The Office of Federal Housing Enterprise Oversight, which is conducting a forensic audit of mortgage giant Fannie Mae, has subpoenaed certain documents from the company, according to a story published in Friday's Wall Street Journal.However, as MortgageWire went to press, both OFHEO and Fannie declined to confirm or deny that any subpoenas had been issued. This past summer OFHEO director Armando Falcon told Congress that Fannie Mae has been less than cooperative with the audit. A company spokesman, when asked by MortgageWire whether Fannie is cooperating with the agency, had no comment. Late last year OFHEO sent Fannie an extensive, three-page document request letter. The letter contained 18 specific requests, including copies "of all communications" (including e-mails) between January 1999 through October 2003 regarding, "deficiencies, shortcomings, weaknesses or failings in accounting practices or financial reporting at Fannie Mae or the failure to comply with accounting policies of Fannie Mae." OFHEO also has requested documents from Fannie's auditor, KPMG.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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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