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The inspector general of the Federal Housing Finance Agency said the regulator should consider firing Fannie Mae Chief Executive Officer Timothy Mayopoulos for not properly disclosing he was dating a senior executive at a bank that does business with the mortgage-finance giant. Chaffetz questioned whether Watt planned to discipline Mayopoulos, as was advised by the FHFA's watchdog, the letter shows. The inspector general made the recommendation after investigating a romantic relationship between Mayopoulos and the former chief legal officer of Fifth Third Bancorp, according to Chaffetz's letter. The bank's top lawyer, who Chaffetz didn't name, disclosed the relationship to her bosses in July and was fired shortly thereafter. Last year, Fifth Third removed Heather Russell as its chief legal officer, with a spokesman saying at the time that the Cincinnati-based bank did so after learning of a personal matter that posed a conflict of interest.
Mayopoulos then told Fannie's chief compliance and ethics officer about the relationship in March He was advised to seek guidance from the ethics office if a business decision involving Fifth Third was presented to him. She declined to comment on whether Mayopoulos could be disciplined in response to the inspector general's findings.
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Watt controls Fannie's board of directors and could specify any punishment the CEO should face. Chaffetz asked Watt a number of questions about whether the agency has taken actions in regard to Mayopoulos. The congressman requested a response by May On Thursday, Watt is scheduled to testify before the Senate Banking Committee on housing finance reform.
May 11,p. Fannie spokesman Pete Bakel declined to comment.
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Banks tighten lending standards as coronavirus crimps demand: Survey. By Hannah Lang. Timothy Mayopoulos had recused himself broadly from any business between Fannie Mae and the company, TransUnion, where his romantic partner, Heather Russell, serves as chief legal officer.
But the watchdog faulted Mayopoulos - and Fannie Mae - for not flagging a possible conflict involving a credit-scoring project that could benefit TransUnion, according to people familiar with the report.
Fannie Mae and the smaller Freddie Mac, which are backed by U.
May 11, The inspector general of the Federal Housing Finance Agency said the regulator should consider firing Fannie Mae Chief Executive Officer Timothy J. Fannie Mae is a non-banking firm that provides financing solutions for mortgage lenders and homeowners. Fannie Mae was founded in Fannie Mae's headquarters is located in Washington, District of Columbia, USA Fannie Mae's CEO, Hugh R. Fra. May 11, The inspector general of the Federal Housing Finance Agency said the regulator should consider firing Fannie Mae CEO Timothy Mayopoulos for not properly disclosing he was dating a senior executive at a bank that does business with the mortgage-finance giant.
Their regulator, the Federal Housing Finance Agency, has been criticized for giving the two companies too much freedom to grow, amid warnings that taxpayers could be at risk. On July 23, Fannie Mae announced that Mayopoulos would step down by the end of the year.
That was three days before the watchdog released the report criticizing him, Fannie Mae, and its regulator.
The same day, FHFA Director Mel Watt dropped the credit-scoring project, which had the potential to expand homeownership to millions of Americans, including minorities, the self-employed and lower-income borrowers. The first came 16 months earlier when Wertheimer reprimanded him for failing to promptly disclose his relationship with Russell when she was hired in as the chief counsel for prominent mortgage lender Fifth Third, which did business with Fannie Mae.
Jul 23, WASHINGTON, DC - Fannie Mae (FNMA/OTC) today announced the appointment of David Benson as President. In this role, Benson will report to the Chief Executive Officer (CEO) and manage the day-to-day business and operations of the company, including the ongoing execution of the company's strategy. Fannie Mae's leadership team. Hugh R. Frater Chief Executive Officer: Elcio Barcelos Senior Vice President and Chief Human Resources Officer. Jun 02, Fannie Ceo's Dating Prompts Call To Consider His Firing. Thread "The inspector general of the Federal Housing Finance Agency said the regulator should consider firing Fannie Mae Chief Executive Officer Timothy J. Mayopoulos for not properly disclosing he was dating a senior executive at a bank that does business with the mortgage-finance.
But Fifth Third fired Russell in July after she disclosed the relationship to the bank. Before Russell was hired by TransUnion in May of this year, Mayopoulos alerted the Fannie Mae board and recused himself from any business between Fannie Mae and the credit data company.
TransUnion is one of three credit-monitoring companies advocating the use of scoring models that would broaden the criteria used to determine creditworthiness.
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