Congress Schedules Hearing On CURIA
WASHINGTON–The House Financial Services Committee has scheduled a hearing on credit union regulatory relief for March 6.
The hearing will be on several regulatory relief proposals, including CURIA (see related story this page),
Representatives from NCUA, NAFCU, CUNA and NASCUS are expected to testify.
Separately, Pennsylvania Rep. Paul Kanjorski, one of the chief sponsors of CURIA, is preparing to introduce a new regulatory relief bill for credit union as soon as today without the provision to raise business loan limits, which is the most contentious issue for the banks.
Fannie Mae Posts Huge $3.6 Billion Loss
WASHINGTON–Fannie Mae said rising delinquencies in its huge mortgage portfolio and massive losses on interest-rate hedges caused it to lose almost $3.6 billion for the fourth quarter.
As a result, the secondary mortgage market giant fell into the red for the year for the first time ever, to the tune of $2.1 billion, or $2.62 a share. That compares to net income of 44.1 billion, or $3.64 a share, for fiscal 2006.
The mortgage giant reported a loss of $3.2 billion on interest-rate hedges, and that it moved an additional $2 billion to loan loss reserves, creating the huge fourth quarter loss.
Freddie Mac, the other major player in the secondary mortgage market, was expected to report major losses when it released its fourth quarter and annual financial statements late last week.
