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Mortgages : Report: Fannie Mae manipulated accounting (AP)

Blogger : Yahoo! News: Personal Finance News
All posts : All posts by Yahoo! News: Personal Finance News
Category : Mortgages
Blogged date : 2006 May 24

The Report of the Special Examination of Fannie Mae conducted and released the Office of Federal Housing Enterprise Oversight, Tuesday, May 23, 2006, in Washington. (AP Photo/Haraz N. Ghanbari)AP - Federal regulators issued a blistering report about mortgage giant Fannie Mae on Tuesday, alleging accounting manipulation aimed at lining executives' pockets and lying to investors about smooth growth in profits and earnings. The government-sponsored mortgage company was fined $400 million and agreed to limit its growth.



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