WASHINGTON - (09/20/05) -- Fannie Mae invited credit unions andbanks in need of liquidity after Hurricane Katrina to bring theirmortgage portfolios to the secondary mortgage market giant forreview for possible purchase. Daniel Mudd, president of Fannie Mae,told an executive of Dow Louisiana FCU during NAFCU's CongressionalCaucus Monday the secondary market giant will review for possiblepurchase millions of dollars in mortgages held by thestorm-stricken credit union. He invited other lenders to offer upany conforming mortgage held in portfolio for review. "We canhelp," Mudd said. The Fannie Mae Chief said his company hasundertaken numerous initiatives aimed at helping victims of themassive storm. That includes making 1,500 foreclosed homes held inportfolio available rent free for people whose homes weredestroyed; authorizing lenders to suspend collections orforeclosures in the affected areas; and an increase in funding forthe area.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
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At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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