Fannie Mae and Freddie Mac are making progress in correcting their systems, controls, and financial reporting, but "they still have much to do," according to the Office of Federal Housing Enterprise Oversight's 2006 report on its examinations of the two government-sponsored enterprises."A key indicator of successful remediation will be the timely filing of annual and quarterly financial statements by each company with a clean audit based on a controls-based audit," OFHEO Director James Lockhart said. OFHEO urges the boards of directors at Fannie Mae and Freddie Mac to continue monitoring management's efforts to remedy internal control weaknesses. The agency says Freddie appears further along in fixing its internal controls. And OFHEO indicates that successful remediation "should permit a return to controls-based auditing and ensure a sustainable control environment for financial reporting." OFHEO can be found online at http://www.ofheo.gov.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
59m ago -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
2h ago -
Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
8h ago -
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
9h ago -
Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
April 23 -
Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
April 23