U.S. Faults Fannie Mae Accounting
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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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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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WASHINGTON - Regulators have found serious accounting problems at mortgage giant Fannie Mae, prompting an inquiry by the Securities and Exchange Commission and calling into question its financial soundness. The company's shares dropped nearly 7 percent Wednesday...
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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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Fannie Mae  shares fell as much as 3.5 percent on Friday, bringing losses for the week to about 16 percent, as investors grew wary of potential widespread accounting problems at the No. 1 U.S. housing finance company.
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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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Fannie Mae used improper accounting to manipulate its quarterly earnings reports, regulators said, touching off the mortgage finance industry's second such controversy in less than 18 months.
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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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WASHINGTON -- The Securities and Exchange Commission's top accountant told mortgage funding giant Fannie Mae last night that it should correct its past accounting, a directive that could erase 38 percent of the profit the government-sponsored company has claimed since 2001.
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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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Fannie Mae, the US biggest government-ruled mortgage lender, faces formal investigation conducted by the US Justice Department of possible accounting fraud.
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Fannie Mae, accused by regulators of flouting accounting rules, said yesterday it could not meet a deadline for a quarterly financial report and may be required to record
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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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The accounting irregularities at home loan giant Fannie Mae could end up raising mortgage rates, but the impact, if any, will be difficult to measure given the enormous size and dynamic nature of the market.
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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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Regulators have discovered serious accounting problems at mortgage giant Fannie Mae , prompting an inquiry by the Securities and Exchange Commission and calling into question its financial soundness, the company disclosed yesterday. Its shares fell nearly 7 percent.
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Two regulatory agencies have concluded that Fannie Mae cut corners when it came to its accounting, and that has severely damaged its image.