Abstract
A summary of the Fannie Mae and Freddie Mac decline and subsequent government takeover. Further, the writer provides an opinion as to the ethics of this situation.

From the Paper
"The Federal National Mortgage Association Fannie Mae is a publicly-owned corporation that facilitates U.S. home ownership by purchasing single-family home mortgages from lenders. The organization was created by FDR in during the Great Depression to stimulate the economy. At this time Fannie Mae was a part of the government. In ... Fannie Mae gained public corporate status becoming a government-sponsored enterprise. As such it receives certain government benefits such as the right to borrow money from ..."

Tags:Fannie Mae, Freddie Mac, business ethics

Abstract
The Federal National Mortgage Association or Fannie Mae, a government chartered company, provides mortgages for low-incomes persons. Following an introduction, this paper provides information about Fannie Mae, including background information on the corporate governance scandal where top executives manipulated accounting to hit targets and receive lucrative bonuses. Thirdly, recent changes in corporate governance including the Sarbanes Oxley Act are discussed. Additionally some recommended changes in corporate governance at Fannie Mae are included.
Paper Outline:
Introduction
Background of Fannie Mae Scandal
Issue
Recent Changes in Corporate Governance Which May Help Elevate Problems
Recommended Changes in Corporate Governance for Fannie Mae
Conclusion
References

From the Paper
"Corporate governance, or the way a company is managed, can make or break that company as well as affect lenders, stockholders, and the market as a whole. Corporate governance is best defined as the means by which stockholders ensure that officers and directors will act in the best interest of the corporation instead of in their own best interest. Corporations set up a board of directors and appoint officers to run the company, although the true owners of the company are the stockholders whose money is at stake. It is the officers which play a substantial role in determining whether or not stockholders get a return on their investment. Stockholders entrust the officers to do what is right for the company as well as keep them informed of the financial state of the company through proper reporting. Although the corporation has significant control over the reporting process, there are strict rules which it is required to follow. Sometimes, however, accounting principles are violated by corporate officers in order to increase their own compensation in the form of bonuses".

Tags:Fannie, Mac, KPMG, GAAP, Tim, Howard

Abstract
This paper contains a detailed description of the process of obtaining a Fannie Mae Loan, and who qualifies for a FML. The author explains,who funds the loans. The paper reveals the positives and negatives of Fannie Mae.

Abstract
This paper analyzes the effect of government indirect subsidy to mortgage and securities sector of the economy and how the effects could be demonstrated through Fannie Mae and Freddie Mac.

Tags:indirect, government, subsidy

Abstract
In this paper the author examines the scandal that surrounds the Fannie Mae company (also known as The Federal National Mortgage Association), which is a U.S. government chartered company, providing mortgages for low-income persons. The author looks at the Fannie Mae company together with its rival Freddie Mac as accounting for half of America's home mortgages. The author proceeds to detail the scandal that surrounded the Fannie Mae company as a result of the accounting strategy which helped the company hit its earnings-per-share targets and rewarded the top executives generously. The author also details the response of Fannie Mae to the findings against them. The paper discusses the Sarbanes-Oxley Act of 2002 which was instituted to try and prevent these sorts of scandals in large corporations. Finally, the author concludes that with the deadline of the new Sarbanes-Oxley Act, there will probably be more significant changes in the future.
Outline:
Introduction
Background of Fannie Mae Scandal
Fannie Mae's Response
Issue
Recent Changes in Corporate Governance Which May Help Elevate Problems
Recommended Changes in Corporate Governance for Fannie Mae
Conclusion

From the Paper
"However, Fannie's assertions may not have been completely true. As regulators began to look into Fannie Mae's accounting records, it was discovered that Fannie Mae was plagued with many of the same problems present in Freddie Mac. "Armond Falcon Jr., top federal regulator of the two home mortgage financing agencies, Fannie Mae and Freddie Mac, accused Fannie Mae officials of pervasive and willful misapplication of standard accounting rules." (Toedtman, 2004, p. A57) Targets of the investigation for mismanagement were the top two offices in the company. At the management helm of Fannie Mae is Chief Executive Office Franklin D. Raines, who served as White House Budget Director during the Clinton administration, followed by the Chief Financial Officer, Timothy Howard, who has the primary responsibilities for fiscal management."

Tags:stockholders, laws, obligations, regulators, investigators, management, compliance, accounting

Abstract
This paper takes a look at the three specific companies of Tyco International Ltd., Bear Stearns and Fannie Mae, stating that all have committed criminal business acts due to the greed of their executives. In the case of Tyco, the company's three top executives, CEO Dennis Kozlowski, CFO Mark Swartz and Chief Legal Counsel Mark Belnick allegedly took loans without receiving approval, sold shares without telling investors, and fixed the company's books by inflating operating income, among other acts. The article next describes Bear Stern's mismanagement as "toxic waste", referring specifically to the largely failing hedge fund the company ran with investor and client money. Lastly, the paper discusses Fanny Mae's over six years of financial fraud. Again the paper concludes that head executive cashed in on millions of personal bonuses, leading the company to years of misstated earnings, merely because of their personal greed.

Outline:
Tyco International Ltd.
Toxic Waste ala Wall Street
Nothing Funny about Fannie Mae

From the Paper
"Pure in simple, what Bear Stearns did was not prudent fiduciary and fiscal responsibility but bloated speculation born out of greed and wanting to make a "fast buck." People trusted them with money - some of them their life savings and hard earned cash - and when the truth of their financial mismanagement came to light, they had the gall to ask for more to bail them out from their own wrong doing. As a result of ethically and morally questionable financial mismanagement, Bear Stearns of Wall Street redefined the term toxic waste in money matters considering when they ask people for their money in the first place, they were selling them s--t and when the caca hit the fun, they hide behind obtuse and highly technical mumbo-jumbo that aims only to save their own hides at the cost of the investors. The way Bear Stearns acted is like a thief caught in one's home and the thief asking the victim for bail money."

Tags:operations, greed, executives, mismanagement, bonuses, income

Abstract
This paper examines the dramatic shift in the U.S. housing market. The writer contends and explains why one's home is no longer viewed as an asset but rather an investment, which can be milked regularly for cash by way of second mortgages and home equity loans. The ease in the availability of money and its comparative cheapness has led to a inflation in real estate prices. This paper examines how the face of home ownership has changed and become a case of renting from lenders as opposed to direct and full fledged ownership. This well-researched paper details the process of home financing, which is handled by the Federal Home Loan Bank System, created by the government in 1932. This paper details the events the pushed the government to create both the Fannie Mae and Freddie Mac organizations. This paper explores the manner in which these two leading organizations, in the field of secondary residential mortgage markets, package and sell loans to home owners, much the same way as stocks and bonds are traded on Wall Street. The writer delves into the governmental policies devised to increase home ownership, most of which include using Fannie Mae and Freddie Mac.

From the Paper
"The weakness comes from the feeling that contingent mortgage obligations are second only to treasury bonds and at the same time are not totally supported by the US government. When the interest rates change, as it happened in 1990s with a dot com share which went beyond all reason, the markets suddenly rose and fell. Then the Federal government team had to cut interest rates very sharply back to get the market thinking logically again. Yet the drop in interest rates makes the investors feel that they have lost money, and at that time they had concentrated on homes and real estate. The government has not been able to control the imagination of the people, and the next dream has been on its way. This is reflected in the statement of Chairman Greenspan to Congress in the last two years to control Fannie Mae and Freddie Mac better."

Tags:finance, mortgage, bank, inflation, economy, fannie, mae, freddie, mac

Abstract
This paper discusses the United States GSE set up, specifically the Fannie Mae and Freddie Mac firms. It looks at how the two mortgage giants played a crucial role in the 1980s and 1990s by helping to create an investor market for mortgage-backed securities, enabling home buyers to enjoy lower interest rates and easier credit terms while contributing to record homeownership rates.

From the Paper
"Government-Sponsored Enterprises (GSE) were created by Congress in an effort to provide the home-mortgage market with financing. GSE's provide a variety of functions in the United States mortgage industry such as personal credit, alternative mortgages and education on mortgage and housing affordability ("Who We Are" para. 2). The American government established Fannie Mae and Freddie Mac to buy up billions of dollars worth of mortgages every year. Government-sponsored enterprises guarantee repayment of loans. Fannie Mae and Freddie Mac enterprises acquire funding by issuing agency bonds and bundle the home loans into mortgage-backed securities. Agency bonds are considered risky, especially when compared to U.S. Treasury bonds. The majority of treasury bonds are held primarily by large institutional investors. "

Tags:gse, fannie, freddie

Abstract
This paper relates the history of banks in the U.S. the panic of 1907 and the creation of the Federal Reserve System (the Fed). The author points out that, even though the Fed has exercised its functions, presently, the United States economy is in turmoil due to financial crisis. This financial disorder, the author believes, was caused by the breakdown of subprime mortgage lending; however, the Fed is taking steps, which are described in the paper, to promote financial regulation and financial stability.

Table of Contents:
Introduction
The Federal Reserve System in Today's Economy
The United States History of Banking
The Panic of 1907
The Creation of the Federal Reserve
The Federal Reserve Handling of the Present Day Financial Crisis
Regulations on Mortgage Lending
Regulations on Government Agencies, Fannie Mae and Freddie Mac
Conclusion

From the Paper
"As you can see, banks at this time were not stable without the regulation of the Federal Reserve. There was no required reserve ratio in place yet for banks to make sure they had enough cash on hand to satisfy withdrawal demand. They also could not lend money in the long-term because of this. Also, the fact that banks would get stuck with worthless paper due to not having enough cash on hand without the Fed's required reserve ratio policy, which in turn slowed down the economy as a whole."

Tags:surplus bankruptcy regulation mortgage, government enterprises

Abstract
The paper discusses how it is in the field of internal or corporate finance that most innovation has been shown by property development companies over recent years. The range of devices, instruments and techniques has appeared endless, with many American mainstream corporate financing practices being adapted and adopted in global financial markets. The paper examines mortgages for residential properties and discusses what they are and how to obtain one.

Outline:
Introduction
History of Mortgages in Common Law
Traditional Mortgage Funding
Federal Housing Administration
Veteran's Assistance and Fannie Mae
The Development of Mortgage-Based Securities
What Are Mortgage-Based Securities?
Chapter Summary: Obtaining a Mortgage
Step-By-Step Guide
Funding For Commercial Real-Estate
References

From the Paper
"A careful review of how capital can be raised on the stock market is beyond the scope of this chapter; however, it is important to note that there are two types of new issue by which this can be achieved. First, the bringing to the market of companies that have not previously been quoted. Second, the raising of additional capital by companies already quoted. The former will normally be effected by an 'offer for sale', whereby an institution such as a merchant bank buys a block of shares from the existing shareholders and offers them to the general public at a fixed price; by a 'placing', where an institution may buy the stock or shares and arrange for the placing of the issue with various funds or companies known to be interested; an 'introduction' when a company already has many individual shareholdings and Stock Exchange quotation simply provides a public market for shares that previously could only be dealt in privately; or a 'tender', which is exactly the same as an offer for sale except that the price of the shares is not fixed in advance."

Tags:commercial, bank, common, law, conveyance, Anglo-American