The Rudman report on Fannie Mae's accounting problems does not seem to give proponents of GSE reform new ammunition to pass legislation, but Senate Banking Committee chairman Richard Shelby, R-Ala., said he remains committed to pass a bill this year.The report by former Senator Warren Rudman focuses on the failure of accounting and management controls at the government sponsored enterprise. Many of the problems arose in managing the risks associated with Fannie's large mortgage portfolio, Sen. Shelby said. The Alabama senator supports legislation that would force Fannie and Freddie Mac to reduce the size their portfolios. "While a portfolio of this size is not a critical component in achieving their housing mission, it did serve as a mechanism to allow Fannie Mae to ensure earnings growth," Sen. Shelby said. In the House, Financial Services Committee chairman Michael Oxley, R-Ohio, has tentatively scheduled a hearing for March 14 on the Rudman report. Mr. Rudman has agreed to testify.
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While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
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The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
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Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
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A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
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The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
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