Origination/Lending
Report: KPMG to Countersue FNMA
By: PAUL JACKSON
December 18, 2006
related
London-based Accountancy Age is reporting in conjunction with Reuters this morning that KPMG will countersue US mortgage giant Fannie Mae.
Last week, Fannie Mae announced it had filed suit against KPMG for its role in the company’s multi-billion dollar accounting scandal. It remains unclear what counterclaims the former auditor for Fannie Mae is currently pursuing.
Fannie Mae has been largely panned for allegedly altering earnings to trigger management bonuses in 2004; the mortgage conduit was heavily criticised in a recent report by the Office of Federal Housing Enterprise Oversight (OFHEO) and the Securities & Exchange Commission for its ‘unethical corporate culture’. In addition to other penalties, Fannie Mae agreed to a $400 million fine but has not formally admitted wrongdoing.
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Events
2008 Aug 12
Western States Loan Servicing Conference
Annual servicing industry conference hosted by the CMBA; usually well attended on a national level.
2008 Aug 23
Executive Summit on Mortgage Fraud
High-level conference focused on quantifying and managing mortgage fraud. Speakers to include execs from OFHEO, FBI, Fannie, Freddie.
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USFN Fall Default Servicing Seminar
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2008 Sep 17
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Default and REO industry conference, hosted by trade publication DS News. Heavily attended by REO agents.
2008 Oct 19
MBA Annual Convention & Expo
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