Recent moves by the White House suggest that the US may be nearing a settlement with Fannie Mae and Freddie Mac shareholders, says Dick Bove.» Read More
Whodunit? Amid events like the NYSE's suspension of trade in New Century Financial shares, the subprime mortgage sector is in trouble -- and some are blaming the Federal Reserve. Rick Antonoff, partner at Pillsbury Winthrop Shaw Pittman, took on CNBC's Steve Liesman to debate the question.
Federal Reserve Chairman Ben Bernanke urged Congress on Tuesday to bolster regulation of mortgage giants Fannie Mae and Freddie Mac, and suggested limiting their massive holdings to guard against any danger their debt poses to the overall economy.
Fannie Mae will not pay $44.4 million budgeted for executives who led the mortgage finance company during years of faulty accounting, the company said in a regulatory filing on Tuesday.
The report by Moody's Investors Service about "prime" loans came amid mounting concern about "subprime" borrowers, who have weaker credit histories.
Economists for Fannie Mae and the NAR advise CNBC’s Bill Griffeth to take short-term real-estate figures “with a grain of salt.”
The government on Monday filed civil charges against former Fannie Mae chief Franklin Raines and the mortgage giant's former finance chief and controller, seeking fines and the return of millions in bonus money said to be tied to an improper accounting scheme.
Stocks fell after trading in a narrow range all day while investors waited for Friday’s jobs report, the last key economic indicator before next week's Federal Reserve meeting.
Mortgage giant Fannie Mae has taken a significant stride in its march out of an accounting scandal by completing a restatement of past earnings but still faces tough work to make its financial reporting current.