WASHINGTON - (09/28/04) -- Secondary mortgage market giantFannie Mae, under fire for accounting lapses, agreed Monday toraise its capital levels. The agreement, announced by the Office ofFederal Housing Enterprise Oversight, will require Fannie to almostdouble its over the next nine months. The agreement will alsorequire the company to recalculate some major transactions all theway back to 2001 and tighten internal controls, but neither thecompany or the regulator said whether it will entail a restatementof earnings, as was required of Freddie Mac for similar accountingshortfalls. OFHEO issued a report last week that found that Fanniehad manipulated its books to meet Wall Street's profit targets bymisstating the value of certain assets and transactions.
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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.
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