S.E.C. Says Fannie Mae Violated Accounting Rules
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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, the biggest provider of money for the US mortgage industry, will sell as much as $4 billion of preferred stock after its regulator said it broke accounting rules and is ``significantly undercapitalized.
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(CBS/AP) Fannie Mae, the nation&#39;s second largest financial institution, forced out two top executives as it struggles to deal with an accounting scandal which will likely force it to wipe out $9 billion in profits over the past four years.
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A government review into the nation's No. 1 mortgage finance company charges it with inappropriate accounting practices, the company's board said today.
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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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An official of the Securities and Exchange Commission said Wednesday a review had found that the firm had violated accounting rules and that he had told the mortgage giant to restate its earnings.
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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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The chairman of Fannie Mae, the government-backed mortgage lender, on Wednesday described accusations of accounting misdeeds at his company as without merit.
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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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According to Roger Barnes, Fannie Mae, the giant mortgage finance company where he worked as an accountant for more than a decade, used "threats, intimidation and reprisal" against him and others who raised concerns about the company's accounting.
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Shares of U.S. mortgage finance  giant Fannie Mae FNM.N tumbled on Thursday after the  Securities and Exchange Commission said the company must  restate earnings because of accounting problems.
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WASHINGTON Sept. 30, 2004 - Mortgage giant Fannie Mae, under investigation by regulators and ordered to revamp its accounting, may have to restate its past earnings, a federal agency said Thursday.
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Description: Fannie Mae, the nation&#39;s largest source of financing for home mortgages, faces accusations of pervasive accounting problems.
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Speculation swirled Thursday over the futures of Fannie Mae&#39;s top executives after regulators&#39; cited the mortgage giant for accounting violations going back to 2001.
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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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Fannie Mae, the giant mortgage finance company, agreed yesterday to abandon accounting methods that its regulator criticized last week as being used to manipulate financial results.
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Unlike recent financial scandals, issues raised by Fannie Mae's regulators pertain to unwieldy accounting rules that are open to widely divergent interpretations.