MBA Opposes IG’s Proposed Accounting Solution to TBW Failure
September 5, 2014
The Mortgage Bankers Association is pushing back against proposed “costly and expensive” recommendations by the Federal Housing Finance Agency’s official watchdog that would likely not done much to prevent a multi-billion fraud scheme against the GSEs. The report by the FHFA’s Inspector General said regulators, counterparties and investigators missed the swindle perpetrated by the now-defunct Taylor, Bean & Whitaker Mortgage because they ignored various red flags.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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