Fannie Mae to Restate Results by $6.3 Billion Because of Accounting
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The restatement is one of the biggest for an American company, although it falls short of the $11 billion charge taken by WorldCom in 2002.
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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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US mortgage finance giant Fannie Mae (FNM.N: Quote, Profile, Research) on Monday estimated its third-quarter profit fell 9 percent, but delayed formally reporting
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The SEC ha ruled that Fannie Mae is guilty of violating the accounting standards and needs to restate its earnings for the past four years.
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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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SunTrust Banks Inc. said Monday it expects to restate earnings higher for the first and second quarters of 2004 due to an error in entering the data used to calculate loan loss allowances, and plans to delay
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Fannie Mae, the giant mortgage finance company, Monday agreed to stop using accounting methods that its regulator criticized last week and to raise billions of dollars of additional capital as a cushion against potential losses.
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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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WASHINGTON - Fannie Mae, the giant mortgage finance company, Monday agreed to abandon accounting methods its regulator criticized last week as being used to manipulate financial results.
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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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Farmer Mac, the government-chartered buyer of U.S. farm loans, said it would restate its financial results for 2003, 2004 and 2005 to correct how it accounted for some derivatives transactions.
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Home mortgage lender Fannie Mae on Wednesday said the Office of Federal Housing Enterprise Oversight uncovered accounting inaccuracies that raise doubts about the company&#39;s previous financial reports.
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NEW YORK, November 16  - Fannie Mae (FNM.NYS) has missed the regulatory deadline for filing its 3Q04 results with the SEC, while warning of an estimated net loss of $9 billion for the quarter.
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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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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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WASHINGTON/NEW YORK  - Fannie Mae, the top U.S. mortgage-finance company that is trying to move on from one of the nation's largest accounting scandals, will deliver a long-overdue report on its 2005 earnings by next September, the company's chief executive said on Thursday.
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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.