American Land Title Association
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 Directs Fannie Mae To Recognize Asset Impairment

May 7, 2004

OFHEO Examination Finds Current Accounting Fails to Reflect Earnings Volatility 

   Related Information
OFHEO Letter to Fannie Mae Fank Raines, May 6, 2004

WASHINGTON, D.C. - Armando Falcon Jr., Director of the Office of Federal Housing Enterprise Oversight (OFHEO) has directed Fannie Mae to account for manufactured housing and aircraft lease securities impairments in the periods in which they occur. The OFHEO examination of Fannie Mae has determined that the Enterprise is not applying the appropriate accounting with respect to determining asset impairments and revenue recognition for these securities.

"Fannie Mae improperly accounted for these assets in a way that fails to reflect losses," said Falcon. "As safety and soundness regulator, we will take the necessary steps to correct this." 

Falcon directed Fannie Mae to complete the accounting to recalculate the proper asset impairment on the securities by close of business Friday, May 14, 2004.

The OFHEO examination of Fannie Mae's accounting policies and practices continues. 

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 © 2004-2015 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment