of the board of directors' independence and oversight of the company, according to OFHEO. "This reasonable step will assist both in the perception and reality that these specialized institutions maintain the highest standards of corporate governance," the proposal says. So far, Mr. Raines has resisted suggestions that he relinquish one of his titles. "We look forward to reviewing the proposed rule and providing our comments to OFHEO," Fannie Mae spokesman Chuck Greener said.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28