Fannie Mae is ordered to restate its earnings
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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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Fannie Mae&#39;s prime regulator said today that the giant mortgage company deliberately flouted accounting rules to project an image of smooth and relatively low-risk-earnings growth.
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Securities and Exchange Commission chief accountant Donald Nicolaisen has requested that the Federal National Mortgage Association (Fannie Mae) restate its financials from 2001 through mid-2004 to eliminate the use of hedge accounting.
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SunTrust Banks Inc., the seventh- largest US bank, said it will restate results for the first and second quarters of this year because the lender mistakenly inflated its reserve for loan losses.
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WASHINGTON (CBS.MW) -- Another group of investors hit beleaguered mortgage giant Fannie Mae with a lawsuit late Friday, charging the company hurt shareholders by deliberately misrepresenting earnings.
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WASHINGTON - Fannie Mae, the giant mortgage finance company, Monday agreed to abandon accounting methods its regulator criticized last week as being used to manipulate financial results.
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December 20, 2004 - Fannie Mae, which faces a possible $9 billion restatement, is also looking at yet another investigation and the possibility of a management shake-up at the top.
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SunTrust Banks restated its first- and second-quarter earnings on Monday because of an error in how the bank accounted for loss reserves.
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WASHINGTON/NEW YORK  - Fannie Mae, the top U.S. mortgage-finance company that is trying to move on from one of the nation's largest accounting scandals, will deliver a long-overdue report on its 2005 earnings by next September, the company's chief executive said on Thursday.
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Mortgage giant Fannie Mae, under investigation by regulators and ordered to revamp its accounting, may have to restate its past earnings, a federal agency said Thursday.
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Confidence in Fannie Mae debt rose after a management shake-up on Tuesday triggered by accounting errors and an enormous earnings restatement mandated by regulators, investors and analysts said on Wednesday.
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Sears, Roebuck and Co. S.N on  Tuesday said it would restate its fourth-quarter 2004 earnings,  cutting them by 5 cents to 10 cents a share, due to an error in  accounting for construction allowances.
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NEW YORK, December 16  - According to a report in the Washington Post today, the Securities and Exchange Commission (SEC) has advised Fannie Mae (FNM.
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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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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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WASHINGTON -- Fannie Mae yesterday sued KPMG LLP, its former outside auditor, for $2 billion, alleging negligence and breach of contract that resulted in the mortgage leader having to restate billions of dollars in profit.
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Fannie Mae's board of directors has proposed releasing millions of dollars of incentive payments to current and former employees based on the company's performance since 2003, including periods in which earnings were misstated and regulators allege the company was mismanaged.