Fannie Mae corrects earnings
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Fannie Mae erased $6.3 billion in profit in a long-awaited restatement yesterday capping the accounting scandal that stunned financial markets and brought the ouster of top executives and a record fine against the government-sponsored mortgage leader.
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An earnings restatement driven by accounting changes doesn't change the big picture.
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WASHINGTON - Fannie Mae chief Franklin Raines told Congress on Wednesday that the huge mortgage company did not intentionally manipulate earnings to boost executives&#39; bonuses.
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Embattled mortgage finance company Fannie Mae agreed to keep billions of dollars more in cash on hand while it corrects accounting problems, its government regulator said on Monday.
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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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WASHINGTON - Fannie Mae, the giant mortgage finance company, Monday agreed to abandon accounting methods its regulator criticized last week as being used to manipulate financial results.
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Fannie Mae on Thursday said its regulator approved a dividend payment on its preferred stock that could help shore up the mortgage giant&#39;s capital levels.
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Company has revised its financial forecasts for the current quarter.
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The U.S. 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 giant mortgage finance company, yesterday agreed to stop using accounting methods that its regulator criticized last week and to raise billions of dollars
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WASHINGTON -- Federal regulators have found evidence suggesting that mortgage giant Fannie Mae manipulated earnings to facilitate bigger bonuses to executives, according to a lawmaker familiar with the findings.
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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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Shares of U.S. mortgage finance  giant Fannie Mae FNM.N tumbled on Thursday after the  Securities and Exchange Commission said the company must  restate earnings because of accounting problems.
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Lehman Brothers, one of a handful of Wall Street banks to avoid large losses related to subprime mortgages, reported better than expected earnings for the fourth quarter.
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An official of the Securities and Exchange Commission said Wednesday a review had found that the firm had violated accounting rules and that he had told the mortgage giant to restate its earnings.
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SunTrust Banks restated its first- and second-quarter earnings on Monday because of an error in how the bank accounted for loss reserves.
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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.