Regulators Question Fannie Mae Accounting
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Description: Fannie Mae, the nation&#39;s largest source of financing for home mortgages, faces accusations of pervasive accounting problems.
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Sep-27-2004 - Days after Fannie Mae&#39;s federal regulator released a highly critical report on the mortgage giant&#39;s accounting practices, observers say top management may not survive the fallout.
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The former Fannie Mae accountant who raised questions about the mortgage giant&#39;s accounting said Wednesday that he had taken his concerns directly to chief executive Franklin Raines and asked him to investigate.
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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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Fannie Mae&#39;s accounting scandal is already provoking louder calls for stronger regulation of the mortgage-investment company and clearer financial reporting.
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Source: Mortgage financer may be forced to keep up to $31B on hand while it fixes accounting woes. WASHINGTON  - Embattled mortgage finance giant Fannie Mae was close to a deal with regulators late
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Federal regulators, who are negotiating an agreement with the Fannie Mae board, have raised the possibility of removing the mortgage giant&#39;s management as the company acts to correct serious accounting problems detailed in a new report.
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District-based Fannie Mae, whose accounting methods are facing the same scrutiny that shook up fellow mortgage lender Freddie Mac last year, says it has formed a committee to work with regulators and named former Sen.
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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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Under pressure from regulators, Fannie Mae&#39;s (FNM:NYSE - news - research) board ousted its top two executives in the midst of a deepening accounting scandal.
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A review by the Securities and Exchange Commission has found that Fannie Mae violated accounting rules, buttressing earlier determinations by another federal regulator and amplifying the prospect of an earnings restatement by the
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US regulators are set to investigate possible violations of the Sarbanes-Oxley legislation on accounting and corporate governance by Fannie Mae&#39;s former senior management.
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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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The Justice Department has opened an  investigation of possible accounting fraud at Fannie Mae, The  Wall Street Journal reported on Thursday, after a federal  regulator said the mortgage giant may have manipulated its  earnings targets.
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Unlike the problems in recent financial scandals, issues raised by Fannie Mae's regulators pertain to unwieldy accounting rules that are open to widely divergent interpretations.
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A U.S. government review of the  nation's No. 1 mortgage finance company, Fannie Mae FNM.N,  charges it with using improper "cookie jar" accounting to  smooth earnings and calls into doubt past financial results,  the company's board said on Wednesday.
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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.