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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Government officials confirmed the California Democrat is under scrutiny over a long-held Maryland property he designated as a second home in 2020.
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Credit availability declined in June as the job market and rising delinquency figures have some lenders concerned, the leading mortgage trade group said.
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The Ocean State is the latest to enact rules prohibiting the agreements that end up tying older homeowners to long-term contracts with real estate brokers.
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CEO Robin Vince refused to comment on "rumors or speculation" about a potential merger between the custody banking giant and its smaller rival, Northern Trust. He also said that the bar for BNY to engage in M&A is "very high."
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House Financial Services Committee Chairman French Hill promised to begin combing through Dodd-Frank to find areas for deregulation, while the panel's ranking member made it clear that Democrats would fight for the Consumer Financial Protection Bureau.
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Gain on sale at JPMorgan Chase fell by 5 basis points in the second quarter, which could be a slightly adverse sign for mortgage banker results, KBW said.
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