Fannie Mae Execs Testify on Hill
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Description: Top Fannie Mae executives defend the company&#39;s accounting practices in Congress. CEO Franklin Raines denied allegations the company had manipulated its books, telling lawmakers the controversy
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The chairman of the Federal Reserve urged Congress to bolster regulation of the mortgage giants Fannie Mae and Freddie Mac.
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The former accountant testified today that he had taken his concerns over the mortgage giant's bookkeeping directly to the company's chief executive.
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A U.S. House of Representatives  committee on Wednesday said top regulators would testify at a  September 19 hearing on progress in implementing 2002's  post-Enron Sarbanes-Oxley reforms.
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Fannie Mae (nyse: FNM - news - people ) disclosed Tuesday that prosecutors had asked the company to preserve documents as part of a criminal probe by the US Department of Justice.
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Franklin Raines, the head of Fannie Mae, the giant mortgage loan holder, took issue with every major damaging conclusion of the company&#39;s regulator yesterday in an embattled appearance before a House subcommittee.
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Fannie Mae&#39;s regulators would take steps to oust top executives, including chairman and chief executive Franklin D. Raines and Chief Financial Officer J. Timothy Howard
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The former Fannie Mae employee who assisted federal regulators in an investigation of the company&#39;s accounting will not testify at a congressional hearing next week.
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Fannie Mae executives and their  regulator squared off on Wednesday, with executives denying any  accounting irregularity and the regulator saying the housing  finance company's management may have to go.
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Some quotes from the Senate Banking Committee's hearing on the economy, with Federal Reserve Chairman Ben Bernanke, Treasury Secretary Henry Paulson and Christopher Cox, chairman of the Securities and Exchange Commission:
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The former Fannie Mae employee who assisted federal regulators in an investigation of the company's accounting will not testify at a congressional hearing next week.
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A U.S. House Financial Services  subcommittee will hold a hearing on accounting problems at  mortgage funder Fannie Mae FNM.N next week, the committee  said on Wednesday.
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The House Energy and Commerce  Committee on Friday asked two Hewlett-Packard Co.   executives to testify at a hearing later this month in the wake  of the scandal over the company's investigation into media  leaks.
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Regulators investigating Fannie  Mae's accounting practices have sent subpoenas to the No. 1  U.S. mortgage finance company in connection with the probe, a  source familiar with the matter said on Friday.
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A former Fannie Mae FNM.N employee  who gave U.S. officials information about what he saw as  accounting irregularities will not testify as planned before a  congressional hearing next week, a House committee said on  Friday.
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The chief executive of mortgage  finance company Fannie Mae FNM.N, under fire for alleged  accounting irregularities, will appear before a congressional  panel next week, a company spokesman said on Wednesday.
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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.