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Fannie Mae accused of impropriety

In a statement released last week by presiding director Ann McLaughlin Korologos, the board said the Office of Federal Housing Enterprise Oversight has questioned the “validity of previously reported financial results, the adequacy of regulatory capital, the quality of management supervision”, as well as the “overall safety and soundness” of the Congressionally-chartered company.

Following the announcement Fannie Mae&#39s stock was trading down almost 7% at $70.45. Fannie Mae chairman and chief executive Franklin Raines says the company&#39s management strongly supports the leadership shown by the non-management members of its board.

In another development, last week Fannie Mae outside director Anne Mulcahy, chief executive of Xerox Corp, resigned. She had been a director since 2000 and was recently asked to join the board of Citigroup.


Rising mortgage payments plunge three million Brits into the red

Three million people in the UK have admitted they now struggle financially because of recent rises in their mortgage payments, with just over two million saying they may have to consider selling up if interest rates rise again. Despite interest rates remaining steady this month, the cumulative effect of five rises over the last year […]

Mortgage Trust reduces mass market buy-to-let fixed rate to 5.95%

Reduced from their previous fixed rate of 5.99%, the product also boasts a lower arrangement fee, 85% LTV and no MIG. With no early redemption charges applicable beyond the fixed rate duration, the latest product from Mortgage Trust is ideal for property investors looking for the certainty of a low rate for a set period. […]

Tenet and Premier forms solution for non-investment market

This brings the number of advisers within the Group to over 5000 and affirms Tenet&#39s ambition to become the UK&#39s dominant generalist distributor of financial and related products. Following the transaction Tenet will lead the way in providing the complete solution for non-investment advisers and enhance the benefits to all Tenet advisers including access to […]

A package deal for a peace of mind

Ask intermediaries about the standard of service they get from the packagers they use and the chances are they will not be terribly complimentary. It pains me to say this but there are many packagers working in the mortgage market who would be surprised to be informed that they actually work in a service-driven sector. […]


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