This is most likely due to a reexamination of its derivative hedges, mostly designed to mitigate interest-rate risk. And, in March of this year, Freddie Mac said that scrubbing by PwC revealed that the company's past results would be revised upward but that future results might be more volatile. , only Freddie's board has made clear what all the fuss is about.įreddie Mac, which has its name on $1.3 trillion of home loans outstanding, has been reauditing its books since January. Of all the entities running off about the second-largest buyer of U.S. The topper: Five of Freddie Mac's now-16 board members are actually appointed annually by the president of the United States. Then there's the House, part of Congress, and the DA, a unit of the Department of Justice. The SEC, another independent entity in the executive branch, became a de facto co-regulator last July. Department of Housing and Urban Development, is the company's traditional regulator. The OFHEO, an independent division of the U.S. district attorney were all diving headfirst into Freddie's Securities and Exchange Commission, the U.S. As of yesterday, the Office of Federal Housing Enterprise Oversight, the U.S.
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