WASHINGTON - (03/14/06) Fannie Mae and Freddie Macshares declined Monday after Fannie Mae disclosed it had discoveredeven more accounting errors and still had no plans to issue GAAPfinancial reports. The disclosure comes as Congress renews debateover legislation to set new limits on the two secondary mortgagemarket giants. The House Financial Services Committee is scheduledto hear testimony Tuesday about a year-long report by former Sen.Warren Rudman that described manipulations of Fannie Maesbooks to please Wall Street and qualify top executives for bonuses.The Financial Services Committee and the Senate Banking Committeehave already passed separate versions of a bill to tightenoversight of the two mortgage giants. But the two committees arefar apart on issues. The Senate bill, for example, would requiretwo companies to sell off parts of their huge mortgage portfolios.Fannie Mae shares closed down Monday 2% to $52.90, and Freddie Macclosed down 1% to $63.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28