Items Tagged with 'Undercapitalization'

ARTICLES

  • FDIC Steps in on Fremont, Again; Gives Bank 60 Days to Capitalize

    Troubled bank and mortgage lender Fremont General said on Friday that Federal regulators had stepped in and given it 60 days to raise additional capital, or face a forced sale. The Federal Deposit Insurance Corporation issued a so-called Supervisory Prompt Corrective Action Directive to Fremont General and to Fremont General Credit Corporation, the company said, requiring the bank to take immediate steps to recapitalize.
    Read More
  • OFHEO: Fannie Significantly Undercapitalized During 2002, 2003

    The Office of Federal Housing Enterprise Oversight said late Thursday that it has reclassified Fannie Mae as significantly undercapitalized during the fourth quarters of 2002 and 2003 as a result of Fannie Mae's recently-completed 2004 financial restatement. The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 requires OFHEO to determine the capital level and classification of both Fannie Mae and competitor Freddie Mac not less than quarterly, and to report the results to Congress.
    Read More