February 25, 2014
by Kyle Webster
The ongoing saga of major bank settlements with the Department of Justice, Fannie Mae and Freddie Mac is mostly the result of the economic crisis of 2007-2008. Prior to this time, Bank of America and JPMorgan Chase & Co. sold billions of dollars in mortgage loans and mortgage securities to ...[read more]
October 26, 2013
by Julie Deisher
The Federal Housing Finance Agency (FHFA), acting in its capacity as conservator for Freddie Mac and Fannie Mae, on Friday announced a $5.1 billion settlement with JPMorgan Chase & Co.. The FHFA alleged that JPMorgan misrepresented the quality of the sub-prime mortgages and mortgage securitie... ...[read more]
January 7, 2013
by Dan Taglioli
Bank of America (BOA) on Monday reached a $10.3 billion settlement with Fannie Mae to settle claims that Countrywide Financial Corporation, now a BOA subsidiary, employed faulty lending practices on $1.4 trillion in mortgages that were sold to Fannie Mae as investment products from 2000 to 2008. ...[read more]
August 8, 2011
by Clay Flaherty
On August 8, 2008, the US Court of Appeals for the DC Circuit dismissed a shareholder suit against government-sponsored lender Fannie Mae for alleged wrongdoing by the board of directors. Shareholders had accused the board of failing to take appropriate steps in 2004 to prevent accounting ...[read more]
March 19, 2011
by Dwyer Arce
On March 19, 2009, the US House of Representatives voted 328-93 to pass a bill that would have taxed bonuses given to employees of companies that received money from government stimulus programs at 90 percent. The bill was drafted and voted on in reaction to large bonus payments made in the ...[read more]
September 24, 2008
by Caitlin Price
The Federal Bureau of Investigation is currently investigating Fannie Mae, Freddie Mac, Lehman Brothers, and AIG along with 22 other financial institutions for possible mortgage fraud, US media outlets reported Tuesday. The investigations follow a market collapse that led to a Bush administration ...[read more]
August 8, 2008
by Abigail Salisbury
The US Court of Appeals for the DC Circuit on Friday dismissed a shareholder suit against government-sponsored lender Fannie Mae for alleged wrongdoing by the board of directors. Shareholders accused the board of failing to take appropriate steps in 2004 to prevent accounting violations, and also ...[read more]
July 27, 2008
by Steve Czajkowski
The US Senate in a special Saturday session passed by 72-13 the Foreclosure Prevention Act of 2008 , designed to address problems from the country's so-called sub-prime mortgage collapse. The Act provides for government grants allowing municipalities to buy and redevelop foreclosed... ...[read more]
July 23, 2008
by Devin Montgomery
The US House of Representatives on Wednesday passed the Foreclosure Prevention Act of 2008 , a bill designed to address problems from the country's so-called sub-prime mortgage collapse. The Act provides for government grants allowing municipalities to buy and redevelop foreclosed p... ...[read more]
April 18, 2008
by Steve Czajkowski
Former Fannie Mae CEO Franklin Raines has agreed to pay $24.7 million to settle a civil lawsuit brought by the Office of Federal Housing Enterprise Oversight (OFHEO), OFHEO said Friday. In 2006, OFHEO filed the lawsuit against Raines, former Vice Chairman and CFO J. Timothy Howard, and former ...[read more]

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