Fannie Mae Accounting Probes Turn up New, Pervasive Problems

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00002698-fannie-mae-accounting-probes-turn-up-new-/

Investigators combing through Fannie Mae’s finances have found new and pervasive accounting violations on top of what’s already been disclosed, Dow Jones Newswires reported, citing unnamed people close to the probe.

The investigation showed executives embellished the company’s earnings over the years by overvaluing its assets, underreporting credit losses and misusing tax credits, the sources said.

Several of these people examining Fannie’s books also said evidence indicates the company purchased so-called finite insurance policies to hide earnings losses after they were incurred.

For this complete story, please visit Fannie Mae Accounting Probes Turn up New, Pervasive Problems.

Fannie Mae Accounting Probes Turn up New, Pervasive Problems

Unknown Author

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