SEC: Fannie Fails Accounting Compliance
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The U.S. Securities and Exchange  Commission said on Wednesday the accounting practices of  housing finance group Fannie Mae FNM.N 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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SAN FRANCISCO (CBS.MW) -- Fannie Mae stock fell 3.1 percent in after-hours trading Tuesday after the mortgage giant disclosed that the Securities and Exchange Commission&#39;s investigation into the company&#39;s accounting had escalated into a formal probe.
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Fannie Mae&#39;s accounting crisis has taken a turn with its outside auditor KPMG refusing to sign off on its third-quarter earnings report, causing the mortgage giant to miss a regulatory deadline for filing it.
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Even after US regulators put Fannie Mae&#39;s books under a microscope, an auditor found irregularities in how its third quarter filing was handled.
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Stocks were knocked lower on Wednesday  after a U.S. government review questioned home finance company  Fannie Mae's FNM.N accounting methods, while  investment bank  Morgan Stanley MWD.N reported a drop in quarterly profit.
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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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WASHINGTON Sept. 30, 2004 - Mortgage giant Fannie Mae, under investigation by regulators and ordered to revamp its accounting, may have to restate its past earnings, a federal agency said Thursday.
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WASHINGTON Under heavy pressure from regulators, Fannie Mae, the US mortgage finance giant, has forced out its chairman and chief executive, Franklin Raines, days after the company was found to have violated accounting rules.
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A federal report accusing Fannie Mae, the giant mortgage company, of improper accounting has led to an informal investigation by the Securities and Exchange Commission, the company&#39;s board announced Wednesday.
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The US Securities and Exchange Commission said on Wednesday the accounting practices of housing finance group Fannie Mae (FNM.N: Quote, Profile, Research) from 2001 to mid-2004 &quot;did not comply in material respects&quot; with
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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&#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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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 long running regulatory examination of Fannie Mae has found accounting and other problems at the giant government-chartered mortgage company that raise doubts about &quot;the quality of
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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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Fannie Mae, the giant mortgage finance company, Monday agreed to stop using accounting methods that its regulator criticized last week and to raise billions of dollars of additional capital as a cushion against potential losses.
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WASHINGTON  - US mortgage finance giant Fannie Mae announced the retirement of its chief executive officer Franklin Raines and the resignation of its chief financial officer Timothy Howard, in the wake of accounting errors that will force a massive