Regulator says Fannie board contributed to accounting woes
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Risks from an accounting scandal at  U.S. mortgage finance Fannie Mae were greatly understated, and  deliberate smoothing of earnings overstated income by &#36;10.6  billion, its regulator said on Tuesday in a report on the  mortgage finance giant&#039;s accounting scandal.
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As expected, the growing accounting scandal swirling around Fannie Mae claimed the careers of two of its top executives. CEO Franklin Raines and CFO Timothy Howard were forced out Tuesday night by the mortgage finance corporationâs Board of Directors.
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The Securities and Exchange Commission&#39;s top accountant told mortgage funding giant Fannie Mae last night that it should correct its past accounting
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The chairman of Fannie Mae, the government-backed mortgage lender, on Wednesday described accusations of accounting misdeeds at his company as without merit.
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Fannie Mae used improper accounting  to manipulate its earnings reporting from quarter to quarter,  federal regulators said in a highly critical report that sets  the stage for the industry's second bookkeeping drama in less  than 18 months.
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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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The regulator said broad problems raised questions about the reliability of the mortgage finance company's management.
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Score one for the lion tamer. The federal regulator that oversees home-mortgage giant Fannie Mae finally persuaded that government-sponsored enterprise to agree to clean up its questionable accounting practices.
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Fannie Mae, the biggest source of money for U.S. home mortgages, broke accounting rules for financial contracts designed to protect against swings in interests rates.
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Though Fannie Mae said it was cooperating fully with a federal examination of its accounting, its regulator says the mortgage finance company was so reluctant that the agency had to
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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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Unlike 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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WASHINGTON Oct. 6, 2004 - Fannie Mae&#39;s chief executive and another top official on Wednesday defended the mortgage giant&#39;s accounting and told Congress that regulators&#39; allegations of earnings manipulation represent an interpretation of complex rules.
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Fannie Mae's board of directors met Monday to hear details about accounting problems its regulators have uncovered during a long-running review, according to a source familiar with the matter.
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Fannie Mae FNM.N, under fire from  regulators, is facing a groundswell of lawsuits from  class-action specialists for billions of dollars in stock  losses stemming from the company's faulty accounting.
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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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WASHINGTON -- Federal regulators have raised the possibility of removing the management of mortgage giant Fannie Mae after finding accounting problems they described yesterday as more serious than those that brought the ouster of top executives at rival Freddie Mac .