The chairman of the House Financial Services subcommittee with oversight of government-sponsored enterprises has accused former Fannie Mae chief executive Franklin Raines of perjuring himself before Congress.Holding a hearing on a new federal report that officially accuses the mortgage giant of accounting fraud, Rep. Richard Baker, R-La., said Tuesday that, "There seems to be clear evidence to my mind that Mr. Raines perjured himself." In the fall of 2004, a then-embattled Mr. Raines testified before Rep. Baker's GSE subcommittee, categorically dismissing charges that the company manipulated accounting rules back in 1998 so it could meet (to the penny) an earnings-per-share goal that triggered $27 million in bonuses paid to its top executives. At times defiant, Mr. Raines told members of the subcommittee then that, "This is a serious allegation, and we strongly disagree with it." Mr. Raines and his attorney did not return telephone calls by MortgageWire.'s deadline. Mr. Raines was forced out by Fannie Mae's board in December 2004.
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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 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25