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OFHEO Letter to Fannie Mae Board of Directors RE: Special Examination
Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030
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FHFB Signs Written Agreement With Federal Home Loan Bank of Chicago
The Federal Housing Finance Board today entered into a written agreement with the board of directors of the Federal Home Loan Bank of Chicago. The agreement addresses certain shortcomings in the Bank's risk management, internal audit, capital management, and accounting and financial recordkeeping...
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FHFB Moves to Require Federal Home Loan Banks to Register with SEC
The Federal Housing Finance Board today voted unanimously to require the 12 Federal Home Loan Banks to enhance their financial disclosures by registering with the U.S. Securities and Exchange Commission (SEC). By a vote of 4-0, the Finance Board passed a final rule under which each Federal Home Loan...
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OFHEO Submits Annual Report to Congress
Washington, D.C. – Armando Falcon, Jr., Director of the Office of Federal Housing Enterprise Oversight (OFHEO) today submitted the OFHEO 2004 Report to Congress, detailing regulatory oversight of the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, for the year 2003. OFHEO’s...
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OFHEO Directs Fannie Mae to Recognize Asset Impairment
Washington, D.C. – Armando Falcon Jr., Director of the Office of Federal Housing Enterprise Oversight (OFHEO) has directed Fannie Mae to account for manufactured housing and aircraft lease securities impairments in the periods in which they occur. The OFHEO examination of Fannie Mae has determined...
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OFHEO Directs Freddie Mac to Maintain Mandatory Target Capital Surplus Pre-Approval Required for Certain Corporate Transactions
Washington, D.C. – Armando Falcon, Jr., Director of the Office of Federal Housing Enterprise Oversight (OFHEO), today directed Freddie Mac to maintain a mandatory target capital surplus of thirty percent over its minimum capital requirement. In addition, Freddie Mac must seek preapproval for certain...
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Technological Advancements, Challenges for Mortgage Industry Examined in New OFHEO Research Paper
Washington, D.C. – A new research paper by The Office of Federal Housing Enterprise Oversight (OFHEO) documents the technological advances and challenges facing the single family mortgage industry as it moves toward a more electronic future. The paper, entitled “The Single-Family Mortgage Industry...
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OFHEO Takes Enforcement Action Against Former Freddie Mac Executives
Washington, D.C. – The Office of Federal Housing Enterprise Oversight (OFHEO) has issued a Notice of Charges against former Freddie Mac Chairman Leland Brendsel and former Chief Financial Officer Vaughn Clarke. The Charges will result in an enforcement order requiring that they (1) be terminated...
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OFHEO Imposes Corrective Actions and $125 Million Penalty Report Details Accounting and Management Misconduct
Washington, D.C. – Armando Falcon, Jr., Director of the Office of Federal Housing Enterprise Oversight (OFHEO), has announced that Freddie Mac has agreed to implement corrective measures and pay a civil money penalty of $125-million dollars as part of a Consent Order with OFHEO. The actions come as...
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Former Freddie Mac President David Glenn Consents to OFHEO Order
Washington, D.C. – Armando Falcon, Jr., Director of the Office of Federal Housing Enterprise Oversight (OFHEO), announced today that OFHEO has entered into a consent order with David W. Glenn, former Vice Chairman, President and Chief Operating Officer of Freddie Mac. With this consent order...