SEC Advises Fannie Mae to Restate Earnings
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Description: The head accountant at the Security Exchange Commission asks the mortgage giant to correct its books for the last three years.
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As it struggles with an accounting crisis, Fannie Mae faces a Monday deadline to file its third-quarter financial results - and investors are eager to learn whether the mortgage giant will be forced to restate earnings.
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The U.S. Securities and Exchange  Commission on Wednesday said Fannie Mae misapplied accounting  principles and called on the mortgage finance company to  restate earnings.
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Stocks were lower on Wednesday after  investment bank Morgan Stanley MWD.N reported lower quarterly  profit and a U.S. regulator challenged Fannie Mae's FNM.N  accounting methods.
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Specialty retailer Conn's Inc.  on  Friday said it may need to restate its results for prior years  and the first quarter after finding that it may have  understated its interest in securitized assets by as much as  $15 million.
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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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The board of mortgage finance enterprise Fannie Mae (FNM.N: Quote, Profile, Research) is set to meet on Sunday to discuss personnel issues after the Securities and Exchange Commission determined the company must restate
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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 has been ordered to restate its earnings for the past four years after an investigation by the Securities and Exchange Commission into the mortgage finance company&#39;s accounting practices.
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The S.E.C. has ordered Fannie Mae to restate its earnings for the last four years after concluding that it had violated accounting rules.
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The Securities and Exchange Commission has ordered Fannie Mae to restate its earnings for the last four years after concluding that it had violated accounting rules.
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The board of Fannie Mae has been discussing a possible executive shake-up as the embattled mortgage giant responds to regulators&#39; allegations of accounting violations and faces a likely restatement of $9 billion or more in earnings.
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Fannie Mae used improper accounting  to steady its earnings from quarter to quarter, federal  regulators have told the top mortgage finance company, setting  the stage for the industry's second bookkeeping drama in less  than 18 months.
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ATLANTA - SunTrust Banks Inc. said Monday that it expects to restate earnings higher for the first and second quarters of 2004 due to changes in loan loss allowances, and plans to delay its third-quarter earnings
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U.S. stock investors looking to recoup  from the worst week in almost three months will have to keep  one eye out for signs of weakness in the tidal wave of earnings  due next week and the other on the threat surging oil prices  pose to the economy and profits.
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Fannie Mae&#039;s &#36;11 billion accounting  scandal should drive the Senate to stop delaying and advance  legislation that would overhaul supervision of U.S. mortgage  finance giants, some Republicans on the Senate Banking  Committee argued on Thursday.
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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.