SEC Takes Fannie Mae Investigation To Next Level
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The Securities and Exchange Commission inquiry into accounting practices at Fannie Mae has escalated into a formal investigation, after commissioners voted to give the agency staff the power to subpoena documents and testimony from witnesses, according to sources briefed on the case.
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Prosecutors from the US attorney&#39;s office in the District have been busy recently probing whether executives at mortgage giant Fannie Mae profited from accounting irregularities, sources said
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Fannie Mae FNM.N, the largest U.S.  home funding company, on Tuesday said U.S. prosecutors have  opened a criminal investigation into its accounting, and that  it faces eight investor lawsuits alleging federal securities  law violations.
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The forced departure of Franklin D. Raines as chief executive of Fannie Mae hardly ends the turmoil at the nation's second largest financial institution. Civil, criminal and congressional investigations are under way as the mortgage giant's interim managers begin what could be a lengthy process of cleaning up the books and re-establishing its credibility.
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The SEC investigation into a scandal that rocked Wall Street last week is not over
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Fannie Mae&#39;s accounting scandal is already provoking louder calls for stronger regulation of the mortgage-investment company and clearer financial reporting.
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Fannie Mae, facing questions about its accounting similar to those that shook up Freddie Mac last year, has agreed to changes that will bring it in compliance with accounting standards.
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Regulators investigating Fannie  Mae's accounting practices have sent subpoenas to the No. 1  U.S. mortgage finance company in connection with the probe, a  source familiar with the matter said on Friday.
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Fannie Maeâs regulator, the Office of Federal Housing Enterprise Oversight, has launched a probe into the bonuses and compensations received by the two top executives fired earlier this week.
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Fannie Mae (nyse: FNM - news - people ) disclosed Tuesday that prosecutors had asked the company to preserve documents as part of a criminal probe by the US Department of Justice.
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Wednesday&#39;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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SEC probes of safety claims and channel stuffing zap this highflier.
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Florida has subpoenaed  Countrywide Financial Corp  as part of a widening  investigation into subprime lending practices, the state's  attorney general said on Thursday.
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Securities regulators are opening up yet another front in their long-running investigation of the mutual fund industry, examining brokerage firms that allegedly gave mutual fund employees
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Federal regulators, who are negotiating an agreement with the Fannie Mae board, have raised the possibility of removing the mortgage giant&#39;s management as the company acts to correct serious accounting problems detailed in a new report.
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A shocking expose hit the Street last week about one of the best-loved, most all-American companies out there: Fannie Mae, the mortgage and financial services giant.
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The forced departure of Franklin D. Raines as chief executive of Fannie Mae hardly ends the turmoil at the nation's second-largest financial institution. Civil, criminal, and congressional investigations are underway as the mortgage giant begins what could be a long process of cleaning up the books and reestablishing credibility.