Archive: Fannie Mae
Raines, Federal Regulators Reach Settlement
By David S. Hilzenrath Former Fannie Mae chairman and chief executive Franklin D. Raines has agreed to a multimillion settlement with a federal regulator over his alleged responsibility for improper accounting at the mortgage finance giant. The regulator, the Office of Federal Housing Enterprise Oversight, said Raines had agreed to...
By Dan Beyers | April 18, 2008; 01:04 PM ET | Comments (23)
Fannie Posts $3.6 Billion Loss; Gov't Eases Portfolio Cap
Here's an update to our earlier report: By David S. Hilzenrath Fannie Mae, the mortgage funding giant, today reported that it lost $3.6 billion in the fourth quarter of 2007, compared with a profit of $604 million in the comparable period a year earlier. The deepening red ink reflected rising...
By Dan Beyers | February 27, 2008; 09:45 AM ET | Comments (11)
Fannie Mae Revises Retirement Benefits
For employees of District-based Fannie Mae, retirement is looking less secure. The company informed its workforce Thursday that it is capping the amount of money it will pay toward the premiums of retirees and their dependents for those who retire after Dec. 31. If premiums continue to rise sharply, inflation...
By Dan Beyers | December 8, 2007; 09:25 AM ET | Comments (1)
Cuomo Hits Fannie Mae, Freddie Mac With Subpoeanas
The New York attorney general subpoenaed mortgage finance giants Fannie Mae and Freddie Mac as he sought to expand his housing industry investigation by focusing on companies that package house loans and sell them to investors. It was the second public step in Andrew M. Cuomo's probe of fraudulent house...
By Mike Shepard | November 7, 2007; 02:45 PM ET | Email a Comment
Regulators Adjust Restraints On Fannie, Freddie
A federal regulator today adjusted restraints on Fannie Mae and Freddie Mac, saying the changes would make it easier for the government-sponsored mortgage funding companies to tackle problems in the subprime mortgage market and help borrowers avoid foreclosure. The regulator, though, stopped short of allowing any major increase in the...
By Dan Beyers | September 19, 2007; 05:08 PM ET | Email a Comment
AOL Exec Takes Over As Fannie Mae's CFO
From the Associated Press: Former AOL executive Stephen M. Swad has become the new chief financial officer at mortgage finance giant Fannie Mae, the company said Wednesday. Swad's succession as finance chief, replacing Robert Blakely, had been planned for some time. It took effect on Aug. 17, Fannie Mae said...
By Dan Beyers | August 22, 2007; 06:48 PM ET | Email a Comment
Fannie Mae 2006 Earnings Down 35 Percent
Fannie Mae filed its delayed annual report for 2006 and said its profit for the year fell 35 percent from 2005. The District-based mortgage finance company blamed the decline on the slumping U.S. housing market and rising internal administrative costs. (See Fannie Mae's statement.) "Looking back, 2006 was a rebuilding...
By Mike Shepard | August 16, 2007; 02:26 PM ET | Email a Comment
A Wink From The Fed
The Wall Street Journal reports (subscription required) that when the Federal Reserve Bank of New York pumped large sums of cash into money markets Friday to ease the credit crunch there, it gave a "wink" to banks and companies such as Fannie Mae and Freddie Mac that it expected to...
By Dan Beyers | August 14, 2007; 06:50 AM ET | Email a Comment
Feds Say No To Lifting Fannie, Freddie Investment Caps
Earlier we passed on an Associated Press report on pleas by Fannie Mae and Freddie Mac to lift an investment cap limiting the size of their portfolios. After the markets closed, federal regulators said nothing doing. Here's the AP report: By Marcy Gordon Associated Press The government on Friday said...
By Dan Beyers | August 10, 2007; 06:32 PM ET | Email a Comment
Fannie, Freddie Press Requests To Ease Investment Caps
From the Associated Press: By Marcy Gordon Associated Press Shares of Fannie Mae and Freddie Mac climbed anew Friday, signaling the market's belief that federal regulators will ease investment limits on the two home-loan finance giants as a way to pump cash into the struggling mortgage market. The Office of...
By Dan Beyers | August 10, 2007; 03:08 PM ET | Email a Comment
