Fannie Mae head defends its accounting to House panel
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The chairman of Fannie Mae, the government-backed mortgage lender, on Wednesday described accusations of accounting misdeeds at his company as without merit.
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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 need to go.
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Fannie Mae, the US housing giant that is at the centre of a huge accountancy scandal, misled investors and damaged the public trust, according to a leading politician.
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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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The US Securities and Exchange Commission on Wednesday said Fannie Mae misapplied accounting principles and called on the mortgage finance company to restate earnings.
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Fannie Mae, the largest US mortgage finance company, will be the subject of an Oct. 6 hearing by the House Financial Services Committee over its accounting and management, said Representative Richard Baker, a Louisiana Republican.
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A former Fannie Mae employee who  gave U.S. regulators information about alleged accounting  irregularities will not testify as planned before a  congressional hearing next week, the committee said Friday.
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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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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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Fannie Mae, accused by regulators of manipulating earnings, said yesterday that the Justice Department has asked it to preserve records relating to its accounting practices as part of a criminal investigation.
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U.S. Congresswoman Marcy Kaptur came to a House committee hearing on Thursday prepared to ask U.S. Treasury Secretary Henry Paulson tough questions about his involvement in the subprime mortgage crisis.
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Fannie Mae executives defended  themselves on Wednesday against government allegations they  manipulated accounting to hide earnings swings, saying they and  their auditors believed they were properly applying complex  standards that can be interpreted differently.
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The chairman of the Securities and Exchange Commission yesterday defended the agency's record in pursuing corporate misconduct, rebuffing accusations that it may be tilting toward business interests.
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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.
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Fannie Mae&#39;s chairman and CEO bet that his political prowess could protect him from an accounting scandal. He was wrong. Franklin D. Raines, long known for his steady hand and deep Washington connections, staked
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Whether mortgage finance giant  Fannie Mae FNM.N 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 on Tuesday.
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Fannie Mae's current and former executives should be forced to return any portion of millions of dollars in bonuses they received since 2001 that were based on faulty bookkeeping, a top congressional overseer of the housing finance company has told its regulator.