See Freddie Mac Selling Guide sections 5501.1 to 5501.6. Assets one monthly bank statement. Business days before consummation, whichever is earlier. Users are expected to know and comply with Freddie Mac’s requirements. Intended as a replacement for Freddie Mac guidelines.Steps Taken by the Company and the GovernmentAs such, we are updating our event safety guidelines & protocols as follows. Freddie Mac announced it has created three supplemental forbearance relief options that also extend several tenant protections. Income and Asset Documentation: Must be no more than 60 days old on the Note Date.Freddie Mac has extended to March 31, 2021, the deadline for requesting a new or supplemental COVID-19 forbearance agreement for its Multifamily loans. Goals and Actual Outcomes of the CompanyFreddie Mac Fixed Rate Wholesale Lending Page 2 of 10 Underwriting Guidelines Age of Documentation Credit Report: Must be not more than 120 days old on the Note Date.
Freddie Guidelines For Business Assets Mac Selling GuidePersonal asset account statements evidencing business deposits and expenses may be used when the Borrower is an owner of a small business and does not have a.The Federal Home Loan Mortgage Corporation, also known as Freddie Mac is a company which is headquartered in Virginia and is a public government sponsored company. Non-Permanent Resident Aliens allowed with an acceptable Visa or evidence of a. Citizens Permanent Resident Alien Inter VivosRevocable Trusts: Permitted must meet all current Freddie Mac guidelines. Borrower Eligibility All borrowers must have a social security number. Asset documentation must comply with the requirements of LPA findings and Freddie Mac guidelines. The company also failed to meet its public objective that is to bestow the opportunities of owning their own houses and rental houses to people, at affordable and lower rates. Notwithstanding this, the company still breached the laws and broke the business ethics which should be complied under all circumstances. The company became one of the greatest securities issuers in the world.Freddie Mac Scam is different from any other scamThe scandal that took place in this company is said to be different from other corporate scandals and frauds like Enron and WorldCom, as in the present case, the company’s top executives did not commit fraud or were involved in fraudulent activities. These initiatives by the Government resulted in increased ownership in the country but it had repercussions too that overshadowed the benefits of such an arrangement. The board established through the company’s charter comprised of 18 directors out of which thirteen were elected by the shareholders whereas the rest of them were elected by the President of the country. The company was established with the aim to increase the home ownership and affordable rental housing. The companies under this status are also not subject to standard disclosures that generally other financial institutions are. It also has distinct relationship and entity with that of government. Another major issue is that the company’s accounting misdeeds came to light days after it was granted a clean chit by the federal regulator who was responsible for its financial outlook.Read about Enron Scam, the biggest scam in history of America The GSE StatusThe company has the status of Government Sponsored Enterprise (hereinafter referred as ‘GSE status’) which enabled it to be subjected to a lot of exemptions and benefits like the company did not have to pay local and state taxes. The company’s accounting system was also seen as a defect and it was considered very complex to understand. A report by Federal Reserve Bank in December 2003 states that the company is far more benefitted than home owners or homebuyers. The auditors then discovered that the company’s accounts have also been manipulated and therefore the whole issue came to light.The company intended to work for the benefits of public and render them housing and rental facilities but looking at the acts and functions of the company the image depicted is very distinct from its goals and agenda it was incorporated in the first place. Goals and Actual Outcomes of the CompanyThe scandal came into light with the wake of Enron scandal which resulted in ousting of Arthur Anderson. They act as secondary market conduit between the mortgage lenders and investors. Such companies make profits through the difference obtained between mortgage holdings and cost of its debt. ![]() The agency with intention to meet the goals of providing affordable housing has terminated the services of company’s CEO and other top executives. Following such acts and work culture, the OFHEO issued a report which unveiled the company’s inappropriate management of earnings and improper conduct in doing business. The Housing Mission dictates that the company shall provide 50 percent of loans for affordable housing, 30 percent of loans for undeserved rural and urban areas and the remaining 20 percent shall be provided for low-income families.But the company has failed to comply with this scheme and is for years had been engaged in providing loans to the middle class which was more profitable for the company and ignored the mission of providing affordable housing to people. Further the other function is overlooked by the Office of Federal Housing Enterprise Oversight (hereinafter referred as ‘OFHEO’) which is a subordinate part of the HUD but generally operates independently. Department of Housing Land and Development (hereinafter referred as ‘HUD’) which is responsible for maintaining affordable prices of housing facilities. In accordance to the Generally Accepted Accounting Principles (hereinafter referred as ‘GAAP’) the gains in assets values shall be treated as current income which the company failed to do and which further resulted in levelling the results of decreasing interest rates. The company’s bond portfolio and derivative contracts which company brought for the purpose of hedging the risk of decreasing interest rates, went high. Between 2000 to 2003 the company faced a major problem as the interest rates went low from around 8 percent to 5.2 percent. The major reason behind the accounting scandal was believed to be the lack of accounting expertise and internal control and smooth functioning of management. From 2000 to 2002 the company had overstated its profit by 5 billion dollars and they admitted that this was done to meet the expectations of Wall street. The Accounting FraudThe company in the year 2003 disclosed the fact that for past 2-3 years viz. Charles Elson.The Parliament also took initiative to mark a change in the current law and policies. Further, with the intention to strengthen company’s corporate governance policies, guidelines and practices, the company retained the services of Mr. The company also further stated that it intends to separate the positions of CEO and chairman by 2006. This arrangement showed no change or fluctuations and was not mentioned under current earnings.Also Read DRUGS, CRYPTOCURRENCY AND GOVERNMENT: RELATIONS AND DISADVANTAGES Steps Taken by the Company and the GovernmentAfter the accounting fraud was unfolded the company established a committee of Corporate Governance in order to make sure that the accounting standards and guidelines relating to corporate governance are necessary while undertaking business transactions. My passport for mac work on windowsConclusionThe article clearly showcases that the company failed to perform its functions at all the levels. The bills also replace OFHEO with an independent agency for the regulation of such financial institutions. 1100 which proposed to amend the structure of GSE Regulations. Also, steps shall be taken whereby they shall be made to give necessary disclosures of the transactions undertaken by them and this shall further bring more transparency in the system and shall lower the risk of happening of such an event in future. The companies shall now be brought at par with other financial institutions and publicly traded corporates. The fact that the company was treated as “instrumentalities” of the federal government in the country along with some public listed companies played a major role in commission of such fraud. The article focused on the scandals in various aspects and the scandal depicts that it has become necessary to formulate a system which is transparent and accountable to the official bodies.
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