Fannie Mae to forfeit millions
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WASHINGTON -- In a deal with the government, the mortgage company Fannie Mae has agreed to forfeit $7.5 million after being accused of accepting money it knew had been lost by a federal agency in a fraud scheme.
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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 say
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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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Fannie Mae agreed Wednesday to pay the government $7.5 million to settle a case in which the Justice Department alleged that the company knowingly accepted proceeds of a mortgage scam.
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Embattled mortgage finance company Fannie Mae agreed to keep billions of dollars more in cash on hand while it corrects accounting problems, its government regulator said on Monday.
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Fannie Mae has agreed to forfeit some $7.5 million in an accord with the Justice Department, which had accused the mortgage giant of accepting money it knew had been lost by a federal agency in a fraud scheme.
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Fannie Mae will withhold $44.4 million in long-term incentive pay to former and current executives, the company said.
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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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Embattled mortgage finance company Fannie Mae  agreed to keep billions of dollars more cash on hand while it corrects accounting problems, its government regulator said on Monday.
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Whether mortgage finance giant Fannie Mae 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 Tuesday.
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Angelo Mozilo, under fire over the size of his potential payout from the sale of Countrywide, said he is forfeiting  severance pay, fees and perks he was scheduled to receive upon his retirement.
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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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Fannie Mae, accused by regulators of manipulating earnings, said yesterday that the Justice Department has asked it to preserve records relating to its accounting practices as part of a criminal investigation.
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Fannie Mae's board of directors has proposed releasing millions of dollars of incentive payments to current and former employees based on the company's performance since 2003, including periods in which earnings were misstated and regulators allege the company was mismanaged.
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Fannie Mae, the nation's largest buyer of home mortgages, said yesterday that it would deny its top executives their 2004 bonuses and that it had replaced its controller.
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Fannie Mae (FNM.N: Quote, Profile, Research) , the largest US home funding company, said on Monday it plans to sell $4.5 billion of three-month benchmark bills due Dec. 29, 2004
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Description: Fannie Mae, the nation&#39;s largest source of financing for home mortgages, faces accusations of pervasive accounting problems.