Philosophy…………………………………………………………………4 Corporate Growth and Diversity.…………………………………………………………………6 Conclusion………………………………………………………………………………………...7 References…………………………………………………………………………………………8 Figure Chart 1……………………………………………………………………………………10 Fannie Mae Fannie Mae is a leading mortgage company and one of the most financially successful businesses within its industry. Given the salient features of the organization that has culminated into its current standing‚ this report offers a brief but concise overview
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Fannie Mae case. Federal regulators noted a growing string of high profile scandals at major U.S. corporations in recent years. The number of fraud cases investigated by the Securities and Exchange Commission jumped 41 percent in the last three years (112 cases in 2001 compare to 79 cases investigated in 1998)‚ resulting in tens of millions of dollars in fines to settle the charges. I have decided to take a closer look at Fannie May. This company operates in the residential mortgage finance industry
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GOVERNMENTAL ACCOUNTING EXTRA CREDIT H/WORK FANNIE MAE AND FREDDIE MAC 1. Fannie Mae was started in 1938 by President Franklin Roosevelt. He wanted to create a system or a new deal which would benefit people who didn’t have homes. Fannie Mae is the nickname of what is known as the federal National Mortgage Association‚ and Freddie Mac is the nickname for Federal Home Mortgage Corporation. 2. The great depression was the major reason for such a system to be put in place simply because
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National Mortgage Association (FNMA) (NYSE: FNM)‚ commonly known as Fannie Mae‚ is a stockholder-owned corporation chartered by Congress in 1968 as a government sponsored enterprise (GSE)‚ but founded in 1938 during the Depression. Contrary to some beliefs‚ Fannie Mae does not make home loans directly to consumers‚ but rather functions as an intermediary in the U.S. secondary mortgage market. By purchasing and securitizing mortgages‚ Fannie Mae facilitates liquidity in the primary mortgage market by ensuring
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Use strategic thinking to outline a recommended alternative for Franklin Raines to use in deciding the strategic direction of Fannie Mae. It is 1998 and you are about to take over as CEO of Fannie Mae. Use the two cases on Fannie Mae in the Course Documents (Fannie Mae A and Fannie Mae B abbreviated) for background on Fannie Mae. Exactly how should Franklin Raines proceeded in terms of strategy development what subsequent implementation steps should he have adopted. The Strategic Audit process should
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Discussion Topic #1 The fraud Triangle is a very important tool in seeking to understand why people commit fraud. In the examination of any fraud case according to the Fraud triangle there are three major elements‚ pressure‚ opportunity and rationalization. To illustrate the relevance of these three factors we can examine a recent fraud case i.e. the South Carolina Hospitality Association. In this case Rachel Duncan was the accountant for South Carolina Hospitality association‚ she is charged with
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more basic concepts in fraud deterrence and detection is the fraud triangle. The fraud triangle is also known as Cressey’s Triangle‚ or Cressey’s Fraud Triangle. Cressey’s Fraud Triangle gets its name from Donald Cressey. Cressey was one of the “nations leading experts on the sociology of crime”. He authored a few books including Other People’s Money‚ Theft of the Nation‚ and co-authored Principles of Criminology with Edwin H. Sutherland. Cressey is honored by many anti-fraud organizations‚ including
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The Fannie Mae Foundation created a guide‚ titled Knowing and Understanding Your Credit‚ to inform people on how to maintain good credit and move them closer to their dream of owning their own home. This guide covered the topics of building and maintaining a good credit as well as figuring out what kind of credit you have. Credit reports are records of how you paid off your debt and loans. It shows how much debt you have‚ if you’ve made loan payments on time‚ or if you’ve paid back the loans at
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AC572 You Decide Jan. 24‚ 2011 When evaluating this case using the three elements of the fraud triangle I have concluded that the potential pressures for Chris to commit fraud are greater than for others. The pressure is from Chris himself because he wants what others have or what he doesn’t have. This is due to the fact that Chris is young and impressionable may feel as though he doesn’t make enough money to obtain the material possession he desires or see others with. He may also be of
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Fannie Mae’s Fraud 1. Fannie Mae was established in 1938 as a federal charter under President Franklin Roosevelt as a secondary market to expand the flow of mortgage money under any economic condition because millions of Americans could not become homeowners before Fannie Mae. In 1968 Fannie Mae was rechartered by congress as a shareholder owned company‚ funded solely with private capital raised from investors. The charter is directed to increase the availability and affordability for homeownership
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