Meanwhile, in prepared testimony released Wednesday morning, Fannie Mae chairman and chief executive Franklin Raines fought back against allegations that company executives manipulated earnings in order to pay $27 million in bonuses to its top officers back in 1998.In the testimony scheduled for delivery before the House Financial Services subcommittee on government-sponsored enterprises, Mr. Raines declared that even though Fannie Mae signed a supervisory agreement last week with its regulator, it is in no way admitting any wrongdoing. Commenting specifically on the allegation that the company deferred $200 million in expenses in 1998 to meet a bonus trigger, he said, "This is a serious allegation, and we strongly disagree with it." He also described hedge accounting (FAS 133) as "one of the most complicated accounting standards ever issued," noting that ultimately the Securities and Exchange Commission -- not the Office of Federal Housing Enterprise Oversight -- will have the final say on whether Fannie's interpretations of the rule are correct.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
7h ago -
Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
7h ago -
A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
8h ago -
The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
10h ago -
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