Fannie Mae Cuts Its Earnings by $6.3 Billion
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The restatement is one of the biggest in recent memory, although it falls short of the $11 billion charge taken by WorldCom in 2002.
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The nationâs number 2 buyer and backer of home mortgages saw a 45 percent drop in second-quarter profits after setting aside $300 million to account for bad loans.
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Fannie Mae chief executive Daniel H. Mudd received $12.2 million in compensation for 2007, down 15 percent from $14.4 million in 2006, the company said yesterday.
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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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Morgan Stanley  on Wednesday  said it has suffered a $3.7 billion loss stemming from its U.S.  subprime mortgage exposure, which it expects will reduce  fourth-quarter earnings by about $2.5 billion.
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Fannie Mae today said it is shutting down its charitable foundation as part of a broader corporate reorganization set in motion by an accounting scandal and a turnover in the company's top leadership.
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Federal regulators on Tuesday are  expected to say Fannie Mae  will pay &#36;400 million for  using bad accounting to manage earnings and trigger bonuses,  according to sources briefed on the plan.
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KB Home , one of the largest  U.S. homebuilders, on Wednesday cut its full-year profit  forecast for the second time in three months, saying a more  difficult housing market is causing orders to decline.
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NEW YORK, November 16  - Fannie Mae (FNM.NYS) has missed the regulatory deadline for filing its 3Q04 results with the SEC, while warning of an estimated net loss of $9 billion for the quarter.
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It took an army of accountants two years and more than $1.4 billion to quantify the mess, but Fannie Mae yesterday issued the final tally of its accounting errors, saying it overstated past profits by $6.3 billion.
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WASHINGTON/NEW YORK  - Fannie Mae, the top U.S. mortgage-finance company that is trying to move on from one of the nation's largest accounting scandals, will deliver a long-overdue report on its 2005 earnings by next September, the company's chief executive said on Thursday.
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Fannie Mae, the nation's largest mortgage buyer, agreed to major changes in its accounting and management practices.
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Lennar Corp. LEN.N, the No. 3 U.S.   homebuilder, on Friday cut its third-quarter profit forecast,   citing a deteriorating housing market.
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The S.E.C. has ordered Fannie Mae to restate its earnings for the last four years after concluding that it had violated accounting rules.
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WASHINGTON (CBS.MW) - Mortgage giant Fannie Mae&#39;s shares fell more than 5 percent early Wednesday after a government report blasted the company&#39;s accounting practices and questioned the reporting of its past earnings.
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Two regulatory agencies have concluded that Fannie Mae cut corners when it came to its accounting, severely damaging its image.
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Fannie Mae, the top U.S. mortgage-finance company that is trying to move on from one of the nation's largest accounting scandals, will deliver a long-overdue report on its 2005 earnings by next September, the company's chief executive said on Thursday.