The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Former Fannie Mae CEO Claims SEC Failed to Prove Accusations of Subprime Lending Fraud Sign up for DS News Daily Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago March 23, 2015 1,063 Views Tagged with: Fannie Mae SEC Subprime Lending Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Former Fannie Mae CEO Claims SEC Failed to Prove Accusations of Subprime Lending Fraud Fannie Mae SEC Subprime Lending 2015-03-23 Brian Honea About Author: Brian Honea in Daily Dose, Featured, Government, News Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago Former Fannie Mae CEO Daniel Mudd told a judge that he did not believe the U.S. Securities and Exchange Commission (SEC) had proven its claims that the government-sponsored enterprise was guilty of fraud in regards to its subprime mortgage portfolio in the run-up to the financial crisis, according to media reports.Mudd, the CEO of Fannie Mae during the years leading up to the housing crash (2005 to 2008), and former Fannie Mae executives Enrico Dallavecchia (chief risk officer) and Thomas A. Lund (EVP), requested that Judge Paul Crotty in the U.S. District Court of the Southern District of New York grant them summary judgment on the grounds that the SEC had not shown evidence that the GSE misled or made false statements to investors about its subprime portfolio.The SEC sued the Fannie Mae executives in December 2011, claiming that they attempted to shield from investors the amount of subprime and high risk mortgage loans held by the Agency by omitting two types of loans known as Expanded Approval and MyCommunityLoans from financial statements.”Fannie Mae and Freddie Mac executives told the world that their subprime exposure was substantially smaller than it really was,” said Robert Khuzami, Director of the SEC’s Enforcement Division, at the time the lawsuit was filed. “These material misstatements occurred during a time of acute investor interest in financial institutions’ exposure to subprime loans, and misled the market about the amount of risk on the company’s books. All individuals, regardless of their rank or position, will be held accountable for perpetuating half-truths or misrepresentations about matters materially important to the interest of our country’s investors.”The executives responded by saying that Expanded Approval and MyCommunityLoans, which were intended for borrowers with weaker credit, were excluded from the financial statements because they did not qualify as subprime loans under Fannie Mae’s own qualification guidelines, according to reports. The defendants contend that investors had access to the Fannie Mae guidelines that define a subprime loan, and that a reasonable investor could have used that information to make informed judgments as to the Agency’s involvement in subprime loans or any other type of mortgage loan.According to reports, the SEC’s complaint alleged that a Fannie Mae 2007 public filing said that the extent of Agency’s involvement in single-family subprime mortgage loans amounted to $4.8 billion; however, the Agency held more than $57 billion worth of Expanded Approval and MyCommunityMortgage loans. In February 2008, which was seven months before Fannie Mae and Freddie Mac were taken into conservatorship by the Federal Housing Finance Agnecy, Fannie Mae reportedly had $90 billion worth of loans on the books but claimed only a small percentage of that was subprime loans. Crotty rejected a motion by the defendants in 2012 to have the SEC lawsuit dismissed; at that time, the judge called it “misleading” to not count Expanded Approval and MyCommunityMortgage Loans as subprime loans. Demand Propels Home Prices Upward 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Previous: DS News Webcast: Tuesday 3/24/2015 Next: Schneiderman & Sherman Adds Three New Attorneys and Foreclosure Manager Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland.
By Stephanie SchupskaUniversity of GeorgiaFrom working dairies where kids meet cows to a bed-and-breakfast on a Mennonite farm, Georgians are finding that agriculture and tourism can go together like biscuits and gravy.“Agriculture is the leading industry in the state, followed by tourism,” said Gilda Watters, director of the Georgia Department of Economic Development’s Georgia Tourism Foundation. Together, they can craft memories that are “authentic and real and memorable.”Nature-based tourism brought $50.8 million to the state’s economy in 2006. Ag-based tourism added another $27.1 million, according to the University of Georgia’s Georgia Farm Gate Value Report.“When I was a child, I was lucky enough to be born on a farm,” said Scott Cagle, founder of Agri-Tour Solutions. Most people today were never near a farm. “An agritourism farm gives them access.”The counties topping the state agritourism market range from Thomas in southwest Georgia to Rabun in the extreme northeast corner. The numbers measure single businesses’ and counties’ successes. What’s missing is a statewide effort.“Right now, it’s just a bunch of independent people doing their own thing,” said Kent Wolfe, a marketing analyst with the UGA Center for Agribusiness and Economic Development.Wolfe is working with Cagle, Watters and others to start a statewide agritourism association. They aim to improve opportunities, whether it’s through added marketing, state legislation or better liability insurance options.The U.S. Department of Agriculture estimates more than 62 million people 16 years old and older visit farms each year. They average spending $28 per visit, said David Dyer of Garland’s Ridge Farm. “Clearly, agritourism can become a pathway to success for farm operations in an increasingly urban Georgia.”Some farmers say they need a commission for agritourism. “They need someone who has the everyday responsibility to develop agritourism products,” said Bruce Green, director of product development for the DED tourism division. “Right now, we don’t have that.”These issues will be discussed at the “Symposium of Discovery: Agritourism and the Creative Economies in Georgia.” The meeting will be Nov. 13-14 at the Agricenter in Perry, Ga.Tennessee, Kentucky and North Carolina speakers will show how they’re supporting and promoting agritourism. A panel will share success stories. Breakout topics will include heritage, nature-based and farm tourism, packaging, marketing and farm crafts.“In the past 10-15 years, we’ve seen a great number of farms not being productive anymore, farms that have been in families for 50-100 years,” Green said. “At the very minimal level, it’s the family figuring how to make a living off the land they’ve inherited.”Through the program, “we clearly hope to gain structure, a sense of what the next steps should be,” Watters said. She hopes to make people more aware, too, of agritourism’s value to the state.For now, Georgia agritourism looks like this:Between Barnesville and Thomaston, a pumpkin flies out of a cannon at Rock Ranch. When the smashing-pumpkins show ends, campers spend the night in a covered wagon.In Watkinsville and Loganville, visitors pick strawberries, blueberries and blackberries at Washington Farms.Off the coast of Brunswick, landlubbers head out on a boat to catch wild Georgia shrimp before boiling them for dinner. In southwest Georgia, bird watchers in a johnboat look for egrets.Pet a cow at Cagle’s Dairy in Cherokee County. Sip Vidal Blanc at Three Sisters Vineyards in Dahlonega. Or eat a few peanuts at Collins Farms in Reidsville.Start traveling. Georgia offers 640 more options.“Agritourism is about providing educational experiences as well as creating memories that last a lifetime,” Cagle said. “If you can combine the two, then I think you’re being very successful.”For more on the symposium, contact Kent Wolfe at (706) 542-0752 or Maggie Potter at the Georgia DED at (706) 649-1306. Or go to www.visitgafarms.com. For more on Georgia agritourism, visit AGNET at www.iiseyes.org/agnet.
Kane, 21, was chosen as Spurs captain after a week which has also seen him score on his England debut and make his first start for the national team. Kane said: “Yes you could say it has been the best week of my life – to score, to make my first start and score for England, and to be captain today. It has been an unbelievable couple of weeks and one I won’t forget for the rest of my career.” Harry Kane hailed the best week of his life despite his Tottenham side being held to a goalless draw at Burnley. It was a frustrating end to the week however as Burnley dug in to earn a precious point in their relegation battle and Tottenham boss Mauricio Pochettino admitted a top-four place may now be beyond his side – they are seven points off fourth-placed Manchester City with a vastly inferior goal difference. Pochettino said: “It is difficult but we have seven games, we will try. It is true that it is not easy. This game was a very tough game and we need to try to win the most points possible in the next seven games. “The way Burnley play it is difficult, because always there is long balls into the box. They are a very aggressive team and run a lot. It is difficult to find space to play. “We played better in the second half and we made some chances but it was not enough to score. Three weeks ago Manchester City lost here. It is not an excuse but it is a very, very difficult team.” Pochettino confirmed Kyle Walker, who limped off, has a sprain but said it was “not a big issue”. Burnley manager Sean Dyche claimed the Clarets had the better of the match and rued a gilt-edged chance missed by Danny Ings, who shot straight at Michel Vorm when it seemed easier to score. He said: “I think we edged the game, but there was not a lot in it. “We kept the tempo high and kept pressing high. Danny has had a great chance and it was unlike him not to put it away, he almost hit it too cleanly. “Having said that we are pleased to get another clean sheet against a top side.” Dyche picked out Ashley Barnes for special praise but said the whole of his team had performed well against a Spurs side boasting four England players. The Burnley boss also said he was not too concerned by their struggles to find the net – they have only scored once in five games. He added: “I prefer to look at it as two clean sheets in last three games against some fantastic sides.” Burnley skipper Jason Shackell admitted the Clarets need to be more ruthless in front of goal. He said: “I’m a little disappointed. I thought we played well and we had a few chances. We need to be a bit more clinical between now and the end of the season but it’s another point and that’s a point in the right direction. “If Danny had put the ball in the back of the net of course it would have been different but he’s been phenomenal and will get a few more goals for us before the end of the season for sure. “We have said it from the beginning. We’re hard to beat, we’re organised and we’re not an easy game for anyone. We have seven big games to go and we’re looking forward to it.” Sky Sports pundit Paul Merson aimed a dig at Spurs substitute Andros Townsend after the match. The pair have exchanged words on Twitter in recent weeks over the striker’s appearances for England, with former Arsenal man Merson questioning Townsend’s value to the squad before he scored an impressive equaliser against Italy. Merson tweeted: “Just been watching the game @andros_townsend , did you miss the coach? #RubberDub #7minutes” Press Association
Facebook Twitter Google+ Published on October 6, 2014 at 12:10 am There have been false alarms for Syracuse this season. But none like this. None this loud.In the Orange’s 28-6 loss to Louisville on Friday night, the Carrier Dome touchdown horn sounded off twice in three plays. The Orange didn’t score on either of them.The first was a pass from running back Prince-Tyson Gulley to wide receiver Ben Lewis, which Lewis caught in the end zone and celebrated before right tackle Omari Palmer was flagged as an illegal man downfield. The second was an end-around wide receiver pass from Jarrod West to a wide-open Lewis, which Lewis missed before staring at the ground in disbelief.Each horn added a punctuation mark to an unfinished sentence — two reminders that Syracuse’s offense, at present, can’t even hang in games.“It’s like working all week and not getting your paycheck,” SU offensive coordinator George McDonald said of those missed opportunities. AdvertisementThis is placeholder textThe Orange (2-3, 0-1 Atlantic Coast) didn’t earn a payday, but there were factors aside from miscommunication and lack of execution that led to the 22-point loss.First, H-back Brisly Estime, top target Ashton Broyld and right tackle Ivan Foy all sat with injuries. Louisville’s run defense came in as the best in the country and held the Orange to a season-low 59 yards on the ground. Finally, Terrel Hunt didn’t look 100 percent after being banged up against Notre Dame then having to leave the game after he was injured on a hit in the fourth.But the loss still looked something like this: SU’s offense scored six points on two field goals and gave up four points on two safeties — the first of which came on a shotgun toss to Adonis Ameen-Moore that sent him into the end zone. The Carrier Dome was essentially empty when the game clock finally ran out.The offense didn’t execute, the defense bent then finally broke and nothing in Syracuse’s play or postgame assessment of it showed that the execution problems are going to subside. If anything is certain after five games, it’s that Syracuse isn’t ready to compete for wins in the ACC this year.“I think there’s a huge misconception of what toughness is. Toughness isn’t just the physicality of it,” SU head coach Scott Shafer said after the loss. “Toughness is the ability to get your mind in a very nice place where you can execute better and find that balance. That’s toughness.“Being soft is not having the fortitude to be able to say to yourself, ‘I’ve got to stop thinking about the negatives.’”The injuries and the opponents that Syracuse could hardly control were only compounded by the mistakes it could have.“If they score six points, we have to hold the other team to five,” junior cornerback Julian Whigham said when asked if the lack of finishing frustrated the defense. It’s almost an impossible reality to win in, much like eliminating enough of these errors before No. 1 Florida State visits the Dome on Saturday is a tall, tall order. Some mistakes can be fixed in preparation. Like running on third-and-10 only to lose 2 yards, checking to a toss on your own goal line only to give up a safety and telegraphing an interception a play after the defense got you the ball.Then there’s not knowing how many timeouts are left at the end of the first half, moving backward instead of forward in the red zone and otherwise playing with an offense that nearly outscored itself in 60 minutes of play. No amount of defense, toughness or time in the film room can heal those kinds of wounds.“It’s tough because when you’re not finishing, it’s not necessarily a function of the scheme. We got to continue to look at it,” McDonald said.And while Syracuse looks at that, it’s hard not to look at the coming weeks and see a season that is all too close to being defined. The Seminoles are next, then Wake Forest and Clemson on the road.Add in Hunt’s uncertain status. Add doubts about Broyld, Estime, Foy and third cornerback Wayne Morgan’s health, too. Then add fake touchdown horns and it all really starts to sting. Comments