Regulator faults Fannie board, executives
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Fannie Mae's "arrogant and   unethical" corporate culture led employees to massage earnings   to trigger bonuses for senior executives, and the board of   directors contributed by failing to act independently, the   company's regulator said on Tuesday.
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The chief US financial regulator has hit back at critics of &quot;over-regulation&quot; and accused many US bosses of failing to provide &quot;ethical&quot; leadership for their companies.
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The board of Fannie Mae has been discussing a possible executive shake-up as the embattled mortgage giant responds to regulators&#39; allegations of accounting violations and faces a likely restatement of $9 billion or more in earnings.
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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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Fannie Mae's regulator has asked the  mortgage finance company to take immediate remedial action to  correct pervasive accounting problems, agency officials said on  Thursday.
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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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The chief executive and chief  financial officer of U.S. mortgage finance giant Fannie Mae  stepped down late on Tuesday after regulators exposed  accounting errors that are expected to force a massive earnings  restatement.
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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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Home mortgage lender Fannie Mae on Wednesday said the Office of Federal Housing Enterprise Oversight uncovered accounting inaccuracies that raise doubts about the company&#39;s previous financial reports.
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Fannie Mae , the nation's second largest financial institution, forced out two top executives as it struggles to deal with an accounting scandal which will likely force it to wipe out $9 billion in profits over the past four years.
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Fannie Mae&#39;s regulator told Congress on Wednesday his office was considering management changes at the mortgage finance company after finding pervasive accounting irregularities.
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Description: Two top executives at Fannie Mae are forced out of their jobs following questions over accounting irregularities. Fannie Mae CEO Franklin Raines and Chief Financial Officer Timothy Howard stepped
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The U.S. Securities and Exchange Commission said on Wednesday the accounting practices of housing finance group Fannie Mae  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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Wednesday's disclosure that government regulators have raised safety and soundness questions about mortgage finance giant Fannie Mae has given new ammunition to critics of the company and its sister firm, Freddie Mac.
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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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Speculation swirled Thursday over the futures of Fannie Mae&#39;s top executives after regulators&#39; cited the mortgage giant for accounting violations going back to 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.