The Office of Federal Housing Enterprise Oversight has set the morning of May 23 for the release of its long awaited report on Fannie Mae's $10.8 billion accounting scandal.Fannie's customers -- as well as its critics -- are anxiously waiting to see if the agency unveils any revelations that might spur Congress to pass a tough GSE reform bill that places portfolio limits on the mortgage giant and its "sister" company, Freddie Mac. The agency has promised to release its findings at 10 a.m. An investigation and report by former Senator Warren Rudman placed most of the blame for the accounting scandal on Fannie's former chief financial officer Timothy Howard and comptroller Leanne Spencer. (Mr. Rudman was hired by the GSE's board.) Fannie watchers anticipate that OFHEO could pin more of the blame on former chairman and chief executive Franklin Raines and the company's directors. (None of the three would comment to this publication about the allegations.) A shareholder suit filed against Fannie alleges that its board was compromised by a pattern of "mutually beneficial relationships." (Fannie has sought to have the suit dismissed but so far its requests for dismissal have been denied.)
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The 30-year fixed rate mortgage was down another 9 basis points this week, Freddie Mac said, but much of this pricing was before the Federal Reserve meeting.
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Whereas AI can supercharge returns on investment in fulfillment and databases, the tech may also replace your entire staff, experts warned.
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The company will now consider loans up to $819,000 as government-sponsored enterprise-eligible, even though it cannot sell them to the agencies until Jan. 1.
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Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.
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Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.
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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
September 17