U.S. Questions Fannie Mae Accounting
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A U.S. government review into the nation's No. 1 mortgage finance company, Fannie Mae , charges it with inappropriate accounting practices and called into doubt past financial results, the company's board said on Wednesday.
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Mortgage giant Fannie Mae, gripped by an accounting scandal and under investigation by the Justice Department, disclosed Tuesday that prosecutors had asked the company to preserve documents as part of the criminal probe.
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Fannie Mae, the US largest government-ruled mortgage lender, sees the continuation of the investigation on possible accounting violations and possible next weekâs testimony of its former employee at a Congressional hearing.
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Description: Fannie Mae, the nation&#39;s largest source of financing for home mortgages, faces accusations of pervasive accounting problems.
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Federal prosecutors in Washington, DC, have opened an investigation into possible wrongdoing at mortgage giant Fannie Mae, just days after regulators accused the company
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Fannie Mae&#39;s board of directors met yesterday 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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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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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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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 .
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Whether mortgage finance giant Fannie Mae 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 Tuesday.
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The U.S. 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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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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US lawmakers on Wednesday asked mortgage finance giant Fannie Mae (FNM.N: Quote, Profile, Research) to explain dealings with a North Carolina mortgage firm whose principals were convicted of fraud, leading a court to order
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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 Chief Executive Franklin Raines will tell a US House panel the largest government- sponsored mortgage finance company ``strongly&#39;&#39; disagrees with a report by its regulator
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The Justice Department is investigating possible accounting fraud at Fannie Mae, bringing greater government scrutiny to bear on the mortgage finance company, already facing a parallel inquiry by the SEC, a source close to the matter said on Thursday.
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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.