Fannie Mae Forgot Its Mission
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Oct. 4, 2004 (Dayton Daily News) Federal regulators have taken the nation&#39;s largest funder of home mortgage loans to task. The charge?
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A childrenâs charity says it wasnât told of mortgage debt risks.
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Daniel H. Mudd, Fannie Mae&#39;s interim chief executive, said yesterday that his first priority is to heal the breach that exists between the company and its government regulator, the Office of Federal Housing Enterprise Oversight.
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WASHINGTON, DC - Investors in Fannie Mae and Freddie Mac are feeling some pain in the wake of Fannie&#39;s recent accounting problems.
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(CBS/AP) Fannie Mae, the nation&#39;s second largest financial institution, forced out two top executives as it struggles to deal with an accounting scandal which will likely force it to wipe out $9 billion in profits over the past four years.
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Turmoil at Fannie Mae calls for a stronger, more exacting regulatory hand, but the zeal for reform should not eclipse the financial institution&#39;s singular mission: providing low- and moderate-income Americans with entree into home ownership.
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Fannie Mae, the biggest source of money for US home mortgages, may have to restate earnings by as much as $9 billion after the Securities and Exchange Commission said it broke accounting rules.
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Can the Fannie Mae (FNM:NYSE - news - research) scandal now take its place as the Enron-sized debacle it long has been shaping up as?
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The company, housing lender Fannie Mae, is the biggest in the region, with nearly $1 trillion in assets and gobs of outstanding debt held by pension funds and banks and even foreign central banks, all of which crave its implicit US government guarantee.
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Fannie Mae&#39;s federal regulator found the largest US mortgage finance company violated accounting rules, raising ``doubts&#39;&#39; about the validity of earnings.
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WASHINGTON -- The Securities and Exchange Commission's top accountant told mortgage funding giant Fannie Mae last night that it should correct its past accounting, a directive that could erase 38 percent of the profit the government-sponsored company has claimed since 2001.
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WASHINGTON - Regulators have found serious accounting problems at mortgage giant Fannie Mae, prompting an inquiry by the Securities and Exchange Commission and calling into question its financial soundness. The company's shares dropped nearly 7 percent Wednesday...
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Fannie Mae, the biggest provider of money for the US mortgage industry, will sell as much as $4 billion of preferred stock after its regulator said it broke accounting rules and is ``significantly undercapitalized.
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The U.S. Securities and Exchange Commission said on Wednesday the accounting practices of housing finance group Fannie Mae  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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WASHINGTON, Dec. 12  â The mortgage lending company Fannie Mae filed suit on Tuesday against its former auditor KPMG, accusing the firm of negligence and breach of contract for its part in the flawed accounting that led to a $6.3 billion restatement of earnings.
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There's a marketing blitz underway aimed at the homeowner in denial -- the one missing mortgage payments, dodging calls from the lender and hoping for the best.
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Fannie Mae used improper accounting  to steady its earnings from quarter to quarter, federal  regulators have told the top mortgage finance company, setting  the stage for the industry's second bookkeeping drama in less  than 18 months.