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Chairman, from the day I was appointed to lead Fannie Mae, we have been moving forward aggressively to fix the problems OFHEO has cited.
Also in September 2004, the Special Review Committee of the Board initiated an independent review of the issues raised in the OFHEO report and other matters relating to the company's accounting, governance, structure and internal controls.
Of the 287 cities on OFHEO's list of "ranked" MSAs, 226 had positive four-quarter appreciation while 61 had price declines, according to OFHEO.
Fannie Mae has agreed to these comprehensive agreements in the interest of resolving matters with OFHEO and the SEC fully and expeditiously and in the interest of the company's shareholders and stakeholders.
One of the most critical points of the OFHEO report is that Fannie Mae's ability to finance its massive 'take no prisoners' political and public relations operation grew simultaneously with its decision to grow its mortgage-backed security portfolio (MBS).
6 percent between the third quarter of 2005 and the third quarter of 2006, said OFHEO.
Further, Fitch believes that such review, coupled with the ongoing investigations conducted by OFHEO and the board of directors, may uncover additional accounting deficiencies.
The single-family limit can be no higher than $417,000 for one-unit properties in 2007, the same as in 2006 but up from 2005's limit of $359,650, said OFHEO.
After the close of the market, the OFHEO issued its full 198-page report and, subsequently, in a meeting with reporters, OFHEO officials stated that the vast majority of Fannie Mae's $1 trillion derivative portfolio was tainted, and that those hedge relationships would likely get "unwound" if Fannie Mae restated past earnings so that gains and losses that had previously been recorded on Fannie Mae's balance sheet would be booked under income.
If Congress fails to act on legislation this year, OFHEO will not be on the same playing field as other financial regulators.
OFHEO reported that in one instance, for example, Fannie Mae inappropriately deferred $200 million of estimated expenses, which enabled six corporate officers to receive full annual bonuses totaling more than $5.
The decline in the quarterly rate over the past year is the sharpest since OFHEO began the HPI in 1975, according to OFHEO Director James Lockhart.
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