Fannie Mae Discloses New Accounting Errors

Law360, New York (May 9, 2006, 12:00 AM EDT) -- Less than two months after reporting a laundry list of accounting errors, government-sponsored mortgage provider Fannie Mae has uncovered a fresh batch and announced it will miss the deadline for filing its first-quarter financial results with the government.

The government-sponsored company, which finances one of every five home loans in the United States, is in the process of restating three years of financial earnings through 2004—an amendment that could reveal as much as $11 billion in errors.

In explaining the delay to the U.S. Securities and...
To view the full article, register now.