Freddie Mac Restates '03 Net Profits
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Freddie Mac FRE.N, the  second-largest U.S. home financing company, on Friday said that  it has restated its 2003 net income and set up a reserve for  legal-related expenses, according to an annual report.
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WASHINGTON -- Mortgage finance company Freddie Mac will pay $50 million to settle federal charges that it fraudulently misstated earnings over a four-year period.
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Freddie Mac FRE.N, the  second-largest U.S. home financing company which has endured a  barrage of intense public scrutiny in over the past year, on  Friday revised its 2003 net income down by $75 million to cover  a reserve for legal expenses, according to its annual report.
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The former chief executive of Freddie Mac, Leland C. Brendsel, may recover more than $50 million in compensation that the company&#39;s regulator froze during an investigation into a $5 billion profit restatement, a federal judge has ruled.
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Morgan Stanley  on Wednesday said its third-quarter earnings fell, reflecting damage caused by the broad sell-off in mortgage and corporate loan markets this summer, though revenue rose on strong investment banking and stock trading.
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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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WASHINGTON -- Freddie Mac, the nation's second largest buyer and guarantor of home mortgages, reported a first-quarter loss of $211 million, mainly from erosion in the value of financial instruments it uses to hedge against interest rate swings.
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Securities regulators told Freddie Mac yesterday that they are considering bringing civil charges against the mortgage giant for allegedly manipulating its reported earnings, Freddie Mac confirmed.
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Freddie Mac, the government-chartered mortgage company that restated earnings by $5 billion, said yesterday that it might be the subject of a civil lawsuit by the Securities and Exchange Commission.
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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 after
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US mortgage lender Freddie Mac agrees to pay a $50m (Â£24.6m) penalty to settle charges that it massaged its earnings.
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Time Warner has reported revenue growth of 5% for its third quarter, but net income declined. The company may also have to restate its financial results for 2002 in connection with the investigation of accounting
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Housing activity has slowed from  recent years but the dragdown should not lead to a recession,  mortgage finance company Freddie Mac  said on Thursday  in its monthly economic outlook.
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Interest rates on U.S. 30- and  15-year mortgages fell for a third straight week, mortgage  finance company Freddie Mac said on Thursday.
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SunTrust Banks Inc., the seventh- largest US bank, said it will restate results for the first and second quarters of this year because the company incorrectly calculated loan losses.
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Interest rates on U.S. 30-year and  15-year mortgages edged higher this week amid signs the economy  is improving, stoking inflation concerns, mortgage finance  company Freddie Mac said on Thursday.
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Mortgage companies Fannie Mae and Freddie Mac last year met the government-set goals for making home ownership affordable, but only because three unusual multibillion-dollar deals were counted toward the targets, officials said Thursday.