Fannie Mae and Freddie Mac are ignoring billions of dollars in potential losses on overdue loans as they take three years to adopt a new accounting system, a government auditor said in a letter made public Monday.

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The president for the first time endorsed an approach to remake the housing finance system as Fannie Mae and Freddie Mac are wound down.

Tagged with: Barack Obama Fannie Mae Freddie Mac housing bubble

The takeover of the mortgage companies by the Federal Housing Finance Agency, “while beneficial to the economic welfare of the nation, destroyed the value of Fannie Mae’s and Freddie Mac’s common and preferred stock and trampled the private ownership rights” of shareholders, according to the complaint filed yesterday in the U.S. Court of Federal Claims in Washington.

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Have you noticed that people are more impatient today than before? Or is this just my perception? I know we’re in the midst of a recession. Some economists are admitting it’s a deep recession. And, as I’ve written before, I ...

Tagged with: Freddie Mac Great Depression recession suicide Ted Stevens

The regulator for Fannie Mae and Freddie Mac is standing behind his decision to approve retention bonuses for top executives, resisting calls from U.S. Representative Barney Frank to rescind the payments. “The loss of key personnel would be devastating to ...

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U.S. President Barack Obama pledged $275 billion to a program that includes cutting mortgage payments for as many as 9 million struggling homeowners and expanding the role of Fannie Mae and Freddie Mac in curbing foreclosures. The plan will help ...

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Here’s hoping the big audit firms get busy living, and start sounding alarms at banks that are dying. Credit raters, regulators, Wall Street executives, even hedge-fund managers all got summoned to Capitol Hill last fall for televised floggings. And yet ...

Tagged with: American International Group Inc. banks credit raters Deloitte & Touche Ernst & Young Fannie Mae Freddie Mac KPMG Lehman Brothers Holdings Inc. Pricewaterhouse Coopers regulators Wall Street Washington Mutual

If you were searching for pockets of optimism in the U.S. housing market, where would you look? Easy guesses would be to avoid Detroit, Cleveland or any cities with domestic automobile plants or troubled manufacturers. Then there are the foreclosure ...

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