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Topic: Fannie Mae

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	USATODAY.com - Fannie Mae dismisses CEO, CFO (Site not responding. Last check: 2007-11-02)
		Franklin Raines, the powerful and politically savvy CEO of Fannie Mae (FNM), was forced out Tuesday night by the mortgage finance company's board of directors, bringing an end to a contentious, three-month public brawl over the quality of Fannie's financial statements.
		Fannie Mae, long a Wall Street darling, is the biggest buyer and guarantor of home mortgage loans in the United States and is the country's second largest financial institution behind Citigroup.
		The problems at Fannie Mae are similar to accounting difficulties encountered by its smaller competitor, Freddie Mac, which emerged from its own accounting scandal and executive shake-up after disclosing in June 2003 it had misstated earnings by $5 billion.
	www.usatoday.com /money/companies/management/2004-12-21-fannie_x.htm (701 words)

	Perspective: Is Fannie Mae software biased against minority home buyers?
		Her attorneys are suing Fannie and Freddie for racial discrimination, arguing that the firms' "credit scoring" programs for rating mortgages violate the civil rights of minorities.
		As the lawsuit moves forward, Rahmaan says she has to remember that Fannie Mae is not a charitable organization, as many people may believe after seeing the agency's upbeat ads.
		On March 15, Fannie Mae filed a motion for summary judgment for dismissal in the federal district court in the District of Columbia, arguing that Rahmaan was denied various loans because "her credit history was very poor." The denials had nothing to do with Rahmaan's race, spokesman Chuck Greener wrote in an official statement.
	www.sptimes.com /2004/04/04/Perspective/Is_Fannie_Mae_softwar.shtml (1563 words)

	What are Fannie Mae Guidelines?
		Fannie Mae is the country's second largest corporation and was established by an act of Congress in 1938.
		In order for Fannie Mae to buy single family home loans from mortgage bankers, savings and loan associations, commercial banks, and other financial institutions, the loans must conform to their set of "Fannie Mae guidelines." They require certain "debt to income ratios" and specific supporting documentation on your employment, assets, and debts.
		Fannie Mae will allow a mortgage that has a co-borrower, and that person is not required to take title to the property.
	www.escrowhelp.com /articles/20040222.html (684 words)

	Time to Reform Fannie Mae and Freddie Mac (Site not responding. Last check: 2007-11-02)
		Fannie Mae was restructured as a federally chartered corporation in 1968, and its shares were sold to the public a year later.
		Initially, Fannie Mae was limited to investing in residential mortgages insured by the FHA or guaranteed by the Veterans Administration so as to maintain its public purpose of assisting entry-level homebuyers.
		In effect, while Fannie Mae was conducting a massive and costly public relations campaign to present itself as the benefactor of moderate-income and minority homebuyers, it was funding studies that undermined that very goal.
	www.heritage.org /Research/GovernmentReform/bg1861.cfm (4604 words)

	Fannie Mae Distorts Markets - Mises Institute
		Fannie’s costs are reduced because its own capital reserve requirements are lower than for comparable private firms, i.e., it is able to issue more credit with the same amount of reserves.
		Fannie’s monopoly privileges have given it an ever-increasing share of the secondary conforming mortgage market, and it currently is seeking to expand into other parts of the mortgage market.
		Fannie claims that it is using its regulatory privilege to decrease the cost of the credit to home buyers.
	www.mises.org /fullstory.asp?control=986 (3023 words)

	Fannie Mae
		Established in 1938, Fannie Mae is a private corporation, federally chartered to provide financial products and services that increase the availability and affordability of housing for low-, moderate-, and middle-income Americans.
		Fannie Mae has two major lines of business: portfolio investment and mortgage-backed securities.
		Fannie Mae also receives pools of mortgage loans from lenders and exchanges them for Mortgage-Backed Securities, which the company guarantees.
	www.russell.com /us/glossary/mortgages/fannie_mae.htm (159 words)

	'Fannie and Freddie Were Lenders':U.S. Real Estate Bubble Nears Its End
		Fannie Mae is positioned as the key prop in the housing bubble (what is said of it applies as well to its smaller cousin, Freddie Mac).
		Fannie Mae promises that in case there is a default on the MBS, Fannie Mae will pay the interest and principal "fully and in a timely fashion." The MBS, once it has Fannie Mae's guarantee on it, is sold to outside investors in denominations of $1,000 and up.
		Fannie Mae's financial paper is a ticking time-bomb threatening to bring the whole leveraged operation down.
	www.larouchepub.com /other/2002/2924fannie_mae.html (7189 words)

	Fannie Mae Is No Free Lunch For Taxpayers
		Fannie Mae and Freddie Mac, the Federal Home Loan Mortgage Corporation, are government–sponsored enterprises (GSEs) that expand mortgage availability by establishing a secondary mortgage market.
		Fannie Mae and Freddie Mac maximize lending because the GSEs bear only a portion of the cost of their risk-taking, with the remainder transferred to taxpayers.
		Fannie Mae and Freddie Mac advocates claim taxpayer risk is justified since the GSEs lower the cost of borrowing for homebuyers.
	www.pacificresearch.org /pub/act/2001/act_01-07-23.html (752 words)

	Fannie Mae Jobs on CareerBuilder
		At Fannie Mae, we recognize that our employees have multi-faceted lives that include family obligations and varying leisure time interests as well as their diligent and creative contributions to helping the company meet its goals.
		That is why Fannie Mae has established an array of benefits to help enhance the quality of our employees' lives and enable them to perform their jobs better.
		In addition to the role Fannie Mae's management must play, it is incumbent upon each employee to share the responsibility of creating and maintaining an environment of mutual respect and inclusiveness.
	www.careerbuilder.com /JobSeeker/Companies/Details.asp?hhname=fanniemae (1903 words)

	Fannie Mae
		Fannie Mae is a private, shareholder-owned company that works to make sure mortgage money is available for people in communities all across America.
		Fannie Mae operates exclusively in the secondary mortgage market, where they help to ensure that money for mortgages is available to home buyers in every state across the country.
		Fannie Mae MBS are highly liquid investments and are traded on Wall Street through securities dealers.
	www.alliemae.org /fanniemae.html (398 words)

	Fannie Mae (Site not responding. Last check: 2007-11-02)
		Fannie Mae, one of the largest sources of home mortgage funds in the United States and a well-established leader in the application of technology, is committed to using advanced technology to simplify and streamline the way mortgages are created and serviced, thus breaking the barriers to home ownership for millions of Americans.
		Fannie Mae uses Tivoli Management Environment (TME) software from Tivoli Systems to manage the server network behind its MORNETPlus loan decision system and for event and fault management of its nationwide corporate network.
		Fannie Mae began an intensive evaluation of the available management solutions, with the goal of creating an integrated management toolset - one capable of delivering consistent, proactive management of a rapidly expanding, heterogeneous network.
	www.corba.org /industries/bankfin/fmae.html (562 words)

	Fannie Mae - Best Mortgage Firm (Site not responding. Last check: 2007-11-02)
		The main goal of this Fannie Mae is to help more families acheive the American Dream of home ownership.This bank provides less funds when compared to others so that more people can acheive home owner ship.
		Fannie Mae is the country's second largest corporation, in terms of assets, and the nation's largest source of financing for home mortgages.
		Fannie Bank is one of the largest financial services corporations in the world.The bank have helped morethan 63 million families to acheive the American dream of ownership.
	www.mortgagereviewonline.com /FannieMae (330 words)

	Fannie Mae cuts profit by $6.3 billion, less than expected - USATODAY.com (Site not responding. Last check: 2007-11-02)
		Fannie Mae on Wednesday announced an increase in its quarterly dividend to 40 cents from 26 cents.
		Fannie Mae's chief executive Franklin Raines, a prominent Washington figure who was White House budget director in the Clinton administration, was swept out of office in December 2004 along with then-chief financial officer Timothy Howard.
		Fannie Mae and Freddie Mac were created by Congress to pump money into the home-mortgage market to keep interest rates low and make homeownership affordable for low- and moderate-income people.
	www.usatoday.com /money/industries/banking/2006-12-06-fannie_x.htm (752 words)

	ARCS Commercial Mortgage: Fannie Mae Custom Loan Options
		Fannie Mae offers a full range of mortgage products with competitive rates and flexible terms, designed to provide financing for every multifamily property type.
		Fannie Mae's Fixed + 1 offers borrowers the flexibility of an adjustable rate mortgage for the last year of the loan term.
		Fannie Mae's Early Rate Lock offers borrowers the ability to lock in an interest rate during the earliest stages of underwriting, as early as 7 days after receipt of the due diligence information and as long as 12 months before the loan actually closes.
	www.arcscommercial.com /loan_programs/fanniemae_loan_options.asp (520 words)

	Fannie Mae (Site not responding. Last check: 2007-11-02)
		Fannie Neighbors has no income limit for residents who are purchasing a home within designated central cities (if not the largest city in a metropolitan area, cities must have populations of 250,000 or more.) Borrowers must attend a seminar on home ownership and the home buying process.
		Fannie Mae is expanding the availability of low-down-payment loans in an effort to help more people nationwide qualify for a mortgage.
		Fannie Mae's new Start-Up Mortgage will assist buyers with a 5 percent down payment who are at any income level.
	www.go2c.com /gifford/3859.html (621 words)

	Fannie Mae to pay $400 million fine - USATODAY.com (Site not responding. Last check: 2007-11-02)
		Housing-finance giant Fannie Mae (FNM) agreed Tuesday to pay federal regulators a $400 million fine for alleged accounting manipulations and governance lapses by its board and management that are expected to force it to erase $10.6 billion in previously reported profits.
		But the SEC and Justice Department are continuing their investigations of the company and its executives, who control a $721.5 billion portfolio of mortgage loans and securities through its congressional mandate to expand homeownership in the USA.
		Throughout OFHEO's 340-page investigative report, former Fannie Mae CEO Franklin Raines and former CFO Timothy Howard are held as principally responsible for manipulating the company's earnings from 1998 to 2004 while reaping tens of millions of dollars in pay and bonuses.
	www.usatoday.com /money/industries/banking/2006-05-22-fannie-mae_x.htm (422 words)

	The real scandal at Fannie Mae. - By Daniel Gross - Slate Magazine
		Fannie Mae, the federally chartered company that buys home mortgages and sells them as securites, is receiving a highly public fanny-kicking.
		Fannie Mae, created by a congressional charter granted in 1938, has been able to grow into the nation's fourth-largest company (by assets) thanks to a grand bargain in which everybody—executives, investors, politicians, regulators—ignores published rules and instead agrees to follow a set of unstated, unsupported, unjustified beliefs.
		Fannie Mae is taking a beating on the Hill and in the marketplace of public opinion.
	www.slate.com /id/2107902 (1481 words)

	Report: Fannie Mae manipulated accounting - Corporate Scandals - MSNBC.com
		The report “shows that Fannie Mae’s faults were not limited to violating accounting and corporate governance standards, but included excessive risk-taking and poor risk management as well,” Randal Quarles, Treasury undersecretary for domestic finance, said in a statement.
		Fannie Mae said its board has read the report and is committed to making the changes required under the deal with the regulators.
		On Friday, Fannie Mae said it was replacing the chairman of its board’s audit committee, a key position as the second-largest U.S. financial institution reworks its accounting and struggles to emerge from the scandal.
	www.msnbc.msn.com /id/12923225 (970 words)

	Federal National Mortgage Association - Wikipedia, the free encyclopedia
		Fannie Mae became fully private in 1970 and is now the 9th largest business in the world according to Forbes' Rich List of top 1000 Businesses.
		In late 2004, Fannie Mae was under investigation for its accounting practices.
		Fannie Mae is the second-largest U.S. financial institution after Citigroup Inc. yet hasn’t filed an earnings statement since late 2004, even though required to by SEC regulations and New York Stock Exchange listing standards.
	en.wikipedia.org /wiki/Fannie_Mae (1112 words)

	Fannie Mae Corp. (Management) \| Business solutions from AllBusiness.com
		Fannie Mae was awash in refi business earlier this year, which proved a test of the corporation's mettle.
		Franklin Raines, CEO of Fannie Mae, took the opportunity of his speech before the 125th ABA Annual Convention to introduce a new initiative designed to...
		Fannie Mae and Freddie Mac have gone through many phases in their operating history.
	www.allbusiness.com /fannie-mae-corp/3098258-1.html (749 words)

	Fannie Mae (Site not responding. Last check: 2007-11-02)
		Fannie Mae was originally founded in 1938 as Part of the Federal Housing Administration.
		In 1968 Fannie Mae became a private company operating with private capital on a self-sustaining basis.
		Fannie Mae's goal is to increase the opportunities for homeownership and affordable rental housing for all Americans.
	www.somerseteldercare.com /benefits/fannie_mae.htm (65 words)

	Fannie Mae's Institutional Arrogance [Fool.com] December 17, 2006
		Essentially, Fannie Mae is a tiny, tiny slice of equity strapped onto trillions of dollars of debts -- which investors believe are backed by the full faith and credit of the U.S. government.
		Fannie Mae and Freddie Mac are not bulletproof, and even if some disaster did strike, even if the government did step in and back Fannie and Freddie paper, there's not a snowflake's chance in hell that it'd back the equity.
		And this is the problem: Fannie Mae knew for years that it was not in compliance with accounting guidance for valuation of its derivative portfolio, and opted to disregard the rules.
	www.fool.com /News/mft/2004/mft04121712.htm (985 words)

	Fannie Mae Mortgage, Foundation Loans, Fannie Mae Guidelines - Lending Leaders
		Fannie Mae is a private company that operates under a congressional charter to increase the availability and affordability of homeownership for low-, moderate-, and middle-income Americans.
		Fannie Mae was authorized to buy Federal Housing Administration (FHA)-insured mortgages, thereby replenishing the supply of lendable money.
		In 1968, Fannie Mae became a private company operating with private capital on a self-sustaining basis.
	www.lendingleaders.com /fanniemae_guidelines.cfm (311 words)

	Regulate Fannie Mae (washingtonpost.com)
		Fannie Mae's auditor, KPMG, apparently felt unable to challenge the lender's use of unorthodox accounting techniques; an employee who questioned these techniques was ignored.
		Fannie's long-standing critics may be right: There is a risk that one or other of these mortgage lenders might be mismanaged into a collapse, threatening the banking system unless taxpayers rescue it.
		Fannie Mae is the second-biggest financial institution in the country, which means it is too big to fail; it follows that it is too big not to be regulated aggressively.
	www.washingtonpost.com /wp-dyn/articles/A52741-2004Sep26.html (484 words)

	Fannie Mae (Site not responding. Last check: 2007-11-02)
		Fannie Mae has a $2.9 Billion dollar line of credit with the U.S. Treasury that is used to finance new mortgages, to be given to those clients who qualify for their AAA rated list.
		Fannie Mae then pays the issuing bank the freshly minted funds, which the issuing bank then uses for it’s own private business.
		Fannie Mae then turns around and places the mortgage in the secondary mortgage market, via its insider liaison with Freddie Mac.
	www.mortgagefree4u.com /republican_money.htm (714 words)

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