Download or read book The Ofheo Report of the Special Examination of Fannie Mae written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2018-01-13 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: The OFHEO report of the special examination of Fannie Mae : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Ninth Congress, second session ... June 15, 2006.
Download or read book The OFHEO Report of the Special Examination of Fannie Mae written by United States Senate and published by . This book was released on 2019-10-05 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: The OFHEO report of the special examination of Fannie Mae: hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Ninth Congress, second session ... June 15, 2006.
Download or read book The OFHEO Report of the Special Examination of Fannie Mae written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2009 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The OFHEO Report of the Special Examination of Fannie Mae written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2009 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The OFHEO Report of the Special Examination of Fannie Mae S Hrg 109 1057 June 15 2006 109 2 Hearing written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2009* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book OFHEO s final report on Fannie Mae hearing written by and published by DIANE Publishing. This book was released on with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book S Hrg 109 1057 written by U.S. Government Printing Office (Gpo) and published by BiblioGov. This book was released on 2013-11 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States Government Printing Office (GPO) was created in June 1860, and is an agency of the U.S. federal government based in Washington D.C. The office prints documents produced by and for the federal government, including Congress, the Supreme Court, the Executive Office of the President and other executive departments, and independent agencies. A hearing is a meeting of the Senate, House, joint or certain Government committee that is open to the public so that they can listen in on the opinions of the legislation. Hearings can also be held to explore certain topics or a current issue. It typically takes between two months up to two years to be published. This is one of those hearings.
Download or read book The OFHEO Report of the Special Examination of Fannie Mae written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2009 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book OFHEO s Final Report on Fannie Mae written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2007 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The OFHEO Report written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2004 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Special Examination of Fannie Mae written by United States. Office of Federal Housing Enterprise Oversight and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fannie Mae senior management promoted an image of the Enterprise as one of the lowest-risk financial institutions in the world and as "best in class" in terms of risk management, financial reporting, internal control, and corporate governance. The findings in this book show that risks at Fannie Mae were greatly understated and that the image was false. During the period covered by this report -- 1998 to mid-2004 -- Fannie Mae reported extremely smooth profit growth and hit announced targets for earnings per share precisely each quarter. Those achievements were illusions deliberately and systematically created by the Enterprise's senior management with the aid of inappropriate accounting and improper earnings management. A large number of Fannie Mae's accounting policies and practices did not comply with Generally Accepted Accounting Principles (GAAP). The Enterprise also had serious problems of internal control, financial reporting, and corporate governance. Those errors resulted in Fannie Mae overstating reported income and capital by a currently estimated $10.6 billion. By deliberately and intentionally manipulating accounting to hit earnings targets, senior management maximised the bonuses and other executive compensation they received, at the expense of shareholders. Earnings management made a significant contribution to the compensation of Fannie Mae Chairman and CEO Franklin Raines, which totalled over $90 million from 1998 through 2003. Of that total, over $52 million was directly tied to achieving earnings per share targets. Fannie Mae consistently took a significant amount of interest rate risk and, when interest rates fell in 2002, incurred billions of dollars in economic losses. The Enterprise also had large operational and reputational risk exposures. Fannie Mae's Board of Directors contributed to those problems by failing to be sufficiently informed and to act independently of its chairman, Franklin Raines, and other senior executives; by failing to exercise the requisite oversight over the Enterprise's operations; and by failing to discover or ensure the correction of a wide variety of unsafe and unsound practices. The Board's failures continued in the wake of revelations of accounting problems and improper earnings management at Freddie Mac and other high profile firms, the initiation of OFHEO's special examination, and credible allegations of improper earnings management made by an employee of the Enterprise's Office of the Controller. Senior management did not make investments in accounting systems, computer systems, other infrastructure, and staffing needed to support a sound internal control system, proper accounting, and GAAP-consistent financial reporting. Those failures came at a time when Fannie Mae faced many operational challenges related to its rapid growth and changing accounting and legal requirements. Fannie Mae senior management sought to interfere with OFHEO's special examination by directing the Enterprise's lobbyists to use their ties to Congressional staff to 1) generate a Congressional request for the Inspector General of the Department of Housing and Urban Development (HUD) to investigate OFHEO's conduct of that examination and 2) insert into an appropriations bill language that would reduce the agency's appropriations until the Director of OFHEO was replaced. OFHEO has directed and will continue to direct Fannie Mae to take remedial actions to enhance the safe and sound operation of the Enterprise going forward. OFHEO staff recommends actions to enhance the goal of maintaining the safety and soundness of Fannie Mae.
Download or read book Review of the Rudman Report on Fannie Mae written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2006 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fannie Mae and Freddie Mac written by James R. Cristie and published by Nova Publishers. This book was released on 2007 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the late 1980s and 1990s, Fannie Mae grew rapidly into the largest firm in the U.S. housing finance system and a major global financial institution. The Enterprise achieved double-digit growth in earnings per common share (EPS) for 15 straight years and leveraged its extraordinary financial success into enormous political influence. That financial and political success gave rise to a corporate culture at Fannie Mae in which senior management promoted the Enterprise as one of the lowest-risk financial institutions in the world and as "best in class" in terms of risk management, financial reporting, internal control, and corporate governance. This book describes the development and extent of the problems with Fannie Mae's accounting policies, internal controls, financial reporting, and corporate governance that led to the restatement of the Enterprise's financial reports and the actions to remedy that situation that the Office of Federal Housing Enterprise Oversight (OFHEO) has directed the Enterprise to take to date. The book also recommends that actions be taken to enhance the goal of maintaining the safety and soundness of Fannie Mae.
Download or read book Special Examination of Fannie Mae written by Christopher H. Dickerson and published by . This book was released on 2005-01-01 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: Report of findings (as of Sept. 17, 2004) of the special examination of Fannie Mae by the Office of Fed. Housing Enterprise Oversight (OFHEO). More than 200,000 documents & e-mails were reviewed, & interviews & sworn testimony were taken from numerous current & former Fannie Mae employees. Contents: Introduction; Accounting for Purchase Discount & Premium & Other Deferred Price Adjustments under SFAS 91; Hedge Accounting under SFAS 133; Accounting Oversight; Estimation Methods Used for Modeling the Catch-Up; Summary of SFAS 133, Accounting for Derivatives & Hedging Activities; Example of a Term-Out Transaction; Example of an Offsetting Swap; & Example of a Cancelable Swap.
Download or read book The OFHEO Report written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2004 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fannie Mae and Freddie Mac written by Oonagh McDonald and published by A&C Black. This book was released on 2013-07-18 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book demonstrates how politicians and federal agencies dominated Fannie Mae and Freddie Mac and took just thirteen years to wreck the American dream of home ownership.
Download or read book Evaluation of Federal Housing Finance Agency s Oversight of Fannie Mae s and Freddie Mac s Executive Compensation Programs written by and published by DIANE Publishing. This book was released on with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt:
