The article reports that the Federal National Mortgage Association (Fannie Mae) agreed to pay a $400 million fine to settle charges of accounting fraud. The U.S. Securities and Exchange Commission had accused Fannie Mae executives of changing earnings figures between 1998 and 2004. Fannie Mae's...
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits. In addition, banks, thri...
When Bruce Lee became Fannie Mae’s CIO two years ago, the mortgage industry was still grappling with the consequences. “I think it’s fair to characterize the mortgage industry as a whole as dealing with the fallout of the crisis and implementing new regulations up until the middle of 2015...
Rate on 30-year mortgage edges up slightly U.S. sues Bank of America for $1B for mortgage fraud "We are seeing signs of sustained improvement in housing," Fannie President and CEO Timothy Mayopoulos said in a statement. "Our financial condition has improved markedly." The government rescued...
Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance Viral V. Acharya; Matthew Richardson; Stijn Van Nieuwerburgh; Lawrence J. White. Princeton University Press, 2011 Read preview Overview White Collar Crime in Housing: Mortgage Fraud in the United States Cynthia...
. Fannie Mae also buys and sellsstrips, mortgages in which the principal is traded separately, i.e. "stripped," from the stream of interest payments it is expected to generate. A large global market in these mortgage-backed securities has evolved, largely due to the existence of Fannie Mae...
After one year, they can move out and keep the property as a non-owner-occupied rental property. You can use the future rents from other units to help you qualify for the mortgage. In This Article: Fannie Mae Now Allows 5% Down on Multifamily ...
recently described, but not named, in the Department of Justice’s (DOJ) fraud suit against Bank of America (B of A), and named as a defendant by Fannie Mae’s in its fraud suit against B of A and several officers, was hired by two companies (Ally and Fannie) bailed out by T...
Through the Eyes of a Whistle-Blower: How Sherry Hunt Spoke Up About Citibank's Mortgage Fraud This resulted in Citi selling to GSEs such as Fannie Mae and Freddie Mac pools of loans that were considerably defective and thus likely to default. Citi had also approved hundreds of millions of...
BofA to pay $3.6 bn to Fannie Mae to settle mortgage claims the historic National Mortgage Settlement received $25 billion; other banks, such as Fannie Mae and Freddie Mac, were awarded $13.3 billion; and investors ended up with an $8.5 billion settlement from BofA in 2 Oil's BNY Mellon...