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Freddie Mac, Fannie Mae probe expands  UPI - Nov 07 11:05 PM< class=yschabstr>New York's attorney general has subpoenaed Fannie Mae and Freddie Mac in a growing probe of "widespread" collusion between real estate appraisers and lenders. N.Y. serves subpoenas on Fannie Mae, Freddie Mac  Miami Herald - Nov 08 4:36 AM< class=yschabstr>New York Attorney General Andrew Cuomo said Wednesday that he has issued subpoenas to government-sponsored lenders Fannie Mae and Freddie Mac in his investigation into what he claims are conflicts of interest in the mortgage industry. Cuomo sends subpoenas to Freddie Mac, Fannie Mae  Reuters via Yahoo! News - Nov 07 10:05 AM< class=yschabstr> New York Attorney General Andrew Cuomo said on Wednesday that his office had sent subpoenas to Fannie Mae and Freddie Mac related to a probe of the home mortgage industry. Fannie Mae, Freddie Mac eyed in NY mortgage probe  Reuters via Yahoo! News - Nov 07 6:25 AM< class=yschabstr> New York Attorney General Andrew Cuomo plans to announce a "significant new development" on Wednesday in his probe into the mortgage industry involving Fannie Mae and Freddie Mac , his office said. NY attorney general probes Fannie Mae, Freddie Mac  bizjournals.com via Yahoo! Finance - Nov 07 11:13 AM< class=yschabstr> New York Attorney General Andrew Cuomo said on Wednesday that his office has sent subpoenas to mortgage finance companies Fannie Mae and Freddie Mac seeking information on loans that the two companies purchased from banks, including Washington Mutual Inc. Fannie Mae Buys $7.1B Credit Facility Formerly Secured by Archstone-Smith Properties  Multi-Housing News - 2 hours, 7 minutes ago< class=yschabstr>Washington, D.C.--Fannie Mae announced that the company has purchased a $7.1-billion credit facility from Lehman Brothers that is secured by a portfolio of 105 multifamily properties. Freddie Mac, Fannie Mae probe expands  Moldova.org - Nov 08 4:27 AM< class=yschabstr>New York's attorney general has subpoenaed Fannie Mae and Freddie Mac in a growing probe of "widespread" collusion between real estate appraisers and lenders. Andrew Cuomo alleges the collusion may have led some loans to have been based on fraudulently inflated appraisals. Cuomo said he has uncovered a pattern of collusion between lenders and appraisers. "We believe it is widespread, it is ... Cuomo Widens Investigation to Fannie Mae, Freddie Mac (Update3)  Bloomberg.com - Nov 07 8:40 AM< class=yschabstr>Nov. 7 (Bloomberg) -- New York Attorney General Andrew Cuomo expanded his investigation of the mortgage industry to include Fannie Mae and Freddie Mac, the two biggest U.S. providers of mortgage financing. Cuomo Subpoenas Fannie Mae, Freddie Mac, on Washington Mutual  Bloomberg.com - Nov 07 9:42 AM< class=yschabstr>Nov. 7 (Bloomberg) -- New York Attorney General Andrew Cuomo subpoenaed Fannie Mae and Freddie Mac, the two biggest U.S. providers of mortgage financing, seeking information on loans they bought from banks including Washington Mutual Inc. N.Y. appraisal probe hits Fannie Mae, Freddie Mac  Pioneer Press - Nov 07 10:04 PM< class=yschabstr>ALBANY, N.Y. - New York Attorney General Andrew Cuomo's subpoenas to government-sponsored lenders Fannie Mae and Freddie Mac sent another shock into the home mortgage industry where he said conflicts of interests are costing consumers thousands of dollars because of inflated appraisals.

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Jaco Birthday 2006 - Fannie Mae Jaco Pastorius birthday party 2006 at Alligator Alley in Oakland Park, Fla. Kilmo, Eddy Balzola, Kenwood Dennard, Holly Spillane, John Yarling.

Fannie Mae Shane Pruitt Band playing "Fannie Mae" at Sonny's

9/2/06 - Fannie Mae The Shane Pruitt Band performing "Fannie Mae" at the Front Porch Coffee bar in Saluda, NC.

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metasearch: Fannie Mae Home Page Since 1968, Fannie Mae has helped more than 55 million families achieve the American Dream of homeownership. Fannie Mae's corporate Web site is available at ... www.fanniemae.com/ Homepath Welcome to Fannie Mae's For Home Buyers & Homeowners section. This section offers content, tools, and resources -- all in one convenient portal. www.fanniemae.com/homebuyers/homepath/index.jhtml Fannie Mae Foundation A comprehensive news and information resource for the affordable housing and community development field. Powered by Fannie Mae Foundation. www.fanniemaefoundation.org/ News results for Fannie Mae Boston Globe Cuomo Hits Fannie Mae, Freddie Mac With Subpoeanas - 19 hours ago The New York attorney general subpoenaed mortgage finance giants Fannie Mae and Freddie Mac as he sought to expand his housing industry investigation by ... Washington Post Resources: Fannie Mae-Owned Property Search The Fannie Mae-Owned Property Search retrieves REO foreclosed properties for sale. Users select the state along with the city, zip code, price range, ... www.mortgagecontent.net/reoSearchApplication/fanniemae/reoSearch.jsp : How Much House Can You Afford? Disclaimer: Fannie Mae does not prequalify borrowers, but we do provide tools such as this calculator that may help you on the path to homeownership. ... www.mortgagecontent.net/scApplication/fanniemae/affordability.do Federal National Mortgage Association - Wikipedia, the free ... In 1968, to help balance the federal budget, Fannie Mae was converted into a ... Fannie Mae securities carry no government guarantee of being repaid. ... en.wikipedia.org/wiki/Fannie_Mae eFannieMae.com Web Site Home Page www.efanniemae.com/ Single-Family Forms 1095, Fannie Mae Property Preservation Request for Repair ... 2001-2007 Fannie Mae. All Rights Reserved. Visit our corporate site, www.fanniemae.com. www.efanniemae.com/sf/formsdocs/forms/index.jsp Homebuyingguides Developed by Fannie Mae Foundation, these guides deliver practical, specific and concise information in a user-friendly format, and are a great complement ... www.nw.org/network/training/homeownership/homebuyingguides.asp

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} } } } } } } } Fannie Mae Type Public Founded 1938 Location Washington, DC call=Infobox_Company/key_people 1=1=Daniel Mudd, Vice Chairman, Interim Chief Exec. Officer, Exec. VP }} call=Infobox_Company/industry 1=1=Credit Services }} call=Infobox_Company/products 1=1=Financial Services }} call=Infobox_Company/revenue 1=1=$53.8 billion (2003) }} call=Infobox_Company/operating_income 1=1= }} call=Infobox_Company/net_income 1=1= }} call=Infobox_Company/num_employees 1=1=5,055 }} call=Infobox_Company/homepage 1=1=www.fanniemae.com }} The federal government of the United States created the Federal National Mortgage Association (FNMA) (NYSE: FNM), commonly known as Fannie Mae, in 1938 to establish a secondary market for mortgages insured by the Federal Housing Administration (FHA). Fannie Mae buys mortgages on the secondary market, pools them and sells them as mortgage-backed securities to investors on the open market. This secondary mortgage market helps to replenish the supply of lendable money for mortgages and ensures that money continues to be available for new home purchases. Contents 1 History 2 Business 3 Conforming loans 4 Financials 5 Duration gap 6 Accounting scandal 7 Management 8 Analysts 9 Conference calls 10 Awards 11 See also 11.1 People 11.2 Companies 12 External links 12.1 Data 12.2 Articles 12.3 Criticism History In 1968, the Federal National Mortgage Association was partitioned into two separate entities—one wholly owned by the government and known as the Government National Mortgage Association (Ginnie Mae), and the other to retain the name Federal National Mortgage Association (Fannie Mae). At this time Fannie Mae expanded its charter to buying other sorts of mortgages besides the government insured ones it had traditionally purchased. Business Fannie Mae is a consistently profitable American corporation. While it receives no direct government funding or backing it has certain looser restrictions placed on its activities than normal financial institutions. For example, it is allowed to sell mortgage backed securities with half the capital backing them up than is required by other financial institutions. Critics, including Alan Greenspan, say that this is only allowed because investors seem to think that there is a hidden, or implied, guarantee to the bonds that Fannie Mae sells ([1]). Although the company describes them as having no guarantee, nevertheless the vast majority of investors believe that the Government would prevent them from defaulting on their debt, and so buy bonds that are very low interest rates compared to the risk. The largest mortgage originator in the United States is Countrywide Financial, which is an almost exclusive Fannie Mae partner, although they have sold small amounts to GSE competitors. Their "loan production" during 2003 was $434.9 billion, of which most was sold to Fannie Mae. While Mortgage Originators can securitize and sell the mortgages themselves, GSEs can leverage their balance sheet further, receive lower rates on both assets and liabilities, and has a record of packaging and selling mortgages with greater success. Conforming loans Because of its stake in the mortgage market and because of its history, Fannie Mae (along with Freddie Mac) sets the limit each year on the size of a conforming loan based on the October to October changes in mean home price, above which a mortgage is considered a jumbo loan, and has higher rates associated with it. This is because both Fannie Mae and Freddie Mac only buy loans that are conforming, to repackage into the secondary market, making the demand for non-conforming loans much less. By virtue of the laws of supply and demand, then, it is harder for lenders to sell the loans, thus it would cost more to the consumers (typically 1/4 to 1/2 of a percent.) The conforming loan limit is 50 percent higher in Alaska, Hawaii, Guam and the US Virgin Islands. Financials FNMA is a financial corporation which uses derivatives to "hedge" their cash flow. Derivative products they use include interest rate swaps and options to enter interest rate swaps ("pay-fixed swaps", "receive-fixed swaps", "basis swaps", "caps and swaptions, "forward starting swaps"). Here's a guide through some of its financials and accounting. Article about its accounting: Barron's: Fannie Mae faces more income issues - Banks - Financial - Real Estate - Financial Services - General SEC filings: SEC - Company Information SEC EDGAR - 10-K 2003 (EDGAR Online) (FNM: SEC Filings for FANNIE MAE - Yahoo! Finance) (Investor Relations: SEC Filings) "transfer negative numbers to its balance sheet under "accumulated other comprehensive income," or AOCI." (Page 123 - "Balance Sheets" - "Stockholders? Equity" - "Accumulated other comprehensive loss") ([2]) "2002 earnings of $6.4 billion would have been overwhelmed by $8.9 billion in cash-flow hedging losses." (Page 124 - "Accumulated Other Comprehensive Income (Loss)" - "Net cash flow hedging losses on derivatives hedging debt"). "$3 billion in losses that were recognized in 2002-2003" (Page 122 - "Statements of Income" - "Other expenses" - "Debt extinguishments, net"). "$19 billion paid to settle underwater interest-rate swaps in those years." (Page 125 - "Cash-Flows" - "Cash flows from (used in) financing activities" - "Net payments to purchase or settle hedge instruments"). "interest rate swaps on its books rose from $23 billion in 2002 to $149 billion in 2003." (Page 79 - Table 30 "Cash flow hedges" - "Receive-fixed swaps"). "exclude its AOCI numbers from the calculations of capital" (Page 158 - "Core capital" is "Stockholders' Equity" excluding AOCI). Duration gap Main aricle: duration gap UPDATE - Fannie Mae average duration gap widens in April "The company said that in April its average duration gap widened to plus 3 months in April from zero in March." "The Washington-based company aims to keep its duration gap between minus 6 months to plus 6 months. From September 2003 to March, the gap has run between plus to minus one month." 17-May-04 8-K Regulation FD Disclosure Effective Duration Gap (months) July 2003: 6 April 2004: 3 Hussman Funds - Freight Trains and Steep Curves "last summer's 5-month ?duration mismatch? cost Fannie nearly a year of earnings." Accounting scandal In late 2004, Fannie Mae was under investigation for its accounting practices. The Office of Federal Housing Enterprise Oversight released this September 17, 2004 report alleging widespread accounting errors, including shifting of losses so senior executives could earn bonuses from making earnings targets. The difficulty centered around how to account for various interest rate hedges Fannie Mae buys as part of its risk management strategy. When Fannie Mae did not release its third quarter results for 2004, doubts increased. Supporters of the company, including senior management, said the problem was merely a disagreement over FASB accounting standards, but in December, the U.S. Securities and Exchange Commission ruled that Fannie Mae would have to restate the past 3 1/2 years of earnings, potentially losing $9 billion of earnings over that timeframe, and possibly necessitating increased capitalization. This has not yet impacted the stock price for Fannie Mae, but Moody's and Standard & Poor's have downgraded Fannie Mae's subordinate debt. Given the large percentage of the American economy that is tied up in housing values, a major scandal involving Fannie Mae could be highly damaging to investor confidence. However, Freddie Mac was able to overcome its summer 2003 scandal without serious damage. On December 21, 2004, CEO Franklin Raines and CFO Timothy Howard were forced to resign. The company also dismissed its auditor, KPMG. In testimony given to the U.S. Senate Banking Committee April 19-21, 2005, it became clear that Congress, with support from all the parties, was planning to strengthen oversight of all the GSEs. A contentious issue in the second quarter of 2005 was whether the retained portfolios of Fannie and Freddie should be reduced. This issue became prominent after an April 26, 2005 AEI symposium, and continued to gain ground leading up to Alan Greenspan's major May 19, 2005 speech recommending strict portfolio limits. Management Chairman: Stephen B. Ashley CEO: Daniel H. (Dan) Mudd CFO: Robert J. (Rob) Levin Analysts Moshe Orenbuch (Credit Suisse First Boston) Robert Napoli (Piper Jaffray) Paul Miller (Friedman, Billings, Ramsey & Co.) Matthew Park (A. G. Edwards & Sons, Inc.) Bradley Ball (Prudential Financial) Conference calls July 21, 2004 - 2nd Quarter 2004 (presentation) (audio) Awards Fannie Mae received a 71% rating in the 2004 Corporate Equality Index by the Human Rights Campaign. Additionally, the company gave a $50,000 grant to the anti-LGBT organization Traditional Values Coalition in 2001 to "to train church leaders to provide homeownership education in the Greater Los Angeles area." Fannie Mae was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine. See also Cash-flow hedging Commercial lenders Derivative (finance) Government sponsored enterprise (GSE) Mortgage GSE controversy Interest rate swap Mortgage Real estate Secondary mortgage market Securitization EMortgage People Franklin Raines Companies Sallie Mae Farmer Mac Freddie Mac Ginnie Mae External links Fannie Mae homepage Data Yahoo! - Fannie Mae Company Profile FNM: Summary for FANNIE MAE - Yahoo! Finance Articles Fannie Mae whistle-blower feels vindicated by SEC decision - USA Today 12/17 Barron's: Fannie Mae faces more income issues - Banks - Financial - Real Estate - Financial Services - General Criticism The links below are highly critical views on U.S. national mortgage policy. (Wikipedia:POV) Where is the Collateral? FHA, HUD & the Mortgage Market Bubble The Housing GSEs (American Enterprise Institute)de:Fannie Mae Search Term: "Federal_National_Mortgage_Association" Categories: Companies traded on the New York Stock Exchange | Fortune 500 companies | United States government sponsored enterprise | Companies based in Washington, D.C. | Real estate | United States Department of Housing and Urban Development