Fannie Mae and Freddie Mac are ignoring billions of dollars in potential losses on overdue loans as they take three years to adopt a new accounting system, a government auditor said in a letter made public Monday.
The president for the first time endorsed an approach to remake the housing finance system as Fannie Mae and Freddie Mac are wound down.
The agreement includes 3.7 million mortgages originated from 2000 to 2012 and sold to Fannie Mae.
The takeover of the mortgage companies by the Federal Housing Finance Agency, “while beneficial to the economic welfare of the nation, destroyed the value of Fannie Mae’s and Freddie Mac’s common and preferred stock and trampled the private ownership rights” of shareholders, according to the complaint filed yesterday in the U.S. Court of Federal Claims in Washington.
I just hope I die before all the newspapers do. Not to be maudlin or to tempt my creator, but the recession, burdensome debt and the ad-stealing Internet portend the extinction of newspapers I can’t do without. Tribune Co.’s bankruptcy threatens the future of three papers: the Los Angeles Times, Baltimore Sun and Chicago Tribune. […]
The regulator for Fannie Mae and Freddie Mac is standing behind his decision to approve retention bonuses for top executives, resisting calls from U.S. Representative Barney Frank to rescind the payments. “The loss of key personnel would be devastating to the companies and to the government’s efforts to stabilize the housing system,” Federal Housing Finance […]
U.S. President Barack Obama pledged $275 billion to a program that includes cutting mortgage payments for as many as 9 million struggling homeowners and expanding the role of Fannie Mae and Freddie Mac in curbing foreclosures. The plan will help as many as 5 million homeowners refinance loans owned or guaranteed by Fannie and Freddie, […]
Although mortgage rates have settled into a trading range – in the mid 5 percent range – in the last week, Fannie Mae is going to make it a little bit tougher for many borrowers to get the very best possible rates in the coming months. The mortgage giant that is now fully under the […]
Freddie Mac continues to pursue legal action to evict tenants living in foreclosed properties, drawing fire from legal aid groups who say the moves violate the spirit of a moratorium the company agreed to in November. While Freddie and Fannie Mae have suspended sales of foreclosed properties and aren’t locking people out of their homes, […]
Here’s hoping the big audit firms get busy living, and start sounding alarms at banks that are dying. Credit raters, regulators, Wall Street executives, even hedge-fund managers all got summoned to Capitol Hill last fall for televised floggings. And yet barely a glove has landed on the Big Four accounting firms that didn’t bark. One […]
- Immigration: Asylum-Withholding of Removal-Appellate Jurisdiction
- Criminal Law: Child Pornography-Bottom-of-Guidelines Sentence-Substantive Reasonableness of Sentence
- Criminal Law: Child Abuse-Sufficiency Of Evidence-Closing Argument
- Civil Rights: Religious Freedom-RLUIPA-Res Judicata
- Civil Practice: Res Judicata-Stop Work Order
- Immigration: Drug Conviction-Removability-Overbreadth of State Offense
- Civil Practice: Asset Forfeiture-Sanctions
- Civil Rights: Due Process-Failure to State Claim
- Probate : Revocable Trust – Amendment – Reformation
- Employer – Employee : Unpaid Commissions – At-Will Status
- Criminal Law : Post-Conviction Relief – Effectiveness Of Counsel – Conflict Of Interest
- Appellate Practice : Jurisdiction – Final Judgment
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- Jury gives massive award after fleeing suspect causes fatal crash
- 8th Circuit tosses suit claiming false sale prices
- Attorney general releases report on Kim Gardner investigation
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