Fannie Mae Vows To Improve Governance

Law360, New York (September 25, 2006, 12:00 AM EDT) -- Government-sponsored mortgage giant Fannie Mae has revamped its bylaws and code of conduct as mandated by a settlement with the Office of Federal Housing Enterprise Oversight.

The amendments establish new policies and procedures for Fannie’s board, requiring the board to create a corporate governance committee, and to designate a stand-in for the chairman in the event he is absent from a board meeting.

The board must also create an audit committee that adheres to accounting laws dictated by the Sarbanes-Oxley Act.

The mortgage giant also agreed...
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