Fannie Mae may have manipulated earnings
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WASHINGTON -- Federal regulators have found evidence suggesting that mortgage giant Fannie Mae manipulated earnings to facilitate bigger bonuses to executives, according to a lawmaker familiar with the findings.
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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 financial soundness, the company disclosed yesterday. Its shares fell nearly 7 percent.
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Fannie Mae, the largest U.S. home  financier whose top two executives left under fire with the  company significantly undercapitalized, said on Wednesday it  may privately sell up to $4 billion of preferred stock this  week.
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U.S. stocks took a beating yesterday largely because poor earnings from one of the nation's largest mortgage lenders renewed concerns about whether the housing downturn could damage the broader economy.
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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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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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Corporate spin can be a powerful thing. Just ask Fannie Mae&#39;s investors. They spent the last year hearing the mortgage giant&#39;s chief executive Franklin D. Raines continually
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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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A U.S. government review of the  nation's No. 1 mortgage finance company, Fannie Mae FNM.N,  charges it with using improper "cookie jar" accounting to  smooth earnings and calls into doubt past financial results,  the company's board said on Wednesday.
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The Justice Department is  investigating possible accounting fraud at Fannie Mae, the  mortgage finance company, a source close to the matter said on  Thursday.
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Fannie Mae's federal regulator has used leaks to the media about the government-chartered company for its own gain, according to a report by the inspector general.
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WASHINGTON - A day after Fannie Mae agreed to regulators&#39; demands to boost its capital cushion against risk and revamp its accounting, officials said Tuesday that the possibility of the beleaguered mortgage giant having to restate its earnings had been
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The faster corporate earnings grow, the better the stock market performs. That is a tenet of Wall Street, but like so much other conventional wisdom, it turns out to be false.
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The Justice Department has opened an investigation of possible accounting fraud at Fannie Mae, the Wall Street Journal reported on Thursday, after a federal regulator said the mortgage giant may have manipulated its earnings targets.
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A federal report accusing Fannie Mae, the giant mortgage company, of improper accounting has led to an informal investigation by the Securities and Exchange Commission, the company&#39;s board announced Wednesday.
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Watch your step, or you may be socked with outlandish interest rates.
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WASHINGTON - Regulators have found serious accounting problems at mortgage giant Fannie Mae, prompting an inquiry by the Securities and Exchange Commission and calling into question its financial soundness. The company's shares dropped nearly 7 percent Wednesday...