SEC Orders Fannie Mae to Restate
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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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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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Whether mortgage finance giant  Fannie Mae FNM.N 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 on Tuesday.
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Fannie Mae erased $6.3 billion in profit in a long-awaited restatement yesterday capping the accounting scandal that stunned financial markets and brought the ouster of top executives and a record fine against the government-sponsored mortgage leader.
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Federal regulators, who are ordering Fannie Mae to take prompt action to remedy what they say are serious accounting problems, also have raised the possibility of removing top managers of the giant mortgage finance company.
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The U.S. Securities and Exchange  Commission said on Wednesday the accounting practices of  housing finance group Fannie Mae FNM.N from 2001 to mid-2004  "did not comply in material respects" with certain accounting  standards for derivatives, hedging and other matters.
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Fannie Mae, the biggest buyer of US mortgages, will correct its accounting and boost capital to a level 30 percent above the required minimum after its federal regulator found errors
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Fannie Mae&#39;s regulators would take steps to oust top executives, including chairman and chief executive Franklin D. Raines and Chief Financial Officer J. Timothy Howard
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Embattled U.S. mortgage finance  giant Fannie Mae on Tuesday said it had discussed the  possibility of an earnings restatement with regulators,  reversing a top executive's comment.
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NEW YORK Fannie Mae, the biggest provider of money for the US mortgage industry, said Wednesday that it was planning to sell as much as $4 billion worth of preferred stock after its regulator said the lender had broken accounting rules and was
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Fannie Mae, the largest U.S. home  funding company, said on Wednesday it may privately sell up to  $4 billion of preferred stock this week, which could help it  meet higher capitalization standards it faces after regulators  found it broke accounting rules.
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Fannie Mae's current and former executives should be forced to return any portion of millions of dollars in bonuses they received since 2001 that were based on faulty bookkeeping, a top congressional overseer of the housing finance company has told its regulator.
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Freddie Mac FRE.N, the  second-largest U.S. home financing company, on Friday said that  it has restated its 2003 net income and set up a reserve for  legal-related expenses, according to an annual report.
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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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Fannie Mae, the biggest source of money for U.S. home mortgages, broke accounting rules for financial contracts designed to protect against swings in interests rates.
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WASHINGTON (CBS.MW) -- Fannie Mae, reeling from an accounting scandal that will force the mortgage giant to take a huge loss, plans to offer up to $4 billion of preferred stock to institutional investors, the company said Wednesday.
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Fannie Mae erased $6.3 billion in profit in a long-awaited restatement Wednesday capping the accounting scandal that stunned financial markets and brought the ouster of top executives and a record fine against the government-sponsored mortgage...