Fannie Mae

  • Fannie Mae, Treasury

    Why Did The Treasury Hire Morgan Stanley?

    Last week we learned that the Treasury Department, shortly after receiving authority to help shore up Fannie Mae and Freddie Mac, hired Morgan Stanley to advise it on the rescue plan. While the Treasury is only paying Morgan Stanley a $94,000 fee for the transaction, Morgan’s role here still raises serious questions. First and foremost: […]

    / Aug 13, 2008 at 1:30 PM
  • Barack Obama, Fannie Mae, politics

    Dirty Fannie Mae Man Tied To Countrywide Quits Obama’s Campaign

    Jim Johnson is out of there. The former chairman of Fannie Mae who received several preferential loans from Countrywide, has announced he’s leaving Barack Obama’s vice presidential search committee. This is in keeping with the Obama campaigns new tactic of knee-capping supporters whose scandals distract from the campaign’s messages of hope and change. The operating […]

    / Jun 11, 2008 at 3:01 PM
  • Fannie Mae

    Perverse Lessons From The Credit Crunch: Fannie And Freddie Get Riskier

    This morning we learned that the government seems to have learned exactly the wrong lesson from the recent turmoil in the credit markets. Government policies to expand homeownership—remember the once-vaunted “ownership society” that President George Bush and his friends thought would make us all more responsible capitalists?—helped produce irresponsible mortgage lending, which fueled the massive […]

    / Mar 19, 2008 at 1:44 PM
  • Fannie Mae

    Fannie Mae: Lips Blistered From The Subprime Crack Pipe?

    It seems the #1 U.S. home finance company couldn’t resist the sweetfreebase-like appeal of subprime yields. After the bell on Tuesday, Fannie Mae announced plans to issue $7 billion in non-convertible preferred stock and to cut its dividend by 30%, due in part to market losses on the securities that it owns. Perhaps Fannie was […]

    / Dec 5, 2007 at 10:35 AM
  • Fannie Mae

    Former Fannie Mae CEO, CFO, and Controller Accused of Misconduct and Recklessnes*

    The U.S. Office of Federal Housing Enterprise Oversight has filed a notice of charges against three former Fannie Mae executives, accusing them of misconduct and recklessness. Former chairman and CEO Franklin Raines, former vice chairman and CFO J. Timothy Howard, and former senior vice president and controller Leanne Spencer are named in the suit, which […]

    / Dec 19, 2006 at 8:15 AM
  • Fannie Mae

    Fannie Mae: Still A Different Kind of Company

    Fannie Mae got hammered by the Office of Federal Housing Enterprise Oversight, which issued a 340-page report detailing the mortgage giant’s misdeeds and levied $400 million in fines. “Our examination found an environment where the ends justified the means. There was a systematic effort by senior management to manipulate accounting, reap financial rewards and prevent […]

    / May 23, 2006 at 4:43 PM
  • Fannie Mae

    Too Connected To Fail?

    Today’s Wall Street Journal editoral page asks. “So what happens when a company that hasn’t filed a financial statement in a year and a half announces yesterday yet more accounting problems and puts off reporting any results until sometime in 2007?” The answer? “Its stock goes up 3% and its bonds rally too. At least, […]

    / May 10, 2006 at 12:29 PM

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