Fannie Mae Settles Case in Mortgage Scam
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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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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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WASHINGTON -- Fannie Mae yesterday sued KPMG LLP, its former outside auditor, for $2 billion, alleging negligence and breach of contract that resulted in the mortgage leader having to restate billions of dollars in profit.
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September 29, 2004 - Fannie Mae, the nation&#39;s largest mortgage buyer, has signed an agreement with its regulator to fix accounting problems, raise billions of dollars in capital, and scrutinize management policies and internal controls
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The staff of the Securities and Exchange Commission has ordered Fannie Mae, the nation&#39;s largest buyer of mortgages, to restate its earnings over the last four years
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On Monday, Fannie Mae, the US largest government-ruled mortgage organisation, agreed to meet regulatorâs demand and restate its results as well as modify its accounting practices and lift capital reserve to 30% above the required minimum.
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The Justice Department is  investigating possible accounting fraud at Fannie Mae, the  mortgage finance company, a source close to the matter said on  Thursday.
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The U.S. FTC has settled a complaint filed last year against a company accused of illegally selling telephone records.
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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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The penalty will settle charges related to a multibillion accounting fraud at the mortgage finance company from 1998 through 2002.
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NEW YORK, December 30  - Fannie Mae (FNM.NYS) announced yesterday that it had sold preferred stock worth $5 billion to large investors through a private placement issue.
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A federal judge has ordered Fannie Mae to forfeit $6.5 million after the Justice Department alleged the giant mortgage funding company accepted funds it knew had been fleeced from a government agency by the perpetrators of a fraud and money-laundering scheme.
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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 (nyse: FNM - news - people ) disclosed Tuesday that prosecutors had asked the company to preserve documents as part of a criminal probe by the US Department of Justice.
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Federal regulators sued three former Fannie Mae executives yesterday, including former chairman and chief executive Franklin Raines, to recoup more than $115 million in compensation they received while the company's earnings were misstated.
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Fannie Mae, the biggest buyer of US mortgages, will correct its accounting and boost capital to a level 30 percent above the required minimum after its federal regulator found errors
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Payout strengthens anti-stalker law A bank which purchased the names and addresses of more than 650,000 people in the US has been ordered to pay a $50m fine. The case was brought by a Florida resident against Fidelity Bank and also included the Electronic Privacy Information Centre.â¦