Fannie&#39;s funny accounting
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Fannie Mae&#39;s newly discovered accounting artifices could give lagging reform efforts in Congress some impetus. Mortgage giants Fannie Mae and Freddie Mac are financial behemoths and political sacred cows - escaping
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Fannie Mae, the government-sponsored mortgage company whose financial statements were strongly criticized in a report by its regulator last week, looks set to join Enron and WorldCom in the hall of accounting infamy.
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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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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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Sure, most of it reads like filthy gibberish. But the authors of this dreck are not semi-literate perverts. They&#39;re cool, rational business folk who have found a sleazy but effective way to make a buck.
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US mortgage company Fannie Mae should restate its earnings, a move that is likely to put a billion-dollar dent in its accounts, watchdogs have said.
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By Christopher Faille, Financial Correspondent
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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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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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Will low-income families become innocent victims of the crackdown on Fannie Mae (FNM )? After all, one of Fannie&#39;s official missions is to increase the rate of homeownership by expanding the pool of capital available for mortgage loans.
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Lawrence J. White, professor of economics at New York University's Stern School of Business, discusses the investigation into accounting practices at Fannie Mae.
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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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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
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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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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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How Fools can capitalize on the current interest rate environment.
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Imagine piling up thousands of dollars in new credit-card bills - while insisting with a straight face that the family&#39;s finances are just fine.