Fannie Executives to Defend Accounting Practices
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In their first response to regulators&#39; allegations that the company manipulated its books, executives of mortgage funding giant Fannie Mae plan to defend its accounting and say the actions
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WASHINGTON Sept. 30, 2004 - Top executives of Fannie Mae are being called before Congress to explain an accounting lapse as lawmakers delve into operations of the mortgage giant that is already under investigation by federal regulators.
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Fannie Mae's regulator will review the benefits the company planned to pay its former top two officers after their ouster last week.
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US regulators are set to investigate possible violations of the Sarbanes-Oxley legislation on accounting and corporate governance by Fannie Mae&#39;s former senior management.
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Accounting scandals, first at Freddie Mac and now alleged at Fannie Mae, call into question the future of those government-sponsored but investor-owned companies that buy home mortgages from lenders.
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Whether mortgage finance giant Fannie Mae will have to restate its earnings as a result of accounting problems cited by regulators will be up to the Securities and Exchange Commission to consider, a company executive said Tuesday.
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Regulators have discovered serious accounting problems at mortgage giant Fannie Mae, prompting an inquiry by the Securities and Exchange Commission and calling into question its
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Federal regulators, who are ordering Fannie Mae to take prompt action to remedy what they say are serious accounting problems, also have raised the possibility of removing top managers of the giant mortgage finance company.
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Fannie Mae's board of directors met Monday to hear details about accounting problems its regulators have uncovered during a long-running review, according to a source familiar with the matter.
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Fannie Mae , under fire from regulators, is facing a groundswell of lawsuits from class-action specialists for billions of dollars in stock losses stemming from the company's faulty accounting.
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Fannie Mae&#039;s &#36;11 billion accounting  scandal should drive the Senate to stop delaying and advance  legislation that would overhaul supervision of U.S. mortgage  finance giants, some Republicans on the Senate Banking  Committee argued on Thursday.
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The mortgage giant said today that prosecutors had asked the company to preserve documents as part of an investigation into Fannie Mae's accounting practices.
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Former Fannie Mae chairman Franklin D. Raines is trying to draw the White House into his defense against a shareholder lawsuit alleging that he and the government-sponsored mortgage funding company misled investors when Fannie Mae overstated earnings by billions of dollars.
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Managers of mortgage finance company Fannie Mae will defend themselves before Congress Wednesday amid government findings that they broke accounting rules to deliver steady earnings growth quarter after quarter.
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Securities and Exchange Commission Chairman William H. Donaldson said in an interview this week that the accounting issues the SEC must address in its investigation of mortgage funding giant Fannie Mae are "not black and white."
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The U.S. Securities and Exchange  Commission said on Wednesday the accounting practices of  housing finance group Fannie Mae FNM.N from 2001 to mid-2004  "did not comply in material respects" with certain accounting  standards for derivatives, hedging and other matters.
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Managers of mortgage finance giant Fannie Mae will defend themselves before Congress on Wednesday against government findings that they broke accounting rules to deliver steady earnings growth quarter after quarter.