American Land Title Association
Print Friendly
Home  >  Advocacy

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

OFHEO Finds Fannie Mae Achieves 30 Percent Capital Surplus

November 2, 2005

WASHINGTON, D.C.— Stephen Blumenthal, Acting Director of the Office of Federal Housing Enterprise Oversight (OFHEO), safety and soundness regulator for Fannie Mae and Freddie Mac (the Enterprises), announces that Fannie Mae achieved the 30 percent capital surplus as required by OFHEO.

In agreements between OFHEO and Fannie Mae resulting in a Capital Restoration Plan, Fannie Mae was required to achieve a 30 percent capital surplus over the minimum capital requirement by September 30, 2005. Fannie Mae certified its third quarter 2005 minimum capital report demonstrating the achievement of the target for September 30, 2005, taking into account current assessments of accounting deficiencies and estimates of other potential impacts to capital. OFHEO actively monitors Fannie Mae’s compliance with the Plan on a weekly basis and has reviewed the certified numbers.

Fannie Mae achieved an estimated $9.1 billion surplus through earnings retention and asset sales as of September 30, 2005 after accounting for estimated accounting errors and hurricane losses. This resulted in an additional $752 million over the required 30 percent surplus. Based on current information, this surplus is sufficient to absorb uncertainties in the estimated impact to capital of potential additional accounting errors, which may arise during the restatement process.

OFHEO’s next quarterly capital classification will be issued by December 31, 2005 once all capital-related data, including the Risk-based Capital Report, is received. At this time, the existing classification issued on September 28, 2005 of “adequately capitalized” remains unchanged.

Source: OFHEO

Print Friendly

How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2016 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment