Update 4: Fannie Mae May Have to Restate Earnings
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The Justice Department has begun a criminal investigation into mortgage giant Fannie Mae, which has been accused of earnings manipulation and ordered to revamp its accounting, it was learned Thursday.
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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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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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Fannie Mae, the largest US mortgage buyer, may slow purchases of home loans to meet its regulator&#39;s demand to boost capital, hurting earnings prospects.
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Homebuilders are set for trouble  ahead, with next year's earnings from four of the leading  housing companies set to run lower than Wall Street expects,  according to a hedge fund manager quoted in the latest edition  of Barron's.
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Time Warner has reported revenue growth of 5% for its third quarter, but net income declined. The company may also have to restate its financial results for 2002 in connection with the investigation of accounting
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Fannie Mae, the giant mortgage finance company, will probably not face major business disruptions from the $9 billion write-off that federal regulators are requiring it to take, analysts and investors said yesterday.
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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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Citigroup Inc , Merrill Lynch &  Co  and JPMorgan Chase & Co  may face larger  fourth-quarter write-offs of fixed-income securities than  previously expected, and Citigroup may have to slash its  dividend 40 percent to preserve capital, according to a Goldman  Sachs & Co analyst.
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WASHINGTON (CBS.MW) -- Fannie Mae, reeling from an accounting scandal that will force the mortgage giant to take a huge loss, plans to offer up to $4 billion of preferred stock to institutional investors, the company said Wednesday.
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A few thoughts on the earnings warning.
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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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Progress Software said yesterday that it would restate previous financial results because of errors in stock-based compensation.
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NEW YORK - Troubled mortgage giant Fannie Mae said Wednesday it may sell up to $4 billion in preferred stock as soon as this week.
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SunTrust Banks Inc. said Monday it expects to restate earnings higher for the first and second quarters of 2004 due to an error in entering the data used to calculate loan loss allowances, and plans to delay
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Fannie Mae has been ordered to restate its earnings for the past four years after an investigation by the Securities and Exchange Commission into the mortgage finance company&#39;s accounting practices.
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Whether mortgage finance giant  Fannie Mae FNM.N 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 on Tuesday.