Congress plans hearings on Fannie Mae accounting, lawmaker says
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Fannie Mae, the largest US mortgage finance company, will be the subject of an Oct. 6 hearing by the House Financial Services Committee over its accounting and management, said Representative Richard Baker, a Louisiana Republican.
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Fannie Mae, the US biggest government-ruled mortgage lender, faces formal investigation conducted by the US Justice Department of possible accounting fraud.
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Federal prosecutors in Washington have opened an investigation into possible wrongdoing at mortgage giant Fannie Mae, just days after regulators accused
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Regulators have opened an investigation into KPMG&#39;s auditing of Fannie Mae, the mortgage finance company which faces a possible $9bn restatement after violating US accounting rules.
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Fannie Mae, the federally chartered housing finance company, violated accounting requirements that are "clear" and "not overly complex," the chief accountant of the Securities and Exchange Commission told a House subcommittee yesterday.
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A former Fannie Mae (FNM.N: Quote, Profile, Research) employee who gave US regulators information about alleged accounting irregularities will not testify as planned before a congressional hearing next week, the committee
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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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The man who blew the whistle to U.S.  regulators about Fannie Mae's accounting practices will appear  before a congressional panel next week, a Capitol Hill aide  said on Tuesday, as the company revealed it had discussed a  possible earnings restatement with regulators.
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Federal prosecutors in Washington, D.C., have opened an investigation into possible wrongdoing at mortgage giant Fannie Mae, just days after regulators accused the company of shoddy accounting practices, according to sources familiar with the probe.
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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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The chairman of the Senate Banking Committee is working on a plan to set up a company to buy distressed home loans at currently discounted values and use the money to help fund new mortgages.
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U.S. Congresswoman Marcy Kaptur came to a House committee hearing on Thursday prepared to ask U.S. Treasury Secretary Henry Paulson tough questions about his involvement in the subprime mortgage crisis.
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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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A key House lawmaker said yesterday that Congress needs to consider making companies that manage 401(k) plans give clearer, more complete information on fees, which can drain thousands of dollars from a worker's retirement savings.
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The Justice Department is  investigating possible accounting fraud at Fannie Mae, bringing  greater government scrutiny to bear on the mortgage finance  company, already facing a parallel inquiry by the SEC, a source  close to the matter said on Thursday.
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SAN FRANCISCO (CBS.MW) -- Fannie Mae&#39;s directors are scheduled to meet Sunday to discuss the future of Chief Executive Franklin Raines and Chief Financial Officer J. Timothy Howard, according to published reports.
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Managers of mortgage finance giant Fannie Mae will defend themselves before Congress on Wednesday against government findings that they broke accounting rules to deliver steady earnings growth quarter after quarter.