home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

GSE News | Fannie/Freddie Share Statistics
Fannie, Freddie and FHLB news. Coverage of government sponsored enterprise regulation, operations and litigation.


More Accounting Woes at Fannie

Wall Street Journal reports concern over SPEs

April 4, 2005

By MortgageDaily.com staff


Special purpose entities, those nasty little financing vehicles that helped Enron fool the world, have now surfaced as a point of concern with mortgage giant Fannie Mae.

With nondescriptive names such as 'LJM2' and 'Raptor', Enron executives used SPEs -- which under certain circumstances do not fall under the same audit scrutiny as a company's assets and liabilities -- to slip past investment safeguards and manufacture assets.

While nobody is accusing Fannie of operating any such schemes with its own SPEs, the Wall Street Journal reported today that Fannie's regulator, the Office of Federal Housing Enterprise Oversight, has confirmed it is looking at the accounting for thousands of mortgage backed securities managed by the Washington, D.C.-based company.

Armando Falcon Jr., OFHEOs director, reportedly told the Journal the agency is trying to quantify the potential problem.

The concern appears to revolve around FAS 140 and whether or not loans securitized by Fannie should remain on its balance sheet -- potentially impacting its capital position which it is already trying to shore up, according to the article. Fannie will likely have to move at least some of the loans to its balance sheet regardless of the outcome of OFHEOs inquiry.

The government sponsored housing enterprise reported it had $1.4 trillion in MBS outstanding as of February. Fannie's position is reportedly that it has no real control over the assets as it moves them into the trusts.

At the end of 2003, the FDIC reports there was $5.3 trillion outstanding in total MBS from all U.S. issuers.


Corporate Mortgage News
M e r g e r s, a c q u i s i t i o n s and private and public offerings. Other corporate activity including executive appointments, bankruptcies name changes.




SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders