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...
The Federal NationalMortgageAssociation, commonly known as Fannie Mae, trades under the New YorkStock Exchangeticker symbol FNMA. It was established in 1938 by the US Congress as a Government Sponsored Enterprise, orGSE. While the company does not have an explicit guarantee of government backing, ...
WASHINGTONMortgage giant Fannie Mae earned $1.8 billion from July through September, helped by an improving housing market that has lifted home prices. Freddie Mac posts profit, requests no additional aid The U.S. government-controlled company said Wednesday that it paid a dividend of $2.9 billion...
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...
alleged fraud, and failure made Glassner such a hot commodity that three major financial firms were eager to hire him – even one (Fannie) that was accusing him of defrauding the firm. The defense begins with the claim that almost everybody with mortgage “expertise” is “tainted.” ...
Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic...
of both Freddie Mac’s Home Possible and Fannie Mae’s HomeReady loan programs. First, they don’t require lifelong mortgage insurance, unlike FHA’s new lending rules. Once the loan balance drops below 80% of the property value, borrowers can ask their lender toremove the mortgage insurance...
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...
One of the ways people commit fraud is to say it’s a primary residence and they’re going to live there and get around restrictions about the number of second homes and rental properties that can be covered under a mortgage. But if somebody said it was their primary home and their Nest...
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...